We recently interviewed a number of HR executives to understand the state of talent acquisition and talent management today. These discussions led to striking observations:
- Firms that haven’t invested in recruiting, employer branding, leadership development, and their people since 2008 (the beginning of the recession) are in for a rude awakening.
- The war for talent is back on and it will disrupt employers that are behind the curve with a vengeance.
- Businesses have to become great at both sourcing and retaining talent. It’s not an either/or proposition.
- Some firms are re-imagining sourcing in breathtaking ways, including using novel methods and cutting-edge technology to get better qualified individuals.
- Too many HR technologies were designed for a pre-2008 world and, as a result, are no longer relevant. Old technology doesn’t address digital water coolers, new media, self-curated records, and more. The processes changed but many technology providers didn’t.
- HR professionals are unhappy with the current state of talent, HR, and related technologies, including fragmented solutions, high costs from solution providers, and the added cost to integrate different technologies.
There are now a number of fairly urgent action items that HR and operational executives may need to address in their firms. Businesses may be facing substantial challenges in their ability to attract and retain any talent, let alone great talent.
HR technology providers have serious matters to confront as well, including the need to re-imagine HR and talent management to be more relevant, flexible, innovative, and less costly.