For those familiar with the business landscape, the last few years have been marked by companies simply trying to survive through any means necessary. Whether this means laying off employees or cutting back key services, business executives have been required to make difficult austerity decisions. As economic conditions have improved, however, employees are becoming more mobile and companies are filling their staffs with high-quality workers.
Writing for Ere.net, human resources expert Dr. John Sullivan cautions employers that they could be left on the sidelines as the war for talent escalates. The long-term implications of not hiring top industry talent are dire and could set a company back several years.
“To those and others that may have forgotten what it was like [during the first talent war in 1999], remember that even though talent management received a great deal of attention and boatloads of money, it was not a good time,” Sullivan writes. “If you weren’t prepared, days were long and hectic and even with unlimited resources, it was a struggle to hire and retain even mediocre workers.”
This iteration of the talent war may not be as forgiving to companies that are unable to identify and retain the most talented workers. An investment in a new employee or the retention of a long-term worker enhances an organization’s human capital, which, if maintained correctly, will benefit the company down the road. Higher up-front hiring and training costs can be justified if employees remain with organizations for a significant amount of time.
The long-term thinking that is required of hiring managers should also be utilized by CFOs and financial executives who are partially responsible for bolstering their talent bases. When searching for talented accounting and finance professionals in this highly competitive atmosphere, organizations should seek the assistance of professional recruiters, which can prove to be vital allies in the war for talent.