Building an Effective Talent Strategy

In this presentation, Alex Chausovsky tackles one of the biggest challenges in today’s workforce: attracting, hiring, and retaining top talent. Despite economic headwinds, the competition for skilled professionals remains fierce. Some organizations are stuck in outdated hiring practices while others are thriving by leveraging data-driven insights and innovative strategies. Where does your organization stand? And where do you want it to be? Tune in to learn how to build an effective talent strategy, and to learn why you need one.View Alex’s Presentation here.For detailed show notes, read below and use the timestamps to navigate the episode:[2:32] Alex’s presentation will address the three pillars of talent strategy: attracting talent, hiring and onboarding, and talent retention. He will offer specific practices that businesses can implement.[4:24] There has been a fundamental shift in the labor market in the post-COVID world. This shift is driven mainly by the choice available to people.[8:55] While we have reached an average unemployment rate overall, the unemployment rate for specific positions is low. This applies to many relevant positions within air filtration, such as instillation.[13:10] Candidates no longer have the same kind of leverage that they did in 2021 and 2022. Employers and candidates are now similarly matched, with close to a one-to-one ratio of job seekers to open positions.[19:22] Roughly 60% of all workers are in office full-time, 20% are hybrid, and about 15% is fully remote.[20:48] Most companies do not have a talent strategy. A talent strategy involves top leadership and HR taking a strategic approach to hiring, onboarding, and retention.[23:30] Why would someone want to come and work for you? Research shows that culture is not a very important factor while compensation, benefits, and flexibility are more important.[28:03] CLAMPS stands from challenge, motivation, advancement, money, people, and security. These are the top motivators for candidates, though different candidates rank them differently. Alex suggests asking candidates to fill out a survey to rank these motivators to better tailor your conversation.[33:45] Proactive engagement is critical to fill specialized roles. By having someone in your HR department ask potential candidates to apply, you can improve your hiring productivity by 70%.[38:29] Lastly, Alex discusses retention. The number one reason people have left their jobs since COVID is because their pay and benefits were not competitive. As of the latest data, people who stay at their jobs get an average of 4.7% more pay each year while people who switch get more than 6%.[45:45] The new dynamic between employers and employees is more collaborative than it used to be. Overly commanding supervisors can harm retention.