Opinion
Navigating the New Workforce
career growth and education; and performance-based incentives and compensation packages. A smart, strategic approach to human capital goes beyond perfor- mance reviews, succession planning and 9-box team assessments — all of which can be important and useful — but do not go deep enough to align the entity’s people practices with business objectives. To build a well-constructed strategy, leadership teams should take a step back and identify all strategic business goals that require better or new talent. This includes time to identify internal and exter- nal factors that may impact require- ments for talent, whether interna- tional workforce considerations or new regulatory hurdles. Perhaps the most important step in developing a human capital strategy that can lead an organization through growth or challenging times is the review of skill sets, needed competencies and capabilities of current teams or positions. Only when gaps are iden- tified can plans be made for internal people development or external talent acquisition. And finally, the development of a human capital strategy — one that is aligned to business goals, outlines core employer values, and provides a roadmap for talent acquisition and team member development — is not a one-time exercise. Smart leader- ship teams will evaluate their human capital strategy repeatedly to test plans against new or shifted inter- nal and external forces. An evolving people strategy will help leaders stay on top of the ever-evolving world of work, now more than ever. • The Elliot Group is a human capital firm powering businesses forward via executive search and advisory.
Employers need to approach hiring as a real opportunity.
by SARAH LOCKYER AT THE ELLIOT GROUP
T he world of work has been forever changed. Hybrid working arrangements, increased expectations around benefits and incentives, and a strong sense of employee entitlement has placed employers and leader- ship in new positions requiring new approaches. To win the labor market, a human capital strategy must go well beyond the belief that labor is a line item, a cost center. Leadership teams that approach human capital as an area of opportunity with real returns on investment — like loyalty and im- proved performance — will see faster and easier recruitment and retention. And even more, smart leaders that focus not just on the acquisition of talent but also on the lifecycle of tal- ent will see best-in-class workforce relationships and returns. Recruiting top talent is of course crucial, but it is only the beginning of the journey, which must place equal emphasis on clarity of roles, on- boarding, key performance indica- tors, building employee loyalty and
investing in employee growth. This is the new workforce expectation. Only when team members think they are supported and valued through their careers, including C-suite and hourly, will team performance reach a level to drive successful business results. It all starts with the right human capital strategy. By evaluating talent needs at the corporate and brand lev- el as it relates to business objectives, and socializing people-focused goals and needs across senior leadership, companies will develop a clear line of sight into numerous profit and loss considerations. These include staffing projections for budget and recruiting plans, re-training and development, costly turnover and lost productivity, and areas to reduce labor costs through technology. A well-executed human capital strategy is also imperative when it comes to outbound marketing to at- tract top talent. Companies can build an employer marketing plan from the human capital strategy to showcase: Your unique employer value prop- osition; available opportunities for
32 Vision Magazine
December 2022
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