CEOWORLD magazine - Latest - CEO Advisory - The CEOs challenges in 2022: attract talents and boost performance

CEO Advisory

The CEOs challenges in 2022: attract talents and boost performance

The COVID-19 pandemic brought the thorny challenge to small, medium, and large businesses without exception. For the last two years, employers have been struggling with a shrinking talent pool. With the latest expansion of the ongoing covid thread, there’s no relief in sight. Based on ManpowerGroup research U.S. talent shortages are at ten years high. “About 69% of U.S. employers are struggling to find skilled workers, where Skilled Trades, IT and Sales and Marketing positions are the top three hardest roles to fill”.

Here are some reasonable explanations for shorting talents:

  1. Covid-19 pandemic moved Baby Boomers to retirement, leaving a large and unanticipated gap in the skilled labor pool.
  2. Not enough talent to fill the void. Technology and the business environment are changing rapidly leaving not enough skilled talent to fill the void.
  3. Changing needs and expectations. A recent SHRM survey report assumes “that 64% of U.S. workers said their expectations for a job have changed since the Covid-19 pandemic because of work-life balance challenges.

As 2022 began leaders are utilizing more creative ways for talent attraction and retention. Here are some new techniques for business leaders to incentivize candidates to join.

  1. Solving the talent shortage through reskilling and upskilling
    Gartner’s talent research shows that upskilling from adjacent skills is more efficient than investing time and resources to find new candidates.
    Innovative leaders have already started transmitting budgets from hiring new employees to reskilling & upskilling existing employees through specialized training, programs, coaching, and on-the-job experiences. As a result, they are lowering talent retention and getting employees ready to fill the roles specific to their business needs.
  2.  Recruiting new candidates from retired professionals pools
    Many organizations are diversifying their hiring sources by looking for talent in non-traditional places. One efficient source is employing candidates within the retired worker population.
    The older employees might not be up to date with fast-moving technology, but when organizations are thoroughly mixing business-savvy seniors with the techie Gen Z talent, they are building strong hybrid teams.
    Based on SHRM research HR professionals are already aware that their organizations can benefit from the talent and experience of mature workers and preparing for an aging workforce. With carefully designed for changing talent landscape leaders are solving two challenges adopting new technology and keeping employees mentally healthy.
  3. Creating positive culture
    Corporations are reviewing their culture to clarify their value proposition to new talent.  A positive, inclusive culture not only will attract a talent perspective, but also will increase individual performance.
    Candidates often receive multiple offers. To keep potential employees interested many organizations engage with them before even starting their work. They are connecting new hires with their teams before the first day of work. The business leaders are welcoming their new hires. This helps new employees to understand the culture and makes it easier to connect with their team from the start.
    Companies with great cultures are inspiring their employees to stay involved. There is a direct relationship between highly engaged and enabled employees and increased company sales and earnings.
  4. Simplifying technologies to increase individual performance
    Innovation is a big benefit in the hybrid work environment. However fast-moving digital transformation progress creates complications for performance and for technological cost. Often the reason behind it is the disengagement of people, the end-users of technology.
    Based on PwC’s global research, – “90% of C-suite executives believe their company pays attention to people’s needs when introducing new technology, but only about half of the staff say the same. Similarly, over 60% of employees say they spend more time getting technology to work than they’d like.”
    To ensure positive outcomes of a new technology executives leadership is required to complete a viable simplification, create awareness and reduce obstacles to execution.
    By simplifying, technologies companies are enjoying other benefits. They are employing fewer better-suited job vendors and relieving the stress of hiring challenges.
    IT simplification not only will enable opportunities to reduce IT operating costs, but will also deliver efficiency and productivity gains across the board.

Digital transformation is driving growth and creating a need for more great people. Successful leaders are winning on both sides of the equation – talents, and technologies. And you can succeed too! 

Don’t lower your expectations to meet a pandemic environment. Who says you cannot do something greater than you’ve ever done? The time is calling you to make a difference, to break barriers.

Be proactive! Seek out opportunities to innovate! Bring talents that you never have! 

Make your future bright!

Written by Olga Artemenko.

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CEOWORLD magazine - Latest - CEO Advisory - The CEOs challenges in 2022: attract talents and boost performance
Olga Artemenko
Olga Artemenko is president and CEO of CCI Pharm. She is a dynamic leader and entrepreneur with more than 20 years of experience in international business dealing with Eastern Europe and Russia with astute negotiation skills in multiple languages. Artemenko holds a BA (Honor of Excellence) and Master in Communication (Cum Laude) from Kyiv National Linguistic University in the Ukraine. In the USA she completed postgraduate studies in economics at Princeton University. Olga Artemenko is an opinion columnist for the CEOWORLD magazine. Follow her on LinkedIn.