Macro-Talentomics in a Hypercompetitive Environment
In my last post, I spoke about macro-talentomics: how a region attracts and keeps talent. Different macro-talentomics environments have different challenges, and understanding this can improve your people strategy. For example, let’s look at hypercompetitive talent markets.
A strong macro-talent environment is critical to hiring the best employees; it’s what Boston and San Francisco have done so well in the life science space. When people look at these regions, they know that the cost of living is high, but the career opportunities are limitless for the talented. It’s not any one company that draws them in; it’s all the companies. Still, this environment comes with a unique set of challenges. In these hypercompetitive talent markets, employers should consider the following:
Consider extending your macro-talentomics reach: Can your environment include remote workers and/or part-time commuters that are still drawn to your organization? One of the big hurdles that come with hypercompetitive talent markets is that the cost of living can be extremely high. For certain jobs, perhaps a remote workforce can be a winning strategy. Here are some ideas to consider when hiring a remote workforce.
Voluntary turnover will be higher than other geographies: A great talent community attracts lots of great companies and talent will be more fluid in this environment. As an employer, it’s important to make sure compensation and benefits plans are competitive. Employers also need to ensure that all candidates have a positive applicant experience. You may not hire an individual this time around, but you may want to hire them at some point in the future. Additionally, if a valuable employee leaves your organization, don’t dismiss the opportunity to hire them again in the future.
Focus on making your employment brand extraordinary: Employment brand is critical to an organization’s success in a hyper-competitive environment. Marketing is the new talent acquisition. How will you stand out in a sea of great companies? The best people want to work for the best organizations, and, as always, perception is reality. That’s why it’s important to communicate your culture.
If you’re working or hiring in a hypercompetitive talent market, we’d love to hear from you on strategies and challenges.
Next, we’ll focus on building a strong macro-talentomics environment in a less competitive geography.