What Can You Do In The War For Talent?

Posted by Judy Fort on February 29, 2016

chess board

In 1997, McKinsey & Company coined the phrase "war for talent," and it’s a battle that has taken on increased attention since the recession we experienced from 2007 to 2009. The recession brought with it a significantly reduced workforce that was asked to do more with less. Coupled with that, as more and more baby boomers reach retiring age and leave the workforce, the gap in talent continues to grow. Because of these factors, companies are competing more than ever for top talent, and are finding that the attribute they need to differentiate themselves and gain a competitive edge is people.

In their book "The War for Talent,", Ed Michaels, Helen Handfield-Jones, and Beth Axelrod tell us more about the new reality created by the war for talent.

War For Talent Chart

Gallup has also completed many studies that give insight into areas that are related to the war for talent: 

With this in mind, we bring you a series of blog posts about things you can do to increase your chances to come out on top in the war for talent. 

  • Hire the Best Talent: Hire people in line with the company’s values and direction, not just any warm body
  • Develop Effective Employee Compensation Plans: Offer the right salary and benefits to your workforce
  • Build Succession Plans Around High Value Jobs: Making a plan for if someone quits (and not just your execs)
  • Improve Your Attractiveness as an Employer: Connecting with candidates, employees, and the community
  • Give Your Employees More Options and More Control