The so-called “war for talent” has been raging hot ever since the phrase was coined in a McKinsey report back in 1998. In the past 20+ years, not much has changed — in fact, unemployment numbers came in at just 3.5 percent, which means that you probably have several positions to fill, and fewer prospects than ever to step into key roles.
For HR professionals, the war for talent is the new normal, and your department is held accountable for recruiting, retention, and even overall performance. Each of these responsibilities is fraught with difficulty:
- Recruiting is harder than ever, with 62 percent of recruiters reporting that it’s harder to find qualified candidates than it was five years ago. What’s more, there’s a decline in promoting from within, which means there are more positions to fill than ever before.
- Retention might be even more difficult, as the “quit rate” in the United States is at a historic high. According to Gallup, 2.3 percent of employees are voluntarily leaving their jobs on a regular basis, and a full 51 percent say they’re actively looking for work.
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