The War for Talent - why companies need to put up a good fight
💥Global Headhunter Specialising in all things Commercial within the Multiomics Market💥 🌟 Recruiting for Performance & Retention 🌟 🚀+44 (0) 1342 330 553 🚀 lee.ashworth@goldgroup.co.uk 🚀
February 13, 2025
The saying, ‘a tradesperson is only as good as their tools’, may seem a little outdated in many quarters now. However, taken in the non-literal sense, it is a thought which can be applied to many life sciences businesses today. Such is the competitiveness of today’s knowledge-based world, the strength of calibre of today’s talent has the potential to materially influence a company’s success in the marketplace.
Clearly, employing the best managerial talent has always been important. However, in today’s fast-paced environment, it is becoming ever-more critical. And typically, as the demand for highly-skilled people grows, it’s becoming harder and harder to attract and retain talent.
Research conducted more than 20 years ago coined the phrase, ‘The War for Talent’ and it is standing the test of time. While we may not be seeing employers taking to the battlefields and slugging it out for the best candidates, or gladiatorial showcases which leave the best employers standing, it is a harsh reality that the fight for finding the best staff is here to stay.
It’s vital that companies are prepared for the challenges ahead. Whilst almost three-quarters of managers appreciate the importance of being able to recruit the best talent, less than 10 per cent believe that their current actions will lead to a stronger pool of talent being available to the organisation in the next few years.
This is a worrying statistic and alerts us to the fact there is clearly room for improvement within many companies when it comes to ensuring that they manage the talent they have and attract more in the future.
With high performers knowing that they are much in demand, there is little incentive for them to stay in businesses where they feel underpaid, undervalued or underdeveloped. There is no longer a stigma attached to moving jobs every few years and so the onus is very much on companies to win and retain the best talent for the sake of their future success.
How to win the war
So, what can companies do to instil an environment that not only attracts the best, but makes them want to stay too? They must bring about a fundamental change in the way their people are managed. Get this right and improved financial performance for the company as a whole is sure to follow.
A report into Organisation and Leadership Practice by McKinsey & Company highlighted five methods which are used by those businesses currently winning the war on talent. These are:
1.Instil a talent mindset
Wanting to be a big fish in a small pond simply doesn’t cut it in companies that are serious about winning the war on talent. Leaders must be prepared to make the creation and harnessing of talent part of their job, building and nurturing a strong pool of talent across all areas of the business.
2. Create a winning Employee Value Proposition (EVP)
This is all about asking the question, ‘Why would an employee want to work here?’ As individuals, we all have a craving to be appreciated and the same is true in the workplace. Having exciting work to do, a great company culture and rewards which go beyond simply a salary and the opportunity for growth and development all top the list of what makes a good EVP.
3. Always look for promising talent
Talent is needed at every level in an organisation and the most successful companies view recruitment as an exercise in marketing rather than purchasing. They need to sell themselves to potential recruits as though they are the customer.
4. Grow your own future leaders
Talented individuals will soon leave for other opportunities if they feel insufficiently challenged or undervalued. Winning the talent war means providing opportunities for those with potential to stretch themselves to be the best they can be.
5. Differentiate your top performers
It’s never a good idea to take the easy option of treating everybody the same way in the workplace. Top performers should be rewarded and poor performers need to be dealt with appropriately. It’s not an easy task, but it is one which all good leaders will agree is vital to the long-term success of the business and the management of its talent pool.
Conclusion
In today’s fast-evolving business landscape, winning the war for talent isn’t just a strategic advantage—it’s essential for long-term success. By embracing a talent mindset, crafting a compelling Employee Value Proposition, and continuously nurturing your team’s potential, you’re not only filling vacancies—you’re building a resilient, innovative organisation poised to lead in its industry. The journey to becoming an employer of choice may be challenging, but the rewards of a dedicated, high-performing workforce are immeasurable.
If you want to discuss how to bring talent into your business or you are looking to hire right now, please contact me on +44 (0) 1342 330 553 or emaillee.ashworth@goldgroup.co.uk.