Respondents in the Aon's 2015 Global Risk Management Report ranked the failure to attract and/or retain top talent among the top five (5) most critical risks to their company, and in North America and Asia, this actually ranked higher, as the number-two greatest risk. The aging population, the shrinking talent pool, and employees lacking critical "soft skills" has created acute shortages that have many companies concerned. So what are companies doing to attract, retain, and develop talent that is critical to their continued relevance and success?
Here are a few things we are seeing:
1.) Companies are building their "talent brand" to better attract candidates and are streamlining their onboarding programs and processes with the goal of becoming the employer of choice in their industry. This includes evaluating the candidate experience and making sure their relocation programs are competitive.
2.) Companies are evaluating situations to determine whether they need to move jobs to people or people to jobs. Companies with greater flexibility will have the better chance of retaining and developing their talent.
3.) Companies are using mobility as a key ingredient in talent and leadership development. The paradigm shift is away from the idea of brain drain or gain to brain circulation where employee retention and development through international assignments and relocation drive employee engagement and corporate innovation and growth.
Is your company currently concerned about attracting and retaining top talent? How is your mobility program aiding in the effort to attract, develop, and retain talent? Let us know your thoughts!
Highlights from the findings: Reputation damage, the top-ranked risk in this year’s survey, can result from a number of factors—no surprise then that it’s correlated to several other risks on this year’s list. Regulatory/legislative change ranked number 3 this year and contributed to a significant move up the list for Directors’ & Officers’ risk. Failure to attract and retain talent ranked number 5, though respondents in some regions ranked it even higher. Cyber risk entered the top 10 at number 9, ranking higher in North America. Cyberattacks can damage companies in a number of ways, linking the threat to other risks on the list. Several risks on this year’s list are potential causes or consequences of the number 10-ranked risk: property damage.