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May 10th, 2024 · 5 min read

Talent management challenges organizations are facing in 2024

Talent acquisition challenges

  • Record turnover rates and a global talent shortage mean finding skilled employees is more difficult than ever. 
  • A global skills shortage compounds the problem, particularly for highly technical roles that require specific expertise. 
  • Recruitment teams are tasked with attracting and hiring talent at wildly increased volumes, while greatly short-staffed themselves. With heightened employee expectations – spurred by 2020’s tumultuous changes to the workforce — successful recruiting efforts require far more than traditional salary and benefits package, with options like flexible working hours, wellness allowances, workforce education and tangible advancement opportunities all but required.

Talent management challenges

Talent development challenges

  • Talent development is no longer merely a nice-to-have worker benefit, but instead, a vital function that supports employee and organizational growth, along with a clear leadership pipeline. Companies should consider how talent development fits into their larger business strategy and weave it in. 
  • A one-size-fits-all approach to upskilling and reskilling your teams is no longer sufficient. Organizations are challenged to introduce flexible, agile methods that cater to the needs of a variety of learners. Your employees are individuals and must be treated as such.
  • A global shortage of both talent and skills means your development program is an ever-more critical resource. The national unemployment rate dropped from 15% in 2020 to 4% in 2021, making external talent harder to find. But organizations can cultivate the skills within their organization through robust employee training and workforce education programs

Employee retention challenges

  • When considering a company, employees today look at "emotional salary" — things about their job and their employer that make them want to stay such as:
    An employer that is committed to making a social impact
    An employer that takes actions to further workplace DEI
    Flexible/remote working options
    Tangible career advancement opportunities
    Accessible L&D opportunities
  • Alterations to workplace standards have undergone permanent changes following the COVID-19 crisis. For employees whose jobs were made remote during the pandemic, 58% report they would leave their current position if the option to telecommute was taken away.
  • The culture of “jobs for life” is a thing of the past — 20% of the American workforce expects to be working in a different industry within the next 8 years. Cross-training and reskilling your workforce with courses and degrees promotes retention for top players. 
  • Highly engaged employees are more likely to stay with their current company longer. Today, that means investing in internal mobility, employee growth and education. In one survey, 94% of employees agreed that they would consider staying with their current organization longer if given greater investment in their professional development. 

You can address talent development challenges