Hiring and Retaining Top Talent in 2024

Countries are reporting an average talent shortage of 77% worldwide. As Baby Boomers retire and the demand for skilled workers grows faster than the available workforce, how do you find and retain top talent? Hiring talent in 2024 requires organizations to think a bit outside the box and restructure their approach to choosing staff.

Filling high-skilled jobs will continue to be a challenge as older generations continue to retire. We are experiencing the highest reported global talent shortage in the last 16 years. However, organizations can prepare for the talent shortage by prioritizing three initiatives: upskilling and re-skilling, expanding their talent pools, and offering job flexibility.

Upskilling and Re-skilling

Hiring internally and training employees for new positions can be more cost-effective and easier than starting from scratch. Hiring managers must remain objective when choosing employees to transition or promote. Developing an action plan and prioritizing communication will help resettle employees in new positions and assess their ongoing performance.

Expanding Talent Pools

Finding new talent pools can be done by looking beyond the traditional job boards or posting positions on the company website. Organizations should explore internships or partner with academic institutions to find candidates.

Offering Flexibility

Consider the benefits and flexibility you are willing to offer your new hires. Workplace priorities have shifted, and people value where and when they work more than ever. By determining what is valuable to employees and creating dynamic teams that understand different work approaches, organizations can address desires and meet the expectations of new employees.

Regardless of where you find your talent, you need a concrete hiring framework to assess and place candidates into the right roles. Paying attention to this piece of the puzzle will help you ensure new hires are aligned perfectly with their positions and do wonders for your retention.

Read more about how PXT Select can help you place and retain talent, and contact us as your hashtag#AuthorizedPartner to get started!