Issue link: https://insights.randstadsourceright.com/i/1510949
INTERNAL TALENT MOBILITY 5 www.everestgrp.com | this document has been licensed to Randstad RiseSmart 4 Society for Human Resource Management, 2022 5 Everest Group's key issues research is based on annual surveys with senior business leaders that capture the pulse of the market on key aspects, including outlook and priorities for the coming year Enterprise imperatives to stay agile Embracing agility is paramount in any business context, regardless of circumstances. Now, more than ever, organizations should leverage their employees as catalysts for success rather than just continuing to focus on technology and automation. Some key factors can empower employers to thrive in today's dynamic landscape: ⚫ Rapid adaptation and workforce agility: Agility and adaptability are crucial to sustainable business success. Building a resilient workforce that can swiftly pivot and be redeployed as needed enables organizations to leverage competitive advantages or optimize costs in response to market fluctuations. Additionally, it is essential to swiftly identify, engage, and onboard talent for organizational restructuring, with quick onboarding and ramp-up to tide over economic waves or take advantage of emerging market opportunities ⚫ Talent retention and operational efficiency: Reducing costs without compromising on talent quality and availability is imperative for ensuring business success. A study indicates that replacing an employee can cost anywhere from three to four times their annual compensation in hard costs and loss of productivity. 4 Given these substantial expenses associated with talent turnover, prioritizing the retention and engagement of skilled employees should be a primary enterprise objective. It is increasingly clear that simply "out-hiring" the turnover is an unsustainable strategy Exhibit 1 describes how organizations' talent priorities are shifting to overall talent management from only talent acquisition. 5 Given these substantial expenses associated with talent turnover, prioritizing the retention and engagement of skilled employees should be a primary enterprise objective. It is increasingly clear that simply "out-hiring" the turnover is an unsustainable strategy.