Despite the cloudy macro-economic outlook this year, demand for talent continues to be greater than supply in the technology sector. In key innovation hubs such as Beijing, job postings still appear at a much faster rate than the pace with which potential candidates receive the education, training, and work experience required to adequately fill those roles.
To meet this challenge, technology companies are getting far more creative in their approach to attracting, retaining and engaging talent. What are some of the innovative talent strategies we’re seeing in the marketplace?
Greater alignment between individual employee goals, career progression, and benefits
As new generations enter the workplace and older generations retire, the ways that people in the organisation engage with one another are also transforming. These days, many interactions are remote, digital, and at times, somewhat disconnected—making overall engagement even more challenging. More than ever, companies are pressed to create meaningful work experiences for employees. One of the ways to do this is to deliver customised work experiences that are aligned with what an employee wants out of his/her career with business goals and rewards.
Flexible career progression paths
In the past, companies used to look at career progression in a linear fashion. Rising from job level to job level meant moving from an individual expert in your field to a manager to a director and so on.
However, an increasing number of companies are now using what we call a ‘lattice approach’, where career advancement entails job rotations within single business units or transfers from one business unit (or geographical location) to another—and effectively being exposed to new areas of the business.
As a result, managers have the opportunity to identify otherwise-untapped potential within each employee—a win-win situation for both employees and the organisation.
Performance management based on productivity
Considering the high demand for a short supply of quality talent, technology companies tend to hire and on-board talent at breakneck speed. But focusing on improving the productivity of the people you already have, especially people managers and sales professionals, shouldn’t be neglected in times of growth. Reward and recognise high performance, identify high potentials early, and work with them to create development plans that will benefit both the employee and the business.
By driving innovation in talent strategies, technology companies will drive innovation in business and create an advantage in employee recruitment and retention. Indeed, there has never been a more energetic time for HR leaders in the technology industry.
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Radford delivers compensation data and advice to technology and life sciences companies. It's part of Aon Hewitt, a business unit of Aon plc (NYSE: AON).
If you need advice on attracting, retaining, and engaging the best technical talent in Asia, get in touch with us today.