ALL WORK MUST BE ORIGINAL AND NO PLAGIARISM.
Finding and Retaining Talent in the New Normal
In the Marketplace simulation this week you will be assessing strategies for hiring and compensating employees to support your growth plans in a world economy that is experiencing a talent shortage. Dobbs, Lund, and Madgavkar (2012) state, “According to a 2011 survey by employment-services company Manpower, 34 percent of employers around the world had difficulty filling jobs as a result of a lack of available talent, up from 30 percent in 2009” (para 4). The cost of replacing employees is often not calculated into the bottom line, but can have a significant impact on company profitability.
Hiring and retaining good talent requires a comprehensive strategy that includes the types of compensation as seen in the simulation but goes much further and includes many other elements. As leaders of your new and growing international firm, you will need to create this comprehensive strategy and integrate it into your future plans.
For this Discussion question you will:
- Discuss in detail why there is a worldwide talent shortage. Provide references from at least two sources in addition to this week’s Reading/video for optimal credibility. In your research you may find evidence that supports this view and also evidence that contradicts it. Presenting all of your research results can enhance the quality of the discussion.
- Research best practices on retaining talent and cite these best practices including any relevant examples that you uncover in your research.
- Identify at least three companies who have integrated these best practices into their growth plans and how these strategies have worked. Provide specific examples of what these companies have achieved from a growth/profit perspective after implementing these strategies.
- Provide specific details on plans to integrate this information into your simulation growth plans.
Dobbs, R., Lund, S., & Madgavkar, A. (2012). Talent tensions ahead: A CEO briefing. Mckinsey Quarterly, (4), 92-102.