As knowledge-based skills such as tech evolve in industries, the war for talent becomes hard to deny. In today’s competitive landscape, skilled employees are the ultimate game-changer. Businesses need high-performing teams, not just top-notch equipment and strategies. But fear not, offshore outsourcing steps into the scene as a formidable ally, offering a solution to these challenges.
You don’t “win” the war for talent once, it’s a continuous investment. In today’s tech-driven global economy, the key is going above recruitment and actively developing your team. Through fostering engagement and facilitating skill growth, you cultivate a workforce that retains top talent and propels your business forward.
What is the “War for Talent”?
Coined by McKinsey & Company, “the war for talent” captures the fierce competition for highly skilled individuals in today’s knowledge-driven economy. Their 2001 book on the subject highlights the difficulty in securing and retaining top talent despite being vital for success.
The data from the 2012 edition paints a concerning picture: a staggering 82% of Fortune 500 executives lacked confidence in attracting and retaining talent. This challenge is further amplified by the retirement wave of baby boomers, a generation rich in experience and industry knowledge. As McKinsey predicts, this talent war is likely to be a defining factor for businesses for the next two decades.
McKinsey Unveils Persistent Employee Retention Hurdles
While securing top talent is crucial, fostering their growth and engagement is equally important. In their book “Leading Organizations“, McKinsey seniors Scott Keller and Mary Meaney delve deeper, outlining the core challenges faced by business leaders that would facilitate employee retention:
Talent Acquisition & Retention. Attracting and retaining talented teams remains a difficult feat.
Talent Development. Beyond recruitment, equipping talent with the necessary skills to thrive in an evolving business landscape is difficult without a dedicated training team.
Leadership Development. The goal for a lot of employees is to eventually lead the team but lack access to tools and opportunities to do so.
Fostering an Incredible Culture. A vibrant and competitive work environment is key to building proper engagement – but how do you do it?
By addressing these core areas, businesses can move beyond simply attracting talent and build a sustainable competitive advantage.
Employee Engagement is a Must-Have!
The challenges outlined by McKinsey & Company are echoed by Gallup’s latest research on Employee Retention & Attraction. A troubling statistic emerges: 1 out of 2 employees are actively seeking or are open to new opportunities.
Gallup further pinpoints a lack of engagement and a weak company culture as culprits. A staggering 41% of employees considering a switch cite these factors as their primary motivator. This data underscores the urgency of addressing the issues raised by McKinsey. Building a strong talent pipeline involves not just attracting top performers, but also fostering a work environment that keeps them engaged and satisfied.
Offshore Services Is Your Champion in the War for Talent
While McKinsey & Company identified attracting and retaining talent as a critical challenge, offshore providers like HGS OSS are proving success is possible. We’ve cultivated a thriving office culture that directly addresses the factors cited by Scott Keller and Mary Meaney in their book.
We see employee engagement not as a core afterthought, but as a core value. We’ve always placed our teams first, which results in a highly dedicated, high-performing offshore team. But how do we do this?
1. Creating an Avenue for Niche Talent Acquisition
Niche roles and specializations are our bread and butter. We’re here to help you build offshore teams that share your same passion and business niche. We work with you in recruiting talent that is specific to your needs, moving beyond cookie-cutter solutions and creating an entirely new mold.
We want your teams to have genuine interest in your field and hone their discipline through a deeper focus. Through this you’ll build a team of talented experts who are engaged with your business goals, better productivity, and a stronger sense of purpose within a focused team. Our aim isn’t just to fill roles, but to build passionate, long-term, offshore teams.
2. Offshore Training Lets You Grow with your Offshore Team
Through offshore teams, it’s not just about filling positions, but investing in the future of your business. That’s why we offer a dedicated in-house Training and Quality team, providing your team with continuous learning opportunities.
What sets this apart is the tailored training programs. We don’t offer a one-size-fits-all approach. We work closely with you to identify your specific needs and develop programs that address your teams’ areas for improvement. This is designed so that they can grow alongside your business; as your needs change, so do the skills of your team.
This continuous learning ensures that your team stays engaged, challenged, and empowered. They’ll have opportunities to upskill and take on new challenges that foster a dynamic and motivated workforce. They can even take on leadership roles and lead your offshore team. HGS OSS has several regular leadership development programs that encourage team members to step up and take on leadership roles in their team!
3. Fostering a Vibrant and Fun Office Culture
We believe that a vibrant and connected team is essential for success. That’s why we actively create avenues for our teams to stay connected, celebrate, and have fun:
Regular Engagement Events. From Sports Fests to Pride marches, we want to ensure that your offshore team has consistent spaces to connect outside of work and let bond!
Themed Monthly Huddles. Our monthly themed huddles add a touch of excitement to an average workday with themes celebrating everything from Halloween to Australia Day!
Charity Outreach. Facilitating events that lets your offshore team give back to their community is incredibly important. It reminds us that we’re part of something much bigger than ourselves.
Everyone Has a Voice. Our employee engagement survey, or the Climate Survey is our pulse check on our teams, and a way to make sure that they feel that their voices are valued.
These activities are more than just fun – they build camaraderie and a sense of belonging. In a supportive and positive environment, even challenging days feel more manageable, and successes are celebrated together.
Offshore Services Won the War for Talent from the Start
The war for talent emphasizes a crucial truth: your employees are your greatest asset. This idea is central to McKinsey’s book, The War for Talent, as they quote AlliedSignal CEO, Larry Bossidy, “At the end of the day, we bet on people, not strategies.” In today’s fast-paced business world, a strong team is an investment you can truly rely on. Luckily offshore providers like HGS OSS know this, prioritizing a people-centric approach from the start.
Focus on your strengths and let us assist in building a successful offshore team. Training and engaging your team are important but can take up a lot of time. HGS OSS can simplify this process for you. We can help you form a great team, support them in events, and offer training opportunities. Reach out to HGS OSS today and let’s work together to attract top talent.
Citations
Gallup, Inc. “Employee Retention & Attraction.” Gallup, www.gallup.com/467702/indicator-employee-retention-attraction.aspx
HGS Offshore Staffing Solutions. “Offshore Training 101: Taking Your Team to New Heights.” HGS OSS, 6 Feb. 2024, hgsoss.com/newsroom/offshore-training-101-taking-your-team-to-new-heights/
HGS Offshore Staffing Solutions. “Offshore Outsourcing 101: The First Steps.” HGS OSS, 14 Mar. 2024, hgsoss.com/newsroom/offshore-outsourcing-101-the-first-steps/. Accessed 13 Sept. 2024.
HGS Offshore Staffing Solutions. “What Separates HGS from Other Companies.” HGS OSS, 28 Apr. 2024, hgsoss.com/the-hgs-difference/
Keller, Scott, and Mary Meaney. “Attracting and Retaining the Right Talent.” McKinsey & Company, 24 Nov. 2017, www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/attracting-and-retaining-the-right-talent.
Keller, Scott, and Mary Meaney. “Leading Organizations: Ten Timeless Truths.” McKinsey & Company, www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/leading-organizations-ten-timeless-truths.
