In the long siege known as the war for talent, employers need a new battle plan. Instead of trying desperately to recruit from the outside to fill a growing skills gap, companies should turn to the resources that exist within their own workforces.
This is a build versus buy strategy, with greater emphasis placed on training to develop skills in-house to meet the organization’s current and future needs. As a recent Harvard Business Review article observed, rather than spending billions to acquire talent, a better approach is investing in the talent that’s already in place. “Poach-and-release is no longer a sustainable model for talent acquisition,” the authors write.
There is a greater-than-ever need for effective and efficient corporate training as the shortage of skilled workers heightens to an urgent business issue. At an education conference I attended recently, Senator Pat Toomey (R-Pa.) told the audience that the concern he hears most frequently from employers is the difficulty of hiring enough workers.