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1997: the year when Harry Potter captured our imaginations, Leo was the king of the world, and all of us spiced up our lives.
It was also the year when McKinsey and Co. published their seminal article, "The War for Talent," which argued that the demand for talent would soon outstrip supply.
Reasons for this included: a shrinking talent pool, an increasingly complex business environment, and rising job mobility.
Unlike the Spice Girls, the war for talent is still going strong. But how has it changed? And more importantly, what can leaders and managers do to win it?
1. Create a Winning Value Proposition
McKinsey's original article suggested that companies had to be willing to pay the price for top talent. Fast-forward 20 years and the focus has shifted toward providing opportunities for development, a good work-life balance, flexible hours, and varied, interesting work.
The most successful organizations know how to tailor their employer brand to attract talented individuals and discourage them from looking elsewhere.
2. Recruit Continuously
LinkedIn and Twitter have made it significantly easier to build strong professional networks and connect with potential employees.
Great leaders recognize the value of talent and they hire A-players whenever they get the chance. If there isn't a vacancy to be filled, they create one, knowing their investment will be repaid with interest.
3. Develop, Develop, Develop
In 1997, McKinsey emphasized the need to bring talent into the organization. But as competition continues to intensify, employee development will become increasingly important.
