Companies Can Stay Ahead In The Talent War By Recruiting From Within, Says This Linkedin VP
According to this year’s LinkedIn Workplace Learning Report, nearly half (43%) of U.S firms surveyed will spend more on corporate learning—compared to just 27% in 2017. But the more important news may be the sharp uptick in the number of employers that report tracking the skills of existing employees. For employers in high-demand fields, competition for talent is tight—many spend up to 20% of salary costs to recruit entry-level employees. Some are even willing to offer significant salary bumps and signing bonuses to lure workers with high-demand skills away from competitors. The renewed focus on internal development is also changing the game in non-tech roles, such as sales. At LinkedIn, they asked all sales managers to spend at least 50% of their time on coaching and teaching their direct reports. On its face, asking sales leaders to teach versus sell may seem like a counterintuitive strategy, but it generated significant results. More importantly, the program helped managers gain a deeper understanding of the skills and talents of their teams. As long as the labor market remains tight and tech continues to transform nearly every facet of our economy, the competition for talent shows no sign of slowing. They can look inside their own workforce, and cultivate the talent that they know they’ll need in the future.