Recruitment and retention is a key issue for today’s privately held businesses and will continue to be a major concern for the future. Privately held businesses must ensure they are competitive in the quest for the right talent through three key elements. First, they must recognise the issues and challenges surrounding talent, both locally and globally. Talent is not restricted by borders. Organizations in every part of the world must identify a sound recruitment and retention strategy. Secondly, they must focus on human resource solutions.

Privately held businesses need to create an employer brand that delivers and communicates strong and consistent messages. Values need to be defined and embedded not justin words but in every action of the organisation. Privately held businesses must put in place a solid structure for career progression and development that is closely aligned to the needs of their business. Internal talent development is as important as recruitment of new talent into an organization.

Recruitment and retention Organisations need defined competency frameworks so they recruit not just any talent but the right talent. Finally, privately held businesses must take action. Recruitment and retention needs to be at the centre of management decisions. Human resources is a strategic function and should be represented at the highest level of every organisation, no matter what their size, nature or level of maturity. Employees seek meaningful and challenging work. They want to have defined career development and progression opportunities. Tolerance of difference is important. They require their values to be mirrored by their organization and want strong, consistent and authentic leadership. The demands of employees today and in the future will only grow. To find and keep the right talent, privately held businesses have no option but to act – and act quickly.