It’s time to reprioritize the 6 Bs of talent

There are 6 Bs for finding — and keeping — the best talent.

Buy: External hires

Build: Internal training programs to build skills

Borrow: Temporary, interim, or contracted workers

Bounce: Voluntary or involuntary exits

Bind: Retention strategies

Boost: Promotions

Most companies have traditionally relied on the Buy, Boost, and Borrow options. However, in our competitive talent market – and with generational shifts – more emphasis is needed on Build and Bind, plus a seventh B, “Begin.”

First off, there may not be a willing worker gap, as some are characterizing it, but a skills gap. To fill that skills gap, organizations need to be more adept at hiring for skills (instead of degrees) and training for the skills they need in the future.

How to re-prioritize the Bs:

Build – Reinvigorate and fund internal training programs specific to the skills your organization will need in the future. Consider partnering with educational institutions to bring training onsite for certifications or even degrees.

Bind – Double down on retention strategies, especially one of the biggest: make internal mobility easy! Allow movement at the employee’s pace by not requiring 6 months or 1 year in a position before moving.

Then, try adding a new “B” to your list – Begin. Recruit high school or early college-age students, and foster their skills and education through mentorship, scholarship, sponsorship, and internship while they are in school, so you are their first choice when they finish.

What’s the top “B” behind your talent strategy?