Many companies have seen seismic changes in 2020. Customers demanded new products and services, delivered in different ways. Businesses transformed and restructured within weeks to meet these demands. The need for a flexible, agile workforce, became greater than ever. For companies looking to adapt and change quickly, maximizing the potential of current employees is now a key priority.

At the beginning of the year, 40% of HR and L&D professionals surveyed by Speexx said that they expected their primary challenges this year to include finding and retaining the best talent – up from 28% who mentioned talent as a top challenge five years earlier. In fact, the talent challenge in 2020 became more pressing than they could ever have imagined. In the early days of the pandemic, many companies froze recruitment as they worked out what their staffing requirements would be. As the world settles into the new normal, it is clear that new skills are needed and companies are again opening up recruitment

At Speexx, we often say that ‘the answer is in the room’. This means that you don’t need to look externally for new talent and skills. Often, you already have someone who’d be perfect for a role. There’ll be someone in your company who is looking for a new opportunity. Who says they have to look outside the organization? This person has the added benefit of already working for your company and not needing to learn everything – company culture, names, processes, company preferred tools, software, and so on – from scratch. This can save immense amounts of time, money, and other resources.

External recruitment remains important. During a period when many knowledge workers are working from home, the external global talent marketplace is more accessible than ever, as potential employees can work from anywhere. Giving current employees the chance to acquire skills to compete in this marketplace will help engage and retain talented people, as well as attract new hires.

Employees are fast realizing they don’t need to live where they work anymore. Employers can no longer rely on the appeal of cool city locations or trendy offices to attract top talent. To compete in the global talent marketplace, the first step is to retain current star performers by showing them the potential for internal mobility. Let them know their future with you is secure, by offering the opportunity to build a soft skills base that will support a cross-functional global career path.