Fridays (in 2024) means that it’s time for another CPO Rising Listicle. Each list will include a variety of procurement tips, trends, insights, research, lists, strategies, and/or recommendations designed to help procurement teams improve operations. We’ll also include a summary graphic for you to share with your team.
With the unemployment rate currently at 3.70%, enterprises continue to face challenges in attracting and hiring quality staff. The low unemployment rate means a tighter and more competitive labor market, where the demand for skilled talent exceeds its supply.
This market dynamic means job seekers are more selective about the employers they choose to engage with. And with more organizations adopting today’s Future of Work paradigm, job candidates are focused on offerings such as remote/hybrid work models, flexible scheduling, and diversity, equity, and inclusion initiatives — all culminating with more pressure on HR and business managers to stand out from the competition.
Four CPO Strategies to Hire and Retain Top Talent
As a Chief Procurement Officer (CPO), it’s crucial to invest in training and retaining top staff members to ensure the success and efficiency of your procurement function. Here are four CPO strategies to hire and retain top talent:
- Develop a robust onboarding process: Create a comprehensive onboarding program that familiarizes new employees with your organization’s procurement processes, systems, and culture. Provide them with the necessary training and resources to quickly get up to speed.
- Offer continuous professional development: Encourage your staff to enhance their skills and knowledge through training programs, certifications, workshops, and conferences. Provide opportunities for them to stay updated on industry trends and best practices.
- Implement mentorship and coaching programs: Pair experienced procurement professionals with junior staff members to foster knowledge transfer and skill development. Regularly scheduled coaching sessions can provide guidance, career advice, and support.
- Define clear career progression paths… within your procurement team. Offer opportunities for advancement, such as promotions or specialized roles, to motivate and retain high-performing employees.
In a market where demand outweighs supply for talent, CPOs must engage with their procurement team members to ensure they remain motivated and fulfilled in their roles. Investing in professional and skills development, not only leads to greater employee satisfaction but also a higher-performing procurement function.
Similarly, now is the time to make the investment in the systems and processes to attract, train, and retain procurement talent. This is not only a procurement but an enterprise imperative with implications on future innovation and competitiveness.
RELATED RESOURCES
Procurement’s View of Direct Sourcing
The Future of Total Talent Management
Why Today’s Direct Sourcing Programs Shouldn’t Overlook Talent Curation
