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.
The talent challenges enterprises face today impact their ability to innovate and compete in the marketplace. With a shift toward skills-based hiring, organizations are pivoting to attract and hire talent for roles where specific skills, competencies, and experience are required — transforming workplace team dynamics.
There are implications of these larger trends for procurement as well. The supply and market volatility experienced by procurement over the last few years reinforces how having a strong procurement team comprised of specialized skillsets contributes to a highly functioning department. However, a competitive job market and existing skills gaps make this a difficult endeavor.
Today’s procurement professional requires diverse skillsets ranging from negotiating to data analysis to risk assessment and supplier relationship management, to name a few. It cannot be denied that CPOs must place a greater importance on skills-based hiring, training, and retention, as well as team dynamic strategies.
To complement last week’s four talent strategies, we’re featuring four more CPO strategies to hire and retain top talent in 2024:
Four More Great Strategies for CPOs to Train and Retain Staff
5. Foster a positive work culture: Cultivate a work environment that promotes collaboration, open communication, and teamwork. Recognize and reward exceptional performance, and ensure employees feel valued and appreciated for their contributions.
6. Encourage cross-functional exposure: Allow your staff to gain exposure to different departments or business units within your organization. This exposure can broaden their understanding of the business, improve collaboration, and provide opportunities for career diversification.
7. Embrace technology and innovation: Invest in procurement technologies that streamline processes and improve efficiency. Provide training on these tools to enhance your team’s capabilities and demonstrate your commitment to staying at the forefront of procurement practices.
8. Competitive compensation and benefits: Ensure that your compensation packages are competitive and aligned with industry standards. Offer attractive benefits and perks that cater to the needs and expectations of your top talent, including opportunities for remote work, flexible schedules, and work-life balance.
By implementing these strategies, you can create a supportive and engaging environment that attracts and retains top talent in your procurement team, ultimately driving better results for your organization. Procurement is extending its enterprisal influence and value-driven results, making it imperative that CPOs take a more active role in talent acquisition and talent management initiatives. Procurement is a collaborative, cross-functional organization — all the more reason to make procurement talent a leading priority on the CPO’s agenda.
RELATED RESEARCH
The New Definition Of “Team” In A Future Of Work-Led World
Is Your Procurement Team Best-in-Class? Four Key Enablers for Success
Procurement’s View of Direct Sourcing
Tagged in: Chief Procurement Officer, CPO, CPO Rising Listicle, Future of Work, Lists, Procurement, Talent, Talent Acquisition, Talent Management
