A New Year; refreshed thinking; business plans created. We’re being advised that the economic outlook is improving, and that progressive organisations will prosper. The savvy leaders amongst us have recognised that there is a significant labour shortage and skills gap challenge which is set to continue into the next decade. Organisations should thoughtfully adapt to the changing conditions. Through 15 years of managing and developing talent, I have seldom seen such an opportunity for leaders to make a positive difference to the sustainability of business success through relevant talent interventions.
I understand the constraints, keeping the nearest alligators at bay occupies much of your time. However, with a talent crises on our door step only set to increase over the next decade, you can take action to navigate your organisation through potential pot holes ahead. Now is the time to define a relevant talent strategy fully aligned to your business strategy, owned and driven by business leaders.
Information is plentiful around what some have termed the ‘War for Talent’. Rainer Strack well describes the workforce crises leading up to 2030; an acute global labour shortage and the difficulties this will provide for the global economy. When combined with necessary cultural changes together provides a compelling case for change for organisations.
From a UK perspective the outlook for growth in industry is positive in the near term, with 62% organisations looking to hire more permanent staff in 2015**. However, worryingly, as many as 67% employers don’t presently have the talent to meet their current business objectives**. The identification of skills shortages particularly in highly skilled roles means organisations need to think innovatively around how to attract, develop, progress and retain the talent to ensure business success. I urge employers to recognise that in addition to securing appropriate remuneration packages, focussing on the broader cultural factors that will attract and retain the best talent is also crucial.
In Focus for 2015
Talent Strategy. The first step to taking control of your talent management is to build a coherent Talent Strategy which identifies capability requirements aligned to your business goals. Generate smart data to dip check the heath of your organisation and highlight vulnerabilities requiring attention. When organisations build a drum beat of Talent Management, I’ve observed that it focuses business leaders on the importance of identifying people, skills and capabilities as key components of business success.
Culture. Getting it right for the future lies in thinking and acting differently around the workplace and within the workplace culture. Building a high performance culture where employees are able to perform at their best more of the time is important. Enabling employees to unlock their full potential, and tapping into discretionary effort is crucial.
Leadership. To enable the changes, building a progressive and effective leadership capability is a fundamental building block. Whilst building leadership capability is a well versed challenge for organisations, to be effective organisations must consider the demographics of this population, and