By Ian Till
Many of us are probably familiar with a McKinsey report released late last year showing that a “new normal” is indeed settling in—for many companies, an environment less comfortable than the one they knew in the pre-crisis world. Most are still cutting costs, some still feel that they are in a crisis, while others have started hiring and making plans for growth. How well-prepared is your organization to leverage the opportunities while addressing the continued challenges? I share four talent risks and opportunities as we ’drive’ to normalcy:
- Flat Tires: Unengaged employees who feel their jobs are monotonous and flat won’t keep your organization running—it’s exactly what organizations are facing when you consider that 51% of employees felt stagnant in their careers and are simply waiting for the economy to improve to jump ship. What’s needed? A focus on engagement and retention, especially on developing leaders who can link individual goals to organizational vision, reward success (and celebrate failure), promote continuous growth and learning, and value unique differences of today’s Generation “I”–where I stands for the Individual.
- Road Rage: The recession may have brought about a ceasefire in the War for Talent, but the war is still raging. Demographic trends have not changed significantly in the last year, and organizations with the deep talent benches and robust processes to develop talent will win both the War for Talent as well as outperform their competitors. Prepare yourself by protecting/strengthening the leadership pipeline and developing a structured approach to develop and accelerate talent.
- Speeding: A McKinsey article recently reported that the quality of workers hired during a recession rises. As we prepare for better times, and move back into cyclical patterns of resignations, organizations must not fall back on making poor and hasty selection decisions simply to fill seats.
- Blind Spots: Leaders cannot solely rely on past skills and approaches to navigate the future. The Global Financial Crisis has focused managers on behaviors primarily related to costs, risk management, and control. While these skills are important, the future will demand innovation and a clearly articulated direction. Are the leaders who led through the crisis the right leaders to drive towards the future?
The drive to normalcy will not be smooth, but understanding the talent risks and opportunities we face will help us get there faster, and avoid unpleasant incidents along the way.
Ian Till is the General Manager of DDI in Singapore. This is an excerpt of an article that first appeared in The Business Times, 13 February 2010.
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