Many organizations have not realized that it's time to sharpen their swords as the War for Talent is becoming fiercer: the workforce gap is getting bigger, Millennials want to be their own bosses, and the Internet gives people (whose only outlook would have been an employee life in the past) endless opportunities to run their own business .
Read the CEO advice below, and then ask yourself:
- In my company, do we focus too much on strategy whilst underestimating the "people" factor?
- Do we promote people based on past performance rather than potential?
- Do we assess potential properly or do we use a "gut feeling" approach?
- Do we focus on the hard skills of our leaders whilst neglecting their ability to lead people to success?
- Are we still asking "why should we hire you?" instead of answering the question "why should I work for you?"
Your answers will give you an idea about how likely you are going to win the next battle for talent.
One of the questions I ask, particularly CEOs, is, “If there are three things that you could teach your younger self, what would they be?” What I’ve found consistently across countries and sectors is that CEOs say, “I would have spent more time on people. I would have removed people faster. I would have pulled people up faster. And I would have spent more time with people.” It was consistent. The most scarce resource is talent. We are awash in capital. It’s talent that you need to drive it.