In my last article, I mentioned the impact of the disruptive change in our digital era on younger, talented employees, and how power has shifted dramatically as a result. In this article, however, I’d like to take you back a few steps to redefine the new meaning of talent in this disruptive era. A talent strategy that is appropriate for the current dizzying pace of change will be essential for any organisation wishing to stay ahead of the curve.
We all know that leaders are fully responsible for the quality a team’s output, ensuring the effectiveness and efficiency of work in a timely manner and within budget. We also know that sooner or later, leaders have to step down and be replaced with well-trained and talented successors.
- Related article: The talent landscape in the disruptive era
So who will fill their shoes? We have to start by asking, how do you define “talent”? Does it refer to performance or potential? Can we still use the same definition of talent that applied back in the days when the business landscape was more predictable and benign than it is today? How do we find the people with the right skills to meet not only today’s business needs but tomorrow’s?
My take on this is that talent relates to the ability and qualities possessed by an individual in a specific activity or field. But in reality, there is really no single contemporary definition of “talent”. Different organisations have their own perspectives on talent; some tend to be specific to an organisation and greatly influenced by the areas of work it undertakes.
The bottom line is, how you define talent can have a major impact on your organisation. In fact, only when you define your talent and your talent objectives accurately can your talent management programme become successful and help you win in the war for talent.
Businesses have always been dependent on talent to drive performance, profitability and future growth. And for many organisations, people, particularly the talented ones, are recognised as the only true and sustainable source of competitive advantage. This is because when things don’t work, what you can fall back on is talent. This is in contrast to strategy, which is transparent; even if you have a great strategy, others can simply copy it.
Lawrence Bossidy, a former GE executive, put it this way: “I am convinced that nothing we do is more important than hiring and developing people. At the end of the day you bet on people, not on strategies.”
Undoubtedly, the most important corporate resource over the next few years will still be talent. Clearly, the process of effectively allocating the right people to pivotal roles at the right time will be the key to creating long-term organisational success.
It is also clear that globalisation is constantly shifting the talent landscape. Global mobility continues to become a part of the new normal. In a way, this has made it easier for recruiters to source talents, but don’t forget that the organisational assets also known as talents are in shortest supply amid growing demand.
According to Harvard Business Review, up to 73% of C-level executives reported that the availability of talent was their main concern. And this number will certainly increase during this rapidly changing society.
So, the key question is if we can’t define talent, how can we find it? Most organisations don't have a formal definition of “talent”, and as a result they don't focus their talent management efforts where they will be most effective.
Best practice suggests that a talent strategy should be developed with regard to specific business challenges, the current landscape of the business as well as the workforce, the organisation's preferred results, along with the behaviours needed to achieve those results. Also, core talent and leadership programmes should be linked to a leadership and capability framework at all levels of the organisation.
Furthermore, in order to define talent and possibly spot the right people in your organisation, we cannot consider only the old criteria such as collaboration, communication and influencing skills alone. Rather, we must take into account two critical capabilities that are essential for leaders in the disruptive era: their capability to develop relationships and their capability to deliver performance — to drive change, make difficult decisions and most importantly, their ability to learn, unlearn and relearn.
Simply stated, the shifting talent landscape will force us to disrupt the old definition of “talent”, and only when your organisation is able to redefine this word can you start to fend off disruption and start filling your talent pool with the right people for the future.
Arinya Talerngsri is Chief Capability Officer and Managing Director at SEAsia Center (formerly APMGroup) Southeast Asia's leading executive, leadership and innovation capability development centre. She can be reached by email at arinya_t@seasiacenter.com or www.linkedin.com/in/arinya-talerngsri-53b81aa
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