According to the founder of the World Economic Forum, Klaus Schwab: “Capital is being superseded by creativity and the ability to innovate – and therefore by human talents – as the most important factors of production.”
This view is underlined by CEOs in every industry, with recruitment and talent management moving to the top of boardroom agendas around the world. HR Professionals have never had a greater opportunity to directly shape and impact the future of their organizations. They have also never faced such challenges, with an increasingly mobile global workforce shifting the balance of power from institutions to individuals.
The War for Talent has never been more intense, important or complex. Increasing income inequalities around the world underscore the price that top talent can now demand. A bidding war for such talent will, by definition, yield few winners and many losers.
We believe the real winners will not be those who can bid the most, but those organizations who can create holistic talent management programs that can recruit for potential, develop on the job, and retain for the future.
The Six Pillars of Talent Management
Our new White Paper – The New Language of Talent Management – highlights the concerns of global CEOs, shares the success stories of industry disruptors, and outlines how the traditional approach to talent management needs to change in six core areas:
Recruitment: from square pegs for square holes to game changers who can shape the future.
Learning Management: from extracurricular activity to a strategic recruitment, development and retainment tool
Goals & Performance: from bureaucratic annual reviews to dynamic business drivers
Career Development: from check the box corporate-driven org-charts to outside the box employee-focused experiences
Rewards & Compensation: from show me the money to a life of fulfillment
Succession Planning: from finding clones to fill retiree’s shoes to opening up the rainbow boardroom
From Command Control to Develop and Collaborate
Command and control cultures prevailed in the capital-led industrial economy, where success was driven by efficiencies and economies of scale. In today’s talent-led connected economy, companies focused on innovation and agility are displacing those who continue to rely purely on scale and efficiencies. As they do so, the old management maxims of command and control are being replaced by cultures focused more on development and collaboration.
Innovation and collaboration are driven by diversity of thought and clarity of communication. In multi-national organizations a common language is critical, and in today’s global economy that language is English.
In an upcoming series of blog posts I’ll be exploring each of the six pillars of talent management, and showing how Pearson English Business Solutions can help you attract, develop and retain a global workforce to succeed in today’s connected economy.
Nicole R Brown
Vice President, Go-To-Market and Operations
Pearson English Business Solutions