In today’s globalized business environment, although managers and organizations recognize the importance of the effectiveness of managing human capital, firms are yet to understand the process that leads to the appropriate implementation of HR policies and practices.
Organisations know that they must have the best talent in order to succeed in the hypercompetitive and increasingly complex global economy. Few organisations today have an adequate supply of talent. Talent is an increasingly scarce resource, so it must be managed to the fullest effect.
Are today’s leaders able to do more with less? The A-players can, and there should be a strategic emphasis on keeping those leaders—and developing their successors. Many organisations are reducing their workforces, but let’s be careful not to cut so deep that talent is scarce when the economy rebounds.