Program 13: Winning the War for Talent 2.0 in a Globalised Economy
McKinsey Consulting report “The War for Talent” describes the challenge faced by companies today. They are engaged in an ongoing battle to attract and retain multi-talented people in an environment where the global economy is growing and the working population is on the decline. The war is costly and requires a commitment and belief at leadership level. In today’s globalized business environment organizations are cultivating and accumulating human, organizational, and social capital as a means of gaining sustainable competitive advantages in order to respond to the critical business challenges that they face.
Talent is an increasingly scarce resource, so it must be managed to the fullest effect. During the current economic downturn we may experience a short ceasefire in the war for talent, but we’re all seeing new pressures put on the talent running our organisations10.
Talent management has never been more of an immediate concern than it is right now. But in the rush to fill a perceived talent management void, organizations must be careful not to rush into implementing initiatives or programs that are more about taking action than about implementing a well-crafted solution. Careful planning, culminating in a sound talent strategy that is tightly connected to the organization’s overall business strategies and business needs, is required for talent management to become ingrained in an organization’s culture and practices. Only when this happens is it possible for talent management to be both effective and sustainable.
Organizations know that they must have the best talent in order to succeed in the hypercompetitive and increasingly complex global economy. Along with the understanding of the need to hire, develop, and retain talented people, organizations are aware that they must manage talent as a critical resource to achieve the best possible results. Few, if any, organizations today have an adequate supply of talent. Gaps exist at the top of the organization, in the first to mid-level leadership ranks, and at the front lines.
As a result of attending this session, each participant will be able to:
- Develop their critical thinking skills to enable them to strategically formulate talent management tools in order to foster a cutting-edge approach to manage human capital in their organizations.
- Deepen understanding of how to manage other people (i.e. their subordinates or peers) and themselves with regard to career-related issues.
- Sharpen their intellectual capital in order to enhance their talent management and leadership development capability.
- Align talent management programs to their organization and business strategy so as to build competitive advantage and organizational agility through maximization of human capital.
10“How Singapore firms can win the war for talent” published by Singapore Business Review, 5 September 2013. http://sbr.com.sg/hr-education/commentary/how-singapore-firms-can-win-war-talent