Business is at an inflection point. Digital innovation is disrupting almost every industry, and organisations must adapt to remain competitive. While many business leaders understand this transformation and are acting out of necessity, their strategy to do so often fails to carry over into an updated hiring and talent strategy. This results in lack of execution. Bringing on talent to take a business where it wants to go, not just for where it is today, is crucial. It is risky to continue to only hire people who meet the requirements of the current job and tasks at hand. Instead companies must look into hiring talents that fit the strategy at hand and future ambitions of the company.
To respond to global competition, firms are using new technologies to provide better, low-cost solutions for their customers. But these technological innovations have led to constant movement of customers and competitors. At the same time, organisations are pressured to be innovative and reduce costs. All these trends are pushing companies to manage their assets as effectively as possible – including their human assets (SHRM, 2008).
Hiring the wrong talent can be time consuming and expensive. The same can be said for not being able to retain the current talents. Still, this is a trend we see in businesses of all sizes. Why does this keep happening? How can companies ensure not wasting their time? Our answer is twofold – 1) look at the leaders and their alignment to organisational strategy, and 2) assess your current human capital.