Talent management and economic growth
Our editorial team has just come across a fascinating short and educational book, titled: “Talent-Based Economy”, written by award-winning author and scholar, Mosi Dorbayani, who is an Executive Advisor and Economist at Orenda Enterprises Inc – Canada. To better understand and share more with our readers, we invited him to join us for an exclusive interview:
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Why is talent management important?
Most economies tend to grow when they develop their populations in different ways that would maximize their productive potential. The level of skills and knowledge that people acquire in a community is often an indicator of economic growth or a predictor of future economic success.
Recently, there have been structural changes in the management of organizations – particularly in North America, which places considerable emphasis on talent development, talent retention and succession. This implies that talent is a precious resource, which plays a vital role in local and national economic growth.
In your new book, ‘Talent-Based Economy’, you mentioned that applying the right talent management strategy is a “competitive advantage”. Would you like to detail this?
Through talent-driven leadership, innovation and creativity can find their way to flourish. Usually, when individuals are trained, they acquire skills that allow them to perform tasks with less supervision; this, in turn, allows leaders to find the time to develop strategies for competitive advantage. And of course, strategizing for a competitive advantage requires an understanding of current economic trends and the influences these trends have on the job market.
In the same post, you focused on leadership succession strategies or plans. Why is it important for a business to look so far into the future?
As the world economy grows gradually, the working-age population tends to stagnate; this implies that there is a constant need for the development of talents to ensure the sustainability of companies and that the economy continues to grow steadily. As your entity ages, so do its team leaders and those in executive management. The need for leadership succession is predictable, and can be identified and addressed.
Organizations are living entities. Their workforce evolves, moves, ages and moves away. Thinking ahead and in the long term, it is essential to put in place a development program through which suitable candidates are given the opportunity to develop and be ready to advance to advanced and mature management positions.
While it is always possible to hire new external talent for managerial positions, developing them internally can be more beneficial for an organization – as it should provide long-term retention of staff, motivation for progress, room for improvement, positive competition, reduced turnover and of course, saving time and resources for long hiring processes, orientation and organizational cultural training of a new hire.
What do you think are the most problematic talent recruitment issues?
Unfortunately, we rely too much on software. Many of these HR software that initially screen candidates are biased and often inaccurate. As a result, many deserving talents may not get their foot in the door. Diversity, equality and inclusion are always part of the challenges. The other major problem is the lack of onboarding and rapid orientation programs on the first day of a new hire. Poor onboarding and quick referrals are actually building blocks and a barrier to employee engagement and retention. New recruits should be given general and specific guidance, but not rushed.
Companies often claim that their employees are their most important assets, yet they take shortcuts and it is usually development training programs that are omitted or cut in their budget, among other things. In the context of talent management, where should development training fit?
Talent management exists for companies to effectively meet their challenges, goals and business requirements. As market and business strategies are subject to “change”, it is crucial to establish a culture of learning in an ever-changing environment. If they are the most important assets, if employees are the key to the success of the organization, then investment in them is clearly critical and expected. In my opinion, the culture of continuous improvement (Kaizen) and lifelong learning should be diffused in every corner of an organization.