Jan 23, 2019
Top 3 talent challenges faced by C-suite executives
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In a fiercely competitive and rapidly transforming business environment, the question is how do leaders stay ahead of its competition and ensure future success? 

The pivot has shifted from mere survival to business growth. The business landscape and rules have changed with technological advancements. 

Of course, the key focus areas are either the reduction of overall costs for profit margins without affecting the quality of services they provide OR grow the business with good profit margins with highly skilled yet less burden talent.  

 
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Thus, business leaders are seriously questioning the purpose and nature of their org structure, and it is becoming increasingly clear that the implications of talent strategy are serious. 

Today, it is not just the CHRO but the rest of the C-suite including the CEO who is on the same page, and more focused on talent strategies around employees, leadership and culture. 

Half the battle is won by understanding what your talent challenges are and their impact. Listing the talent challenges will give you the impetus to develop strategic plans to conquer current and future opportunities. After all, the best results come from the right mix of talent. 

The top three challenges faced by today’s C-suite executives are:  
 
1. Mismatch of talent and business strategy
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Technology such as artificial intelligence, robotics, etc is disrupting business at a faster rate than before. 

Today’s leaders are feeling overwhelmed with the rapid technology disruption and simply achieving their daily business operational goals seems like a feat in itself, leaving little room for strategic planning. 

The best leaders have an inclusive mindset and combine emotional intelligence, innovation, and agility. They manage diverse teams who serve a diverse customer base in the uncertain economic environment. 

As leaders who plan for the future, it is observed that there is a misalignment of current talent and future business strategy. 

The next generation of talent and executive leadership are not being planned and developed now to combat future business needs. Workforce modeling efforts need to be established at all levels for your business to achieve its vision and mission. It requires talent mapping - the kind of talent you need to be competitive in the market now and in the future, how will your talent differ, what skills will be required, and what must you do to attract, develop and retain your future talent. 

 
2. War for talent 
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Attracting and retaining top talent is becoming a real challenge for companies. 

Today’s employees are wired differently and think faster than the previous generations. They are also more vocal, portable and not afraid to leave the organization to pursue their passion. 

The power dynamics have shifted from the business to talent. The premium is on top talent who decide what to do and who to work for. Recruiting talent is much more complicated than just offering the highest pay package. The job and position provided should be in alignment with the talent's vision and goals. 

In such a highly competitive talent marketplace, only those organizations with a strong employer brand and culture of innovation can attract and retain top talent. 

 
3. Talent management 
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In the digital economy, there is a high onus on innovation within organizations. 

Companies who want to stay on top of the race are seeking talent not just within but also outside the organization. They understand the vital link between innovation and inclusion and pulling out all the stops to try and hire resources available on freelancing platforms like Vulpith. 

Innovation and inclusion are becoming a core talent strategy. Companies are building relationships with all business partners like customers, suppliers and employees to develop a deeper understanding of the customer need and driving innovation and inclusion as a long-term business value. 

Building organizations that are innovative and agile require leaders to rethink how they hire and develop talent or an evolution of the current employment model. 

Companies are looking for a new employment model which allows them to accommodate diverse employees with a lesser burden.  

 
Conclusion 
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C-Suite executives have clearly understood that talent strategy cannot be relegated to the sidelines. 

While the above listed top three talent challenges are serious, with proper analysis, planning and proactive strategies, no challenge cannot be conquered. The most successful organizations learn quickly and adopt strategic measures to minimize risk and harness opportunity amidst the uncertain business environment. 

It is the end of crisis management and the dawn of transformation change. 

 
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