A Brave New World – Talent Solutions for Today
The business landscape of 2017 is a shifting one. Risks are more widespread and becoming more complex; the geo-political landscape more uncertain and potential rewards tempered by apprehension. Declining economic growth, globalisation and the speed of technological change are just some of the issues keeping CEO’s up at night according to a recent PWC survey.
What are the potential economic threats that CEO’s see influencing their organisation’s growth prospects?
*Source - World Economic Forum: Global Risks Report
Many of these risks are hard to predict, never mind control. One risk is, however, predictable, resolvable and with informed action now, should run at green on the risk register entering 2019. This risk is access to key talent, with 72% of CEO’s recognising this as the highest ranked directly “controllable” risk.
A lack of key talent is hugely concerning. Accessing key talent and utilising this talent effectively can transform an organisation’s response to the challenges of today and strengthen them for the challenges of tomorrow.
In a new series of blogs, KellyOCG will review the talent risk through the lens of key business stakeholders. We will investigate the damage being done now, strategies for successfully tackling this risk and the impact mastering this risk will have on the future success of your organisation.
Why Should Leaders Respond?
- It is a board level responsibility to ensure there is a workforce strategy in place that effectively supports key business objectives and outcomes
- This responsibility includes understanding how the modern world of work is changing and responding to these changes appropriately.
- This new world of work is dramatically changing how the workforce looks. The average enterprise workforce now contains between 30 and 40% contingent workers. These are external workers often utilised on an interim, project, consulting or outsourced basis
- Critical talent is increasingly only available via the contingent workforce. This includes Independent Contractors, Consultancies, Professional Services and Business Process Outsourcing (BPO) firms
- The quality of the talent and services provided by the contingent workforce has a profound influence on business success. It can impact agility, innovation, transformation, and growth.
- Spend on this area of the workforce is high and should be visible to the board. The ROI achieved should be a target strategic business KPI.
How Should Leaders Respond?
- Start by marking this as a risk to run at green by the end of 2018.
- Begin to see all talent from the perspective of impact on business outcomes, competitive advantage, ROI and, ultimately, shareholder value.
- Place board level emphasis on the contingent supply chain as a vital source of key talent with the power to drive business success
- View the contingent workforce sector as a strategic business asset to be harnessed as powerful business ally.
An Insider Perspective
In the next blog, we will start to unpack how leaders can take the first steps to resolving talent risk. The blog series will then uncover what talent risk means for leaders across the organisation, from IT to marketing and beyond.