17 Jun The Market Opportunity for Talent…Now
Are you making strategic investments in your talent?
According to this Harvard Business Review article, now is the best time to acquire top talent to grow your business…
“The pool of available talent is suddenly both changing and expanding, and visionary leaders can make the most of it”
Though many companies are in a hiring freeze, smart companies (historically speaking) invest in top talent no matter the economic conditions.
“They bring in architects to plan the new building even as the firefighters work to save the old one.”
COVID-19 has been a significant Digital Transformation catalyst that has left many companies challenged to meet the new demands of interacting with their employees and customers. Companies who were prepared for, or who have otherwise capitalized on these changes have created new value and affinity with their customers. There are many examples: Netflix with streaming, Activision with gaming, Amazon with eCommerce, Zoom with video conferencing, DocuSign with digital documents, Peloton with at-home fitness, WingStop with food delivery, and Wayfair with e-commerce…. Just to name a few.
These digital services have exploded in demand, leaving many companies forced to examine and amplify their digital transformation efforts. While the demand has increased abruptly, the challenges associated with digital transformation remain. According to another article by Harvard Business Review, in 2018 nearly $900B of the $1.3T spent on digital transformation was wasted due to failed initiatives – and people and culture were a key part of that.
Digital transformation starts from within. It begins with a vision for how technology provides a solution to better serve the needs of the market and a culture that empowers employees to innovate. It requires new thinking around organizational structure and the roles employees fill within organizations.
Focusing now on hiring strategies and quality talent, while it is available, is a first step in accelerating your company’s digital transformation. The best resources, those with experience in digital transformation, are difficult to find in a normal market and will not last long in today’s market. Restructuring organizations around a digital-first, customer-first mindset takes effort, planning, and time. Having the right team members in place to guide this transformation is a priority.