Today, we are faced with the unenviable situation characterized by:
Business GAP – This is a gap between Business Intent & Achievement. In fact, traditional definitions of what is a business gap are now only hypothetical given that changes affecting business performance are far more dynamic. For example, Financial parameters are no longer the single window panacea for organizational performance measurement, although some short-term Street Guru’s may disagree! Why would then many companies have a PE multiple or a Market Cap not truly reflective of their financial performance? Business managers are looking for substantive ways to authorize organizational issues that can deterministically guarantee performance. But this obviously is never to be. What is promised to the Board and the shareholders is not necessarily the possibility that the CEO is mandated to accomplish and report. (Refer - Market Forces Influenced by Digital Changes – Global Impact)
Whose talent is it, anyway? Talent Gap - Broadening the talent horizons
Traditional answers to talent management questions – how to source, supply, hire, develop, engage and retain the best people – are too narrow. Instead, to create the capabilities they need to win, organizations should consider business acquisitions, joint ventures or alliances as alternative sources of supply of talent. This may mean looking to the crowd, to alumni or other businesses for ideas or inspiration. It also may mean taking the flexibility of your workforce to a whole new level through the greater use of contingent workers, for example. Finally, it is worth reiterating the need to look at talent management practices through the eyes of the next generation of employees. How should it feel to be hired, on-boarded, nurtured and rewarded by your organization? Many organizations – particularly those of a global nature – also suffer from a lack of clarity concerning who actually ‘owns the talent’. This can make it difficult, if not impossible, to enable the best people to make the internal career or job moves that genuinely drive personal development and engagement. Effective and forward-thinking talent management calls, therefore, not only for the clarification of this ownership but also for talent management to be on the agenda at the most senior levels.
Uncertain ENVIRONMENT – Don’t do it if you can’t do it! Forecasting is a dangerous business, says Rita Johnston. The Meteorological Office only claims 80 per cent accuracy for UK weather forecasts, for a maximum of eight days. Apparently safe predictions from established trends, such as the Victorian forecast that the streets of London would be knee-deep in manure (due to the proliferation of private horse-drawn carriages), were overtaken by unforeseen innovations (in this case the combustion engine), whereas apparently wild flights of fancy (such as Arthur C Clarke’s space predictions) have come to pass. Historically, an accepted method of forecasting the future has been to look at current trends and to project them, incrementally, ahead. For many years Alvin Toffler (1980), JOHN Naisbitt (1982), Marshall McLuhan (1980), EDWARD De Bono (2000), Charles Handy (1994) and others have warned us that the pace of change is now increasing not arithmetically but logarithmically and so our forecasts have had to take this into account by projecting trends exponentially rather than incrementally.
But an “Analytics Specialist – Data Scientists – Big Data Analyst” will tell you just the opposite. Today the degree of accuracy with which one can project the future is higher than before. Big Data analysts can predict to an accuracy level upwards of 90%. State of uncertainty about future requirements of Knowledge, Skills, and Competencies continues to haunt business executives. These analytical techniques establish optimum levels of control, analytical process of establishing objectives and drawing up alternative programs can be assisted by building hierarchical programs. As business pressure changes, as new ways of working emerges new portfolio of assets come into reckoning a need is felt for new knowledge, skills and capabilities to manage such assets. This is despite the early entry of the information era with on line availability of data and information available to process as knowledge. Why have high performing manufacturing companies discounted for their future earnings despite their potential to do well commercially? Why are companies in the knowledge industry positioned more competitively for the 21st century?