Talent Strategies Demand a New Normal

The war for talent is over … and talent won, reinforcing that people and the future of work represent the defining business challenge for the next decade.

People and culture sit atop the list of key risk concerns of board members and executives worldwide looking out over the next 12 months as well as into 2032, according to the latest Top Risks Survey from Protiviti and NC State University’s ERM Initiative. Even amid an uncertain economy, inflationary conditions and fears of a possible recession, people, talent and culture issues stand out as critical concerns for the board and C-suite.

Talented people and culture are related, as the latter attracts the former, and when effectively led, the best and brightest engender innovative cultures that can compete and win in the digital age.

Unfortunately, this perspective frequently is not aligned with an organization’s talent strategy. In many instances, the talent strategy, to the extent that it exists, is fairly simple, not to mention highly reactive in nature. In fact, in many organizations, HR’s talent game plan swings from industrywide hiring “binges” to job “chops” as external conditions and revenue forecasts dictate. If this is the case — and we’ve seen evidence of this in numerous companies across all industries — it’s time to establish a new normal for the organization’s talent strategy. Considerations around the organization’s talent strategy are especially important today in light of recent layoffs occurring in several industries, including technology.

The need for more sophisticated talent strategies will only increase — as will the risks triggered by relying on reactive strategies for managing talent. Boards of directors, C-suite leaders and CHROs should keep this in mind as the talent market and economic conditions continue to change. As our research reveals, people, culture and the future of work represent the defining business challenges for the next decade.

Read the article here.

(The Bulletin — Volume 8, Issue 4)