Three (3) Keys to Meeting Contemporary Talent-Tech Challenges

Three (3) Keys to Meeting Contemporary Talent-Tech Challenges

As businesses become more and more embedded in, and dependent upon, the social media technology revolution that is sweeping us away like a today wave, it is imperative that we, as leaders, as entrepreneurs, as managers, and as team players, rise up to meet the challenges. For the more millennial of us, these technology changes will be intuitively easier – but, as technology is advancing every day, we all have to adapt. What was new last year is old hat today; and what is new today, wasn’t conceived of last year.  

Our role as ‘managers’ (at every level) has changed, whether we like it or not. In order to maintain momentum, we need to adjust, and we need to rethink how we approach our teams in order to keep pace with changes. We have to be seen as leaders, empowering those around us to try new things, to experiment, and to take risks which can lead to positive payoffs. We have to be not afraid of failing, but embrace the challenge and learn something positive from the experience, using that to pick ourselves up and continue. We must also be ready to learn from the more tech-talented team members we embrace, and use their skills to build ourselves, just as our mentoring should be forging a new path for them.

The article which follows is a rather short and simple reflection on three (3) key attitudes / behaviours towards meeting the challenges that technology and changing talent gives us. I like the article, not for its simplicity, but for the clean, practical approach to the topic, and for the fact that these are everyday things we should constantly be doing as leaders to help our teams develop to their fullest.  

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I’ve been lucky to work with entrepreneurs at all stages of business growth -- and as the CEO of Deloitte Consulting LLP for a little over six months, I’ve had a chance to deepen these relationships. As I have spoken with these leaders as they build and lead their organisations, I’ve always been amazed by their vision, creativity and the way they approach some of the most challenging choices every business faces -- whether they’re a multinational or just getting established.

Virtually all of them talk about two (2) specific challenges -- keeping up with the pace of technological change and finding and retaining the talent they need to grow their organisations.

At Deloitte, we recently did some research about leaders’ views on these topics. In our 2016 Business Confidence Report, we surveyed 600 business leaders -- 300 at the C-level and 300 just outside of the C-suite. Business leaders across the spectrum agree that technology change and the need for new and different skills in their organisations are the top two impediments to any growth strategy.

From my own experience -- and the experiences of the thousands of great entrepreneurs and business leaders I’ve learned from over the years -- I’ve put together a short list of three (3) things I think are essential in addressing these challenges:

Encourage Innovation, Don’t Just Talk About It

Find innovation opportunities everywhere. Survey respondents agree that to compete, you have to innovate, and so they say innovation is a top priority. But the survey revealed that while most business are focusing on improving products or customer experiences, they are missing important opportunities to encourage further innovation like considering new business or talent models, or even building partnerships with other organisations. My own experience is that innovation is a mindset as much as a process -- and great organisations are always looking for better ways to do everything.

Help Your People to be Bold

Leaders we surveyed nearly all said bold leadership, characterised in part by smart risk-taking, was needed to achieve their goals. But the executives we surveyed acknowledged they aren’t necessarily doing enough to recruit or develop bold leadership skills in their organisations. In nearly all cases -- 90 percent, actually -- leaders themselves said they didn’t feel like they were demonstrating bold leadership traits consistently. The survey also shows that employee incentives and promotions are not encouraging enough smart risk-taking and leaders themselves aren’t taking risks and offering controversial ideas. The lesson here is that leaders can encourage boldness and build innovative teams by creating a culture of courage. Let your own teams push your organisation further than even you thought possible. Have the courage to listen to people at every level of the organisation, the courage to confidently experiment even when you may fail, and the courage to change your mind or pull the plug on an effort when it doesn’t work.

Keep Your Best Talent

The majority of the leaders we surveyed expect that a high percentage -- one third or more -- of their companies’ highest performers may leave. The top two reasons cited for their potential departure: A desire to work with more advanced technologies, and a desire to work with a more innovative company. The way to avoid this talent “brain drain” is clear-cut: Focus relentlessly on talent acquisition and retention, and do everything you can to be make sure your culture celebrates excellence. Find new models for talent acquisition, such as open talent approaches and crowd sourcing platforms. The most talented people want to be part of something exciting, something where bold thinking is rewarded, and something where openness and leadership are encouraged. The survey also showed there is an opportunity to better align compensation and bonus structures with innovation, bold leadership, and risk-taking. If you’re interested in building an organisation with that outlook -- where everyone sees great value in disruption, innovation, bold thinking and fresh approaches -- a way to achieve it is through a culture that celebrates it and compensates it every chance it gets.

The good news: If you’re like most of our survey respondents, you’re operating in a positive environment for growth. Our survey showed businesses are confident in their ability to outperform the competition now, and they know what they have to do to continue to remain competitive in the future.

In short, they have the flexibility and room to seize opportunities and address challenges tied to the pace of change and with talent. I am confident today’s business leaders can achieve what they have set out to do -- and continue to deliver for their customers, investors and teams.

Inspiration: 3 Keys to Meeting Today's Talent and Tech Challenges

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(1) clrn.dmlhun.net

(2) goaugment.io

(3) christophercumbly.com