By James Allen, Chairman of Stanton Chase and Managing Director of the Sydney office
The importance of hiring and retaining talent who can help shape a company's future has never been more important than today. Managing talent is complex and the global financial crisis has been but a brief interlude in the fight for talent. The fundamental forces at work have not changed. An increasing number of baby boomers are retiring; emerging world markets are demanding leadership and management skills; globalization has flattened our world; and business ethics and integrity are at the forefront. In this environment we believe it is critical to understand the strategic initiatives of our clients and to help them attract and retain people who can make a difference.
We see several distinct general trends today that will continue over the next few years. Firstly as the effects of the global financial crisis continue to work their way through the world’s economies, companies are hiring people with the proven skills in enhancing productivity, improving processes, and cutting costs. It is the “know how” to do more with less. Lean thinking has never been more important than today. Secondly understanding global markets has become increasingly important. The importance of emerging markets, particularly China, India and Brazil, means that international experience in an executive has become much more than just a “nice to have”. People who have lived overseas and helped develop joint ventures, greenfield operations, or new sourcing models are in demand. It is the broad minded executive who can see beyond their own backyard, and think creatively how things can get done in our flat world at a lower cost, with higher quality and enhanced service that is sought. Thirdly there is a heightened emphasis on hiring early career, smart, high achievers with advanced degrees. These are people who can help craft a company's direction, implement it, measure it, and refine it over the next 10-15 years. Finally there is a continued trend for skilled managers who know how to build, direct, and motivate teams. It is a mind set of listening and collaboration, focusing on “we”, rather than “I”. Large egos do not seem to make it to the offer stage.
Great talent, along with the right culture fit and mind set for a company, is hard to find. It does not come easy, nor does it happen overnight. That is why it is important that companies and executive search firms build strategic and deep relationships to better anticipate strategic new hires and to get ahead of the curve. To stay competitive will require the right people leading the right team in the right direction, the right way.
Additionally, the need to retain talent and develop proper succession planning is paramount. This requires identifying, developing, and mentoring high performers who possess the skill and aptitude to take on more responsibilities, and more challenges. Retaining and promoting talent is vital to the long-term success of your company.
We would encourage you to reach out to Stanton Chase International and find out how we can be of assistance to you when you hire for today and retain for tomorrow.
