Our editorial team just came across a fascinating educational short book, titled: ‘Talent-Based Economy’, written by award-winning author and scholar, Mosi Dorbayani, who is an Executive Advisor and Economist at Orenda Enterprises Inc – Canada. To gain some insights and share more with our readers, we invited him to join us for an exclusive interview:
Why talent management is important?
Most economies tend to grow when they develop their people in different ways that would maximize their potential to produce. The level of skills and knowledge that people gain in a community is often an indicator of economic growth or a predictor of a forthcoming economic success.
Recently, there have been some structural shifts in managing organizations – especially in North America, which place a considerable emphasis on talent development, talent retention, and succession. This implies that talent is a valuable resource, who plays a vital role in both local and state economic growth.
In your new book, ‘Talent-Based Economy’, you mentioned that applying a proper talent management strategy is a “Competitive Advantage”. Would you elaborate on that?
By leadership focusing on talents, innovation and creativity can find their ways to flourish. Usually, when individuals are trained, they gain skills through which they can undertake duties with less supervision; this, in turn, facilitates leaders to find time to develop strategies for competitive advantage. And of course, developing strategies for having a competitive advantage requires an understanding of current economic trends and the influences that those trends have on the labor market.
In the same publication, you emphasized leadership succession strategies or plans. Why is it important for a firm to look that far away ahead?
As the global economy grows gradually, the working-age population tends to stagnate; this implies that there is a constant need for talent development to ensure businesses remain sustainable and that the economy continues to grow steadily. As your entity is aging, so are its team leaders and those in executive leadership. The need for leadership succession is foreseeable, and it can be identified and addressed.
Organizations are living entities. Their manpower evolves, moves about, ages, and departs. Thinking ahead and long-term, it is vital to have a development program in place through which, suitable candidates get the opportunity to develop and be prepared to step into the leading and mature executive positions.
While it is always possible to hire new external talents for leadership positions, developing them internally may benefit an organization more – as this shall accommodate staff’s long-term retention, motivation for progress, room for achievement, positive competition, reduction of staff turnover, and of course saving time and resources for lengthy hiring processes, orientation and organizational cultural training to a new hire.
In your view, what are the most problematic issues with recruiting talents?
Sadly, there is too much reliance on software programs. Many of these HR software programs which initially filter applicants are bias and often inaccurate. As the result, many deserving talents may not get a foot in the door. Diversity, equality, and inclusion are still among the issues. The other major issue is poor onboarding and quick-fix orientation programs on the first day of a new hire. Poor onboarding and quick fix orientations are in fact building blocks and obstacle for employee engagement and eventually retention. New hires should be given both general and specific orientations – but not rushed.
Companies often claim that their employees are their most important assets, and yet, they cut corners and usually it is the development training programs that get omitted or reduced in their budget among others. In the context of talent management, where development training should stand?
Talent management exists so that firms can effectively address their challenges, goals, and business requirements. Since both market and business strategies are subject to ‘change’, establishing a culture of learning in a constantly changing environment is crucial. If they are the most important assets, if employees are the key to the success of the organization, then investment in them is clearly critical and expected. In my view, the culture of continuous improvement (Kaizen) and life-long learning should be broadcast to every corner of an organization.