Talent Innovation:
The Best Way to Predict the Future Is to Invent It
As part of my normal routine, I read dozens of magazines,
newspapers, books and reliable sources of information on the
Internet. As a side note, the least dependable source of factual
content and reliable information is cable television news.
In the May 4, 2009 edition of Fortune, I enjoyed reading an article
by Anne Mulcahy, the CEO of Xerox. For me, she hits the nail on the
head regarding what business should be doing during this economic
downturn.
She said, “I know from experience one of the biggest mistakes that
can be made right now is to slash investments in innovation. And by
innovation, I don’t just mean product research and development. It
can also be innovating in new markets, launching new businesses, and
even disruptive innovation in work processes.” Then she adds, “I
remind my team that the next generation of technology and services
will be born out of decisions we make at this unique moment in time.
With that, we’re banking on the advice of Alan Kay, a former Xerox
researcher, who said, “The best way to predict the future is to
invent it.”
Excerpts from Deloitte September 2009 Talent Management Study
Since January 2009, Deloitte has been conducting a longitudinal
survey to evaluate how executives are managing their workforces
during the economic downturn—and whether they have effective
strategies in place for the recovery to come. The September 2009
survey, like its predecessors, provides insights into the talent
plans and priorities of major companies across every sector of the
global economy. The results of the September survey revealed the
following key findings:
60% of surveyed talent leaders are concerned they could lose key
employees to their competitors. Many surveyed companies appear
convinced that high potential talent that is not properly developed
can be easily poached by competitors.
Despite a weak economy, concern over losing key employees to
better opportunities has been growing steadily, increasing from 43%
in January to 44% in March to 51% in May. In September, the number
of executives who said they were either highly or very highly
concerned about losing high-potential employees grew to 60%.
A red flag: Companies value
innovation, but do not have the talent strategies to drive it.
Deloitte sees a clear red flag in the survey data: While most
participating executives recognize the importance of innovation,
many are not implementing the talent strategies they need to drive
innovation within their companies. More than six out of ten survey
participants (61%) acknowledged they either had no talent strategy
currently in place to drive innovation or did not know if they had
one.
I have had an interesting seat watching business after business,
cut back, terminate talented people, eliminate training and
development, and curtail important projects. Instead of taking a
proactive approach, these businesses are just creeping along the
highway hoping they don’t become the next road kill. Many have laid
off their most experienced people, virtually wiping out their talent
pool and future leadership.
Yes, survival is paramount and businesses have had to make difficult
decisions. However, by making the wrong choices, many of these
businesses have only put a noose around their neck. They have placed
themselves in a precarious position, unprepared when the economy
starts improving.
Studies show layoffs end up being far more costly and damaging than
the short term money they end up saving. As Anne Mulcahy alludes in
her article -- businesses can’t stop innovating. As an example, some
companies have cut back on customer service. So instead of
increasing customer loyalty, they have only alienated them. In my
book, that is the kiss of death. If you work in that kind of place,
you might as well box up your stuff because it won’t be long until
the business collapses and you’re the next out the door.
The turbulent economy has placed businesses and business leaders
under pressure to improve and restructure their organizations. A
survey by the Conference Board showed the executives’ major concern
was about "speed, flexibility, and adaptability to change.”
Businesses need to implement a “transformational” style of
leadership along with an effective strategy that will enhance
productivity and position their business or organization for
increased efficiency.
I spoke at a meeting held by the Economic Development Council in
Longview, Texas. This community of 80,000 people is focused on a
bright future. Despite the economy, they are still growing, dynamic
and interested to learn new techniques in keeping their employees
motivated and working effectively.
Several of the people that attended my session work at the Neiman
Marcus distribution center. They are responsible for distributing
merchandise to stores all across the U.S. It was encouraging to me
to see this organization still cares for its people and wants to
stay vital, innovative, and competitive and be an employer of choice
for their region. More businesses should have that same goal. Here
are a few action steps you should put in place:
• Institute transformational leadership techniques in your
organization
• Communicate more and provide direction
• Manage the talent of your people
• Identify and exterminate “organizational pathologies”
• Innovate and manage the ideas of your workforce
• Keep your people engaged and energized
• Emotionally connect with your customers
read more...
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