Looking at the current conditions, it may seem like the demand for talent is dead. Unemployment numbers are high and the country seems to be headed towards another Great Depression. But would companies afford not to look ahead and plan for the future? No. Therefore, the demand for great talent still will persist.
While data technology has evolved significantly, it hasn’t matched the expectations of many businesses and the talent agenda is still of critical importance. Businesses have to morph and change with the times and conditions – more so now with the current pandemic. Companies cannot be too focused on satisfying short term demands, and they rather have to look at a longer-term plan to nurture internal talent and committing investments in external talent.
It is important for organizations not to become complacent in the attraction, development and retention of future leaders – what worked for yesterday or works for today may not be right for tomorrow. Many organizations are looking to develop the talent strategy to adapt to the demands of the business and the pressures of a changing global market – a change that is sure to be even more acute as a result of the current crises.
The changing market will mean developing career paths become more challenged. Now, as much or more so than before, there is a realization from organizations that identifying and connecting with talent and future leaders externally is important. Aligning talent strategy with corporate strategy would be the norm rather than the exception. Finding and retaining great talent will be a priority for many companies and organizations.