New technologies, new skills, new needs—and new scrutiny. How to make sure workforce strategy is front-and-center in your boardroom—if it isn’t already.
The Corporate Board Member article, “Tackling Talent," quoted Russell Reynolds Associates Consultant Dean Stamoulis on how C-suite leaders must take responsibility now for their business' future talent supply. The article is excerpted below.
Human Capital—It's what enables companies to adapt, innovate and differentiate. And it's getting harder and harder to find, let alone keep.
Today's low unemployment rate means job openings in many fields continue to outpace the number of workers interested in and qualified to fill them. Companies that do manage to recruit strong performers must fight fiercely to keep them in a market characterized by rampant job-hopping and where employee loyalty is now an antiquated concept. Meanwhile, more and more companies are also realizing that the workforce that got them where they are today may be vastly different from the one they will need to succeed in the future.
To assess the company's current talent and what adjustments are needed to support dynamic changes in corporate strategy, boards and management should review workforce strategy on at least an annual basis. "During these talent reviews, each C-Suite leader needs to take more responsibility for the future talent supply in their business," says Dean Stamoulis, leader of Russell Reynolds Associates' Center for Leadership Insight. In addition to assessing how well the current workforce aligns with corporate strategy, those conversations should also identify which workforce considerations are most important to carry out the company's mission, to maintain efficiency standards, to keep workers engaged and productive and to stay competitive within its industry.
To read the full article, click here.