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ACHIEVE Group CEO Joshua Yim
recommends 5 people strategies that top business leaders
should embrace
TALENT management is a key issue facing
business leaders and human resource (HR) practitioners today.
In the current turbulent economy, it becomes a critical
one, as employees and employers alike worry about what is
going to happen to their jobs and the future or their organisations.
A question often asked now is: “How
should leadership be different in times like these?”
As the saying goes, “When the going gets tough, the
tough get going”. Hence, tough-minded leadership is
required.
There are opportunities in every crisis
and great leaders make bold moves. When other companies
adopt the knee-jerk reaction of laying off workers, visionary
leaders invest and train their people during the tough times
to enable them to capture the market when the good times
return.
Here are some of the people strategies
that chief executive officers and senior HR management ought
to embrace for long-term business success.
1. Identify and retain the best talent
This statement may not raise eyebrows but it remains a vital
aspect of the business process. The number one job of top
business leaders is to identify, develop and retain the
best people because this is what will ensure their companies’
success.
In fact, this “people strategy”
is even more imperative than strategies to capture the market.
Human capital management gives you a competitive edge over
your rivals, and having the right people in your team is
a step in the right direction.
2. See HR as a strategic business unit
Leaders of organisations must recognise the importance of
human resources (HR) as a strategic business unit in guiding
the company to success. The role of HR continues to evolve
from that of an administrative/tactical function to a more
transformational one.
3. Be a value-driven organisation
Every organisation is driven by a set of shared values and
convictions, which every member in the organisation embraces.
These core values determine the behaviour of the members
within the company – that is, the culture of the organisation.
It can mean the difference between the success and failure
of the company.
4. Leadership in difficult times
Communication is key to strong leadership. It is important
to tell your troops – your people who have been contributing
to the success of your organisation – what is going
to happen and what they should expect in the weeks and months
ahead. It is about assuring your people and managing their
psychological states so that they remain positive. You cannot
afford to let them lose confidence. For example, if a right-sizing
exercise is necessary, make sure it is handled with the
utmost care, and that outplaced workers have all the support
they need.
5. Look long-term
The US sub-prime mortgage crisis has left stock markets
around the world in turmoil. Share prices have plummeted
even though the fundamentals of many companies continue
to be strong. Investors like Warren Buffet see opportunities
to buy good stocks at a low price. Company leaders should
take a cue from him and invest in good talent within the
company and outside it.
In a downturn, top-notch personnel may
be willing to lower their salary expectations for a position
with a company that offers stability and a strong corporate
mission. With the right people in place, leaders can focus
their efforts on working towards higher productivity, value
creation and confidence-building for the long-term.
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