When it comes to success in business, one measure alone can accurately predict the future –wealth of talent. The more talent wealth an organization has, the more successful that organization will be.
We’ve all experienced the benefits of organizations that are rich in talent. These are the companies we’ve come to love. When we say we love a company, what we’re really saying is we love the work being done by the exceptional people in these organizations. People are the reason why Apple, Alphabet (Google), Amazon.com, and Starbucks remain some of the world’s most admired companies. That’s why having a wealth of talent is so important for all organizations. Talented employees who do outstanding work are the secret ingredients that make their companies great.
Just as there are levels of personal wealth, so too are there levels of talent wealth within companies. Organizations that are talent rich are the trendsetters and chief innovators within their industries. At the other end of the spectrum are those businesses that are talent poor. These companies scramble to be competitive and frequently struggle to survive.
The message is clear: In order for your organization to thrive, it must have great talent. And building a wealth of talent begins with assessing your organization’s current circumstances. You’ll start by determining your current level of talent wealth. Next, you’ll enrich your pool of prospective employees by improving the flow of top talent, as well as enhancing how you attract talented people to join your company. Finally, you’ll ensure that your organization can sustain success by always having highly qualified people ready to hire the moment a job becomes open.
Is your organization talent rich, talent poor, or somewhere in between? Accurately appraising your current level of talent wealth will guide you in taking appropriate action to improve or maintain your competitive advantage.
Determining and increasing your talent wealth begins with understanding the four levels of talent wealth.
Talent Rich: Organizations that are talent rich excel, leading the way in their industries. They don’t worry about the competition; they’re the ones other companies are aspiring to become. They’re constantly several steps ahead, generating new ideas, including the latest innovations to products and services.
Talent Strong: Talent strong organizations operate efficiently and succeed in many things they do. These companies win more than they lose, outpacing many of their competitors. They’re fairly creative, sometimes being the ones to create the latest, greatest version of a product or service.
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Talent Stable: Organizations that are talent stable spend each day competing with others, laboring to maintain their position in the market. These organizations watch for the latest trends or innovations and do their best to add them to their offerings.
Talent Poor: Talent poor companies scramble to get work done. Often, these organizations struggle to remain viable. They’re several steps behind their competitors. Frequently they offer the same products or services year after year, only occasionally copying the new offerings being provided by companies in the same business.
This article was adapted from The Competitive Advantage of a Talent Rich Organization, a free manifesto from ChangeThis.com.