Make,good,sense,fickle,economy business, insurance Make good sense of a fickle economy: select the right people
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Copyright (c) 2008 Success Performance SolutionsWe live in a world of great risk and great possibilities. Every business is in a race against time, influenced by new competitors, new technologies, and demanding, if not fickle and impatient consumers. In a world of increasing complexity and an avalanche of information, making good sense of our world has never been harder.Some might even argue that the world is already too complicated for us to make sense of it. They act as if we need to just keep our heads down, focus on the trail blazed by other for us, and keep moving.When a business recognizes that a revolution is under way, its responses are often feeble, held back by fears of leaving the comfort of the old model, especially if it had been successful. Organizations in the past were designed for the industrial age and strategies were developed accordingly.Today organizations need to mobilize the mind power of the workforce and tap into under-utilized talents, knowledge, relationships and skills. Businesses have unprecedented opportunities to blend the best of the old with the innovation of the new. A golden opportunity exists during this tumultuous business environment to create a durable competitive advantage and generate high returns going forward.To convert these opportunities into a competitive advantage, management first needs to understand that an essential asset - talent at every level of the organization - required to execute their plans is in short supply and will only get increasingly worse over the next 10 years. Any meaningful change will therefore involve understanding how game-changing workforce trends will change the way business traditionally has recruited, selected and retained employees.But talent is only the means to the end. First and foremost in taking advantage of the golden opportunity is the design of a business strategy that creates a durable competitive advantage and generate high returns. This requires management to grasp the gravity and complexity of the situation and then to identify and plan for innovative strategies that positively disrupts the status quo within their organization and changes the rules in their favor in the marketplace. Workforce trends are complicating an organization's ability to come up with a winning strategy and then to execute it expeditiously and effectively.An article published in The McKinsey Quarterly (2007 Number 2) summed it up best: "Strategic-minded executives may not be able to control the weather, but they can design a ship and equip it with a crew that can navigate the ocean under all weather conditions." Executives who select the right people will win the race regardless of the conditions. From this point forward, an organization's success will only be as good as management's ability to decode the rising tide of complexity and its workforce?s ability to execute the plan. Article Tags: Good Sense, Right People, Competitive Advantage
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