To ace market wars, talent needs a boost

As students of science, we know that water finds its own level. As corporate denizens, we have to agree that talent finds its own ground.

While the world fights its wars in the new battlefields of markets, economic strength is the martial muscle and talent its arsenal.

While countries compete for talent, a pertinent question is: on what basis does talent rank countries? What is it that a talented professional seeks from a country before he or she decides to shift base? What possibly talent desires is good remuneration levels, quality life style, safety and security and, possibly, rights to invest.

A gargantuan country like India and its economy’s celerity in transitioning from socialism to capitalism is not bereft of challenges.

While India has moved up on the Global Talent Competitiveness Index (GTCI) to the 81st position, it remains a laggard among the BRICS nations, as per the study by Adecco, Insead and Tata Communications. The developed, high-income countries are still the global talent champions.

The report says that India (81st) is the laggard of this group. However, Formal Education (67th) and Lifelong Learning (37th) is keeping pace, and thus the pool of Global Knowledge Skills (63rd) is solid compared with other emerging markets.

With immense potential to improve, India can address this at three levels:

Country level: Arturo Bris, Head of Competitiveness, IMD Switzerland says, “India is lagging at retaining local and attracting foreign talent. The factors mentioned above, that is, remuneration levels, quality of life, security and property rights play spoilsport.

“A stable government, clairvoyant policies, industry-friendly governance frameworks, agility in execution, excellence in corporate governance, dignity of labour and a corruption-free India is my wish list.

It’s the culture of accountability across government bodies, industrial associations and corporate that can create magic. It’s not the number and structure of departments, sector-wise that bolster growth but the vision, agility and rectitude in policy implementation that can alter the talent landscape. The rest could be left to the Trump effect.

Institution level: India is unique in its ability to produce Deans of world-renowned academic bodies but a handful of true-blue researchers and academicians within the country. India’s talent output is directly proportional to the quality of talent enablers, that is, teachers its institutions have.

Right from school, junior colleges to professional education, institutions are unable to attract worthy talent and have to manage with nothing-much-to-do spouses, stop-gap arrangers or moonlighters. What is missing? Accountability — towards students, parents, institution, society and the country.

Our apex bodies, in their pursuit of protecting students’ interests, have created a Frankenstein. Eg: x acres of land, x000 sq ft of built-up space, other infrastructural facilities help only a few politicians, business houses, or businessmen who can muster up funds to enter the fray.

In an economy where you could avail of a loan to buy an appliance, no true academician is capable of creating an educational body because the very same conditions serve as an entry barrier. As a result, academia runs almost like a business. Cost management is as critical as marketing the results, and the game changes — excellence capitulates to profit-and-loss.

Organisation level: A strong talent strategy in sync with the business strategy and vision of the organisation forms the bedrock. A competency framework defining talent at various levels is a good blueprint. Choice of tools to attract, the right selection followed by meaningfully deploying talent and ensuring fair and transparent policies to reward and engage talent is a logical flow. But the most critical factors at the organisation level are the following:

The spirit of the organisation. Does the HR have a voice? Or is it subservient to the financial ratios? We have witnessed so many organisations that fall prey to the trap of meeting short-term financial objectives.

The custodians of talent. The HR team. The delta impact that this team can have on the talent strategy of an organisation and its future is infinite. The understanding, sensitivity, conviction and skills of this team change the game.

While the challenges at each level reflect a high degree of disparity, it’s important that all three are in sync and dance to the same tune. For a country to win its market wars, the day is not far when the Talent Competitive Index will be monitored as frequently as the currency.

(The writer is Director, Lee Hecht Harrison (LHH) India)