International symposium 15-16 December 2012 - Conference Venue: Hamburg Chamber of Commerce & Hamburg University
An excerpt of my presentation/discussion:
International migration does not only address the threat of the ageing workforce but also the transformation from national to truly global organizations over the past decade. Companies are eager to capitalize on new opportunities and new regions. As more organizations compete globally, they will need to manage an ever increasingly global workforce, but the pool of leaders with experience on an international basis is limited. In light of the ageing society and globalization this presents a number of challenges that need to be recognized.
To reap the benefits of the rapid growth as we go forward, expatriates or interim managers are needed to drive performance in markets driven by explosive demographics and even more.
1. Ageing society.Companies will need to work out method of integrating younger talents into globally and generationally diverse workforces. This could be the defining difference between the success and failure of a global ambition.
2. Business growth and New Market: To keep pace with this growth, all companies need the right staff to speedy expanding into new markets. Talent which is ready to adapt and face these challenges will make the difference.
3. Developing & launching new products: With the increasing buying power of domestic consumers and the changing competitive scenario,companies will have to continuously innovate and bring new products and services faster and more efficiently to the market than ever before.Those who do not have the skills to develop new products on time will lose.
4. Increased competition: The market is getting tougher - only the fittest and fastest will survive.
5. Global mergers and acquisitions: As more and more companies look into inorganic growth through M&A, integrating workforces of culturally and geographically diverse companies will pose its own critical challenges. Integration is decisive.
The market requirement changes faster than companies can cover and it will take some time before they hire the number of top executives required to explore new market opportunities and raise organizational performance. Therefore, parallel to their intention – which takes time to implement -
1. Corporations have to adopt efficient talent management practices to recruit, reward and develop top performers from within the company.
2. With the changing age demographics, creating a corporate value that appeals to multiple generations.
3. Integrate different cultures into a rapidly globalizing workforce.
4. Focus on training and development initiatives
5 Create an environment that allows senior talent to contribute effectively.
For these reasons, corporates are advised to put more focus on management development to grow and season more of their own leaders from within. Besides, good talent does not sit still. They need to be constantly challenged. But of course not all positions can be filled, nor within the given time frame – therefore searching for outside talents is often imperative. This often could prove the difference between the winners and losers.