In 2020 companies have realized that they need to focus on the people executing strategies, rather than the strategies themselves. They recognize that talent is the key underpinning of a business’ ability to succeed in an ever-changing, increasingly competitive economy. In fact, that’s why the new paradigm making waves in business units committed to moving fast is a modern approach to putting people first for business success, known as flexible talent management.
Today’s flexible talent management strategy takes its cue from the successful agile project management methodology. This dynamic, people centric, decentralized decision-making process focuses on how to serve the goals of the organizations with greater ease, which increasingly an imperative in today’s business environment.
Contrast that with the traditional model of leadership, which entailed a “top-down,” hierarchical structure. In this antiquated talent management approach, decisions were centralized at the top, thus slowing the process, and lacked transparency, with information doled out on a “need-to-know” basis.
The COVID-19 pandemic has increased pressure on companies to take digital transformation even further. The global crisis has led companies to embrace remote work and to adjust hiring models, among other developments. Pandemic-inspired pressures are accelerating digital transformation efforts, and global spending on digital technologies and services is anticipated to grow at a rate of 10.4% in 2020.
From large companies to start-ups, there are three common types of agile talent practices that contribute to success are:
- Cross functional teams
- Self-managing teams
- Flow to the work pool
There was a time when organizations would say “the only constant is change.” Today, we can update that to “the only constant is rapid change.” Organizations that embrace an agile talent management strategy will be uniquely qualified to succeed in the future of work.
Why do companies need to care about an agile approach?
Companies must adapt or fall behind. That’s the reality of the business climate we operate in today, where companies must make decisions swiftly to react to constant changes in market conditions. There are several factors contributing to this rapidly shifting environment.
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