Shriram Viswanathan has held senior leadership roles within several organizations, currently he is Global Business officer SRKay Consulting group and Founder SCIKEY. Earlier with Sears, in his last assignment, he was responsible for leading many product teams, most significantly being Digital Experience Journey (DEJ), Dynamic Pricing Engines (Big data based implementation), omni-channel integration initiatives across online sites and in-store operations, and various analytics implementations that provided strategic insights to business. He has worked in leading IT organizations for, Tata Infotech, MphasiS, Wipro and delivered several consulting roles for Citibank (US, UK, Canada, EMEA, APAC), CRM implementation for Shinsei Bank (Japan), Charles Schwab (Equities), Morgan Stanley (Equity Research products), Credit Suisse (Asset Management, Switzerland).
Talent Wars are in vogue and rampant
Every company, every industry and every start-up is trying to get the best talent to surge ahead of competition. This maddening rush for talent is leading to an unseen, unheard of talent war. Most people involved in hiring and contracting know this, however, are willing to turn a blind eye. They are addressing these by changing things in their control like increments, joining bonuses, benefits, astronomical salary raises, retention bonuses and other instruments like ESOPs, variable pay, performance linked bonuses etc.
What they have essentially done is increased their problems and therefore reduced the way they attract talent. As a consequence, less people are joining them and making the problem more complicated. They want and need a solution now before things skyrocket and move into unsolvable territory.
Talent is moving rapidly
Talented people on the other hand are moving rapidly and it is considered a good thing if you are moving every two years. Whilst many do this for more money, they are damaging their careers as their knowledge is restricted and they seem to move too soon without gaining much needed wisdom in their area of expertise or domain. Average time spent with a company/employer has been decreasing by 50% or more leading to talent wars.
So, who is winning this war?
No side is winning this war. “Companies salary costs are rising with no correlated jump in profits or productivity or competitive edge. Talent on the other hand is losing out on learning, experience, wisdom and therefore their long-term growth in their careers. Short term thinking from both sides is leading to this war of Talent.”
Image source: KPMG
Tackling this changing landscape needs different higher level of thinking. “CEOs and CxOs cannot leave their hiring/contracting needs to a department and assume that they will solve this war and come out winners.”
They have to dig deep and get their hands dirty to make this a success for themselves.
They need to ease the situation from all angles. They need tools and strategies to ease this in their favour.
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