Business strategy today has significantly shifted in recent years. Where planning processes used to be designed with a long-term strategy involved, this has gradually become less important as businesses and work have become more flexible and variable. This means a radical change in the way companies use, interact with and deploy their talent, allowing it to lead the way in ensuring competitiveness and efficiency.

At its core, companies and their leaders should utilise their talent the same way they utilise capital, empowering them to produce as much value as possible.

To do this, firms now recognise a number of strategies that can help achieve said value:

Instil Flexible Work Strategy

It is important that your company instils a culture of collaboration between departments and functions, allowing teams to form and disband with ease when the situation demands it.

Overhaul Human Resources

Rather than allowing your talent to get bogged down with administrative tasks that are both boring and a misuse of their time, work closely with your HR team to determine what aspects can be outsourced or automated through technology adoption.

Take the Initiative

For any leader or CEO, they must understand the changes necessary for a successful talent strategy. It is up to them to encourage and convince an organisation of the merits of implementation.

Adapt to Your Talent

With more and more millennials joining the workplace, your organisation should reflect this change. Relatively modern ideas of flexible working hours, or allowing the completion of certain tasks away from the office can help demonstrate your faith in their judgement.

Ensure a Strong Acquisition Strategy

The changing nature of talent and where to find it requires an updating of your recruitment practices. Investigate incorporating recruiting software with a sophisticated applicant tracking system. This allows you to track where your most successful hires come from, while also allowing you to track their progress through on-boarding.

Identify and Develop your Top Talent

Take time to work out a strategy for identifying the most important positions in your company. Even if you employ over 10,000 employees, you may be able to identify just thirty to forty roles that are capable of delivering outsized value. Once you have identified these roles, you can really make sure that these positions are filled with talent who are best placed to drive the growth of your company.