Companies face intense pressure to innovate quickly and get products to market faster than ever before. In the past 15 years, more than half of the S&P 500 have disappeared. We believe this is partially because it takes most companies more than a year to launch a new product.
Accessing the right skills and expertise quickly is crucial to fast execution of innovative work. But when we surveyed a group of executives, an overwhelming 84% believed that the best people and ideas existed outside of their company’s four walls. We have conviction that this is because they don’t have a clear understanding of the internal skills and expertise that actually exist within their organizations.
Some companies see a better way. Fabio Kapitanovas, VP of People and Management at Anheuser-Busch InBev, who utilizes our software to find and engage internal employees to work on projects, believes quite the opposite: “Most of the expertise, most of the knowledge that we are looking for in the market, we already have within the company,” he said at last year’s Reimagining Work Summit.
Most of the expertise, most of the knowledge that we are looking for in the market, we already have within the company.”
At Catalant, we help successful, high-performing organizations operate with agility and access people with the skills and expertise they need, both internally and externally. I recently had the opportunity to chat with Yahoo! Finance’s Alexis Christoforous about what these companies are doing to navigate today’s tight labor market, brutal competition, market volatility, and constant change. Here are three methods smart business leaders are using to survive and thrive in our disruptive business landscape.
1. Invest in Multiple Human Capital Pools
No one will argue against the critical relationship between dynamically accessing skills and rapidly executing on mission critical work. We see executives finding and engaging talent across multiple pools of human capital, both inside and outside of their organizations. While today’s tight labor market has created especially fierce competition for top candidates with highly sought-after technical skills and expertise, we feel strongly that investing in a perpetual talent pipeline will benefit companies across decades and any human capital environment.
2. Break Down Functional Silos
Mission critical work is nearly always cross-functional. Countless studies have proven the correlation between innovation and collaboration, showing that cross-functional teams made of people with diverse backgrounds consistently outperform traditionally siloed teams. That’s why we see companies breaking down silos to create an ecosystem of active partnerships across functions and beyond organizational boundaries to facilitate cross-functional collaboration.
We see companies breaking down silos to create an ecosystem of active partnerships across functions and beyond organizational boundaries to facilitate cross-functional collaboration.”
3. Empower Employees Through Technology
The right digital tools offer executives a holistic understanding of an entire portfolio of talent to which they have access, including visibility into their internal employees’ skills and expertise, the projects on which they’ve worked, and, most importantly, their unique passions and interests. Predictive analytics can make recommendations about who — across multiple human capital pools — should work on specific initiatives. That’s why we see business leaders utilizing advanced technology to access structured data and inform their workforce planning and deployment strategies.
In a time when more than half of CEOs worry that they don’t have an effective innovation process in place to respond to disruption, it’s more critical than ever to leverage new technologies. These platforms allow business leaders to identify skills gaps and gain access to the people with the expertise required to get critical work done.
What are you doing to ensure your company stays competitive in today’s disruptive business landscape?