I was recently asked to speak on an upcoming Dbriefs webcast entitled “Driving Growth and High Performance through Tax-Effective Talent and Total Rewards Strategies” and it reinforced the importance of the talent agenda and how it’s consistently identified by CEO’s and Senior Leaders as one of the top three most critical elements to enable an organization to not only compete in the current economic environment but to accelerate and lead the recovery curve.
Frankly, the economic downturn only accentuated the need for effective talent strategies. Talent is a critical driver in an organization’s ability to lead and compete in the dynamic global economic environment. In an environment rife with newly available, highly skilled potential employees, companies who seize the opportunity by aligning their talent management needs and long-term strategy are better positioned to stay ahead of their competitors. Now, as organizations look for ways to lead the recovery, a key differentiator is realizing that the talent market has changed since the end of the last recession and now demands new ways of enhancing the commitment and performance of today’s global talent pool.
Globalization and constant transformation of customer requirements, competitors, production, markets, finance, communications, regulatory issues and the labor force is placing an increasing importance on talent driven innovation. Companies that strive to be globally competitive implement a strategic approach to talent management that is built on an understanding of the complexity and diversity of today’s global talent marketplace. Furthermore, demographic trends, including the impending retirement of growing segments of the Baby Boom generation, and new workforce requirements of today’s business environment are making it more crucial than ever for companies to develop high-potential talent and cultivate future leaders.
How are organizations unlocking the power of their workforces to dramatically improve their ability to innovate and succeed? They are:
- Segmenting their workforce to appropriately align talent to specific strategic imperatives
- Establishing a culture of high performance through appropriate levels of differentiation and shared success
- Determining their current and future global workforce requirement through effective workforce planning
- Aligning financial, tax, regulatory and workforce considerations with the global employee value proposition and total rewards programs
Highly effective talent management and rewards strategies are a critical business imperative, no longer just an issue for Human Resources.
*This article originally appeared in Deloitte’s “Global Employer Net/Blog, an online community for clients and Deloitte professionals that keeps the fluid and dynamic exchange of ideas between global employers and Deloitte professionals moving throughout the year. Discuss emerging trends and best practices with your peers and Deloitte professionals, stay up-to-date on hot topics, and post comments and questions with other tax and HR professionals. Access the Net/Blog here.
About Judy Nygard and Deloitte:
Judy Nygard is a Partner with Deloitte Tax LLP. Access her bio here.
Deloitte, one of Canada’s leading professional services firms, provides audit, tax, consulting, and financial advisory services through more than 7,600 people in 57 offices. Deloitte operates in Québec as Samson Bélair/Deloitte & Touche s.e.n.c.r.l. Deloitte & Touche LLP, an Ontario Limited Liability Partnership, is the Canadian member firm of Deloitte Touche Tohmatsu Limited.
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