The gap between rich and poor is wider than had been imagined. Oxfam’s report reveals how our broken economies are funnelling wealth to a rich elite at the expense of the poorest in society. We also hear a growing concern about how personnel or talents are being managed and that how proper talent management may contribute to economic growth and well-being of middle class.
Following further research on this topic, we noted a number of interesting publications by Mosi Dorbayani, an Executive Adviser and Economist at Orenda Enterprises Inc, based in Canada, who is also an award-winning author and scholar.
In one of his recent papers published on University of Salford’s Research as Practice Center of Excellence, he mentions why we still see this growing gap in our economy:
“One reason is that there is a widening disconnection between limited resources and unlimited growth, and perhaps in case of some billionaires, even infinite greed. In one hand, we have the financial economy, such as Wall St. – a “casino” type of economy if you will, and in the other, we have the actual market, where we do our shopping, where buyers and sellers interact – the real economy. Since these two are disconnected, the economy is divided as it is. Government, businesses, and society are in conflict and working against each other, and of course on top of that, trade war and leaders’ threats are widening the gaps once again more than ever.”
But perhaps here the question is, what we as a society and entrepreneurs need to do to narrow that gap and tackle that growing issue. In Mosi’s view, the key is in our ‘collaborative mind-set’.
“What we as a society and entrepreneurs need to do and act upon fast – is to change our mindset, adjust and step into an economy, where its environment is more collaborative. Due to the mentioned conflict among the sectors, the typical vertical system of thinking and traditionally going up the ladders perhaps is no longer applicable for all middle and bottom classes. We need to shift our mindset and think ‘horizontally’ instead, and facilitate growth differently. That is sensing the emerging future possibilities, seizing them immediately, and structuring them in form of co-operative enterprises. The key is in our quality of thoughts, it is in our paradigm of thoughts – economic thoughts in particular. We need to change our paradigm of thinking, and shift it horizontally ahead for betterment of humanity. And of course, here is when ‘talent management’ and ‘talent development strategies’ become vital.”. He outlined
So, we see a direct connection between ‘talent management’ and ‘economic growth’. But why is that and how human resources can facilitate such strategy? To answer that we consulted Mosi’s latest book, titled: ‘Talent-based Economy’. In its introduction page he explains:
“Most economies tend to grow when they develop their people in different ways that would maximize their potential to produce. The level of skills and knowledge that people gain in a community are often an indicator of economic growth or a predictor of a forthcoming economic success.Recently, there have been some structural shifts in managing organizations – especially in North America, which place a considerable emphasis on talent development, talent retention and succession. This implies that a talent is a valuable resource, who plays a vital role in both local and state economic growth.”
Interestingly, in the same book, ‘Talent Based Economy’, Mosi emphasizes that having a proper talent management in place, increases organization’s competitive advantage.
“By leadership focusing on talents, innovation and creativity can find their ways to flourish. Usually, when individuals are trained, they gain skills through which they can undertake duties with less supervision; this in turn, facilitates leaders to find time to develop strategies for competitive advantage. And of course, developing strategies for having competitive advantage requires understanding of current economic trends, and the influences that those trends have on the labor market.” Mosi wrote
But of course, human resources departments in charge of such strategies for development, are often not free from any shortcomings. In this respect Mosi notes that:
“Sadly, there is too much reliance on software programs. Many of these HR software programs which initially filter applicants are bias and often inaccurate. As the result, many deserving talents may not get a foot in the door. Diversity, equality, and inclusion are still among the issues. The other major issue is with poor onboarding and quick fix orientation programs on the first day of a new hire. Poor onboarding and quick fix orientations are in fact building blocks and obstacle for employee engagement and eventually retention. New hires should be given both general and specific orientations – but not rushed.”
So, in conclusion, our understanding is that investment on talent management strategies is critical, and the way we shape our economic thoughts can shape our economic growth. And to facilitate that, we need to emphasize on collaborative strategies and talent-based economy.