Companies are always looking for a competitive advantage. Business leaders search everywhere for ways to stay ahead of the competition—new sales strategies, marketing ideas, technology efficiencies, and yes, employees. Talent plays a massive role in company success. Given the rise of AI and its implications, the war on talent (great talent) is here.
Supply and Demand
Talent wars happen for many reasons and it often comes down to the fundamental concept of supply and demand. Procurement is in a hyper-growth stage and so are the people. Professionals are inundated with asks—helping with supply chain disruptions, financial crises, market volatility, and much more. There’s been a major influx of new technology, including Artificial Intelligence. Practitioners have been asked to do more while being stretched thin. Layoffs are common, especially in tech. Supply and demand graphs are changing.
Where does that put us?
Well, for starters, there’s a looming talent shortage, potentially reaching 85 million by 2030. This means there’s going to be a smaller supply of people to hire. In a world where all companies are technology companies, the demand for top talent increases. They want innovative and productive employees with fresh perspectives and diverse experience. Employees that can, literally, do more with less.
What does it mean for you?
It means your skills must align with the company’s needs. Here are a few:
Tech literacy will be highly sought after. Employees who can use modern technology comfortably and learn new tools.
Business acumen is knowing how companies work and run. It’s not enough to know your daily tasks and do them well; you must also understand how they fit into the larger organizational structure.
Expansive networks and connections. Getting more done with less requires assistance and it’s good to be highly connected with a strong network across industries and sectors.
And lets not forget fit. In addition to the skills above, you’ll need to be a good fit and align to the company culture. A strong culture can put the business at an unfair advantage over others with lacking talent pools.
The future
The market for talent is intensifying. Candidate pools are shrinking and demand is increasing. If you position yourself as a top candidate, your value, salary, and earning potential increase. Companies will pay a premium for great talent to enhance their competitive advantage.
To them it’s a valuable investment. Now, just make sure it’s you.
See you next week,
Mat
ps. I highly recommend reading “A Brand Called You,” written by Tom Peters for Fast Company. It’s from 1997 and helped start the personal branding movement. Aside from cultural references of its time, the article is still relatable today.
