Some experts opine that the misguided idea of talent shortage cropped up in 1990s with the publication of McKinsey report stressing the importance of a “talent mindset”. At the same time some experts pointed out that much of talent is found in the unlikeliest places and is either not properly engaged or underutilized. According to Gallup estimates the disengaged workforce costs $300 billion a year in the U.S. alone.
In a broad sense talent seems to be available everywhere. But the question is how to detect, develop and retain the available talent within an organization. It is also pertinent to recognize and connect the right talent to the right projects within the organization.
In a globally competitive business world we often hear about the “war for talent”. Some human resources experts believe that there is no shortage of talent and many companies are overstuffed with underutilized talent. Talented people often find themselves being assigned irrelevant, meaningless and unfulfilling tasks.
Proper utilization of talent, along with the use of advanced technology, is the best way to cope up with the perceived scarcity of talent, such as in the following manner:
- Changing the traditional hierarchical structure of the organization by distributing the leadership among different groups and teams. Also, focusing more on the potentials of the teams rather than on individuals. This will make talented individuals available for challenging tasks wherever required.
- Accessing talent pool hidden in less obvious geographical locations and educational backgrounds.
- Freeing the scarce talent stuck up in doing repetitive and non-creative tasks by automating such tasks wherever possible or assigning them to less creative, but more dexterous, workers.
- Developing solutions powered by artificial intelligence technology, which can make the organizations less dependent on scarce human talent.