How To Bridge The Executive Talent Gap

How To Bridge The Executive Talent Gap

As India’s marketing ecosystem is thriving, challenges are growing right beside it. In today’s scenario, it is important to have executives who are not only well-versed with technology but also have the capabilities to lead teams and compete into winning the market share. Companies find it rather challenging to fill the executive spots because most of the top guns are either planning to retire if they haven’t already, or are having their choice of positions due to the increasing demand for highly qualified candidates. So, how exactly can organizations bridge this widening executive talent gap?

As India’s marketing ecosystem is thriving, challenges are growing right beside it. In today’s scenario, it is important to have executives who are not only well-versed with technology but also have the capabilities to lead teams and compete into winning the market share. Companies find it rather challenging to fill the executive spots because most of the top guns are either planning to retire if they haven’t already, or are having their choice of positions due to the increasing demand for highly qualified candidates. So, how exactly can organizations bridge this widening executive talent gap?

Know The Breed

The key to getting the right people for the top jobs is to identify the criteria and talent needed for the positions. The key points needed for executive positions are being impeccable at what you do, being able to form a bond with your team and the entire organization, having the ability to adapt to pressure and ever-changing environments and of course, the ability to take calculated risks. In a pool of resources vying to climb the ladder by outdoing each other, these qualities set apart the best from the rest. We have in fact dedicated an entire article for this topic alone. Do check it out here.

Understand The Market

A very vital criterion for hiring in today’s market is to understand that the only thing constant is change. As old as the adage is, it rings true now more than ever. The dynamics of the market is constantly changing in today’s world. What is relevant now, might be a thing of the past by tomorrow. It is vital to stay market-focused while hiring executives for the organization. Convey your visions to them and understand theirs before you pick them. Make sure you get those on board who are themselves re-aligning themselves constantly and successfully to meet the demand and needs of the hour. With new technologies coming into the picture and the demands of customers changing faster than most companies can adopt to, what will set your company apart is how the talents you are hiring are up to date with the demands today and the skills required to upgrade themselves sufficiently every time a new challenge or avenue opens up.

Nurture Talent Internally

Hiring talent from other organizations may not always be the right answer to address the shortfall in executive talent. Advanced education becomes a key solution while building a team of highly-skilled executives. By grooming muti-talented employees that exist within the organization, by providing them specialized training to pave their way to executive positions goes a long way in getting the best leader. Along with employee loyalty, talent nurturing will also give them an opportunity to grow and deliver results which increase the company’s value.

Build An Ecosystem

Last but not the least, nurturing internal talents to be executives is anything but a magic spell or something that can be done in a day or two.There are various instances where an organization wishes to scale but is unable to figure out who would be the right leaders from the existing employees and that becomes a collective failure of the organization. Being able to build an internal ecosystem which leverages on the diversified skill sets of your current employees and allows them to shift to the new challenges is the need of the hour.
While there is no quick-fix to the problem, increasing bench strength and ensuring replacements for executives will help in lessening the talent gap faced with hiring exceptional executives.