“Capital is being replaced by creativity and the ability to innovate – and therefore measuring human talent is the most important factor of production” says Klaus Schwab, the founder and executive chairman of the World Economic Forum, in his book ‘The Fourth Industrial Revolution’.
At Grosvenor Technology, we have enjoyed seeing our Human Capital Management (HCM) customers thrive in the last few years, with end users demanding more and more out of HCM systems. These solutions are surfaced on our hardware (clocks), and although they vary based on industry, legislation and function (payroll/timekeeping etc.) at their core they are talent management systems.
As business leaders, we are bombarded with talk of automation, machine learning and AI becoming more affordable, promising leaner and more profitable organisations. This is not something we see coming to fruition just yet and at Grosvenor Technology and I am delighted to see our teams grow in size, skills and experience as the months and years pass. Based on the growing quantity of clocks we are currently shipping both sides of the Atlantic, our customers are experiencing the same thing.
Even in this ever globalising, technology focused age, teams are expanding. What is evolving is how these teams are managed and developed. As Schwab notes, ‘talentism’ is becoming a dominant form of strategic advantage. New employees need to be supported, rewarded and become productive team members as quickly as possible. Unlike in decades gone by, todays’ every more curious generation of new workers can look forward to several careers. Any system that supports this should be encouraged – what a truly exciting time to be entering the workplace.
Technology is developing exponentially, industries are changing. We are seeing more and more businesses moving towards a form of ‘digital transformation’ and in order to be successful this requires trial and error. Businesses leaders need to be able to respond quickly to opportunities, with heterogeneous teams that are often spread throughout the world. To enable these swift ‘pivots’, the talent pool becomes the ‘fulcrum’ and thus managing people through HCM systems becomes a crucial enabler and provides competitive edge.
We are in a privileged position as Grosvenor Technology to discuss this phenomenon with customers in many regions globally, and they are seeing the same trends. I have used the word ‘talentism’ many times in this piece, what I really mean of course is people. It is of the utmost importance in an evolving workplace to reward and retain your strongest employees.
At Grosvenor, our people provide our strategic advantage. Speak to us today about how you can energise your own most valuable resource.