Business Leaders: Understanding the Talent Expectation Gap and What Can We Do To Keep Thriving in Business

In the latest 2024 APAC Talent Trend report by Michael Page on The Expectation Gap, it is found that hiring is harder than ever now. Devising people strategies that work for all is becoming more of a challenge. Employees have a growing list of expectations stretching beyond competitive salaries and flexibility. On the other hand, employers face significant pressures in a rapidly evolving business environment, making it harder for both sides to meet in the middle.

Here are some of the key findings:

• Whilst wage growth is slowing globally, employees still expect higher salaries to keep pace with the rising cost of living and to feel valued for their contributions.

• Flexibility has become a major point of contention in most parts of APAC, as employers grapple with implementing hybrid working models and policies that meet both business needs and employee preferences.

• With a multigenerational workforce, maintaining a dynamic and inclusive culture where everyone can be their authentic selves is more complex than ever.

• AI is no longer a concept rooted in the future. It’s already affecting people’s daily working lives and career decisions, adding another layer of complexity to the talent market.

Businesses are dealing with 2 key challenges (1) nearly 40% struggle to find the right talent, and (2) one in three are losing existing employees (MichaelPage,2024)

As the global economy rebounds, companies across various industries face a tight talent market. Shifting employee priorities, with a growing emphasis on work-life balance and flexibility, are changing the game. The ongoing skills shortage further intensifies the competition for qualified talent.

So what we can do to ensure our business continues to thrive? We can A) Build and develop High-Performing teams and B) Outsource Specialized Services.

A. Build and develop high-performing teams

The nature and the way we work has evolved. Historically, organizations were designed to maximize efficiency, a goal that was achievable because work was predictable. However, with the advent of new technological innovations, the pace of change in business has increased significantly.

In this new world, the focus is shifting from efficiency to adaptability and agility. One way companies are using to adapt is through organizational design, particularly by restructuring around teams. We will explore why teams are becoming more prevalent and how to support them in the workplace.

However, not every group functions as a team, and not every team performs at a high level. To create better-performing teams, consider experimenting with the following ideas at your organization to enable teamwork.

1. Develop goals at the team level. 

2. Provide feedback on team goal performance. 

3. Factor team performance into rewards. 

4. Provide training in teams. 

5. Identify the unique needs of the teams in your organization.

Building and sustaining high-performing teams requires a strategic rather than a tactical approach. Such strategies are designed to create an environment where teams can thrive, continuously adapt, and achieve exceptional results.

In conclusion, building high-performing teams yields many benefits, including increased productivity, enhanced creativity, higher employee engagement, and improved customer satisfaction. By investing in team building and development, organizations can unlock their full potential and achieve lasting success.

B. Outsource Specialized Skills

Outsourcing is a common practice of contracting out business functions and processes to third-party providers. The benefits of outsourcing can be substantial - from cost savings and efficiency gains to greater competitive advantage as follows: 

Improved focus on core business activities

Outsourcing can free up your business to focus on its strengths, allowing your staff to concentrate on their main tasks and on future strategy.

Increased efficiency

Choosing an outsourcing company that specializes in the process or service you want them to carry out for you can help you achieve a more productive, efficient service, often of greater quality.

Controlled Cost 

Cost savings achieved by outsourcing can help you release capital for investment in other areas of your business.

Increased Reach 

Outsourcing can give you access to capabilities and facilities otherwise not accessible or affordable.

Outsourcing can also help to make your business more flexible and agile, able to adapt to changing market conditions and challenges while providing cost savings and service level improvements.

We, as business leaders don't spend enough time thinking about and planning succession, which we should do for business continuity. We can start asking ourselves , how is my business designed for success , has the right talent, and is investing right in my human capital ? Do we have the right combination of skills within the context of future goals to make the work experience optimal for business growth?

by Christine Law, Principal Strategic Advisor