Leaders will need to have an integrated viewof the company
How will you define the emerging business landscape?
There are a number of elements that define the emerging business landscape – the globalized Indian economy, the emergence of strong environmental concerns and the increasing level of competition. Tariff barriers have been lowered substantially and India has become a part of the global business landscape in a big way. Then there is emergence of a strong knowledge economy. Today, products are designed in India and components are no more imported but manufactured here too; IT is integrating various business verticals. All these changes in the current business environment have compelled organizations to move to the next orbit and adopt global standards of quality, talent, processes, practices and systems.
How can leaders maintain a balance between focus on financials and human capital?
The balance can be maintained by emphasizing on a holistic and integrated approach. This is extremely critical. Secondly, he / she must take a long-term view of the market. As the global market environmental scenario is constantly changing, companies should not be focused on immediate gains but on long term benefits.
What role will talent management play in this new environment?
In the new orbit of business, the talent required will not be traditional in nature; talent will have to be specific and intense in a particular domain area. The standard of talent will be globalized. Organizations will need to develop a body of talent, which has global sensitivity, knows how to use knowledge economy and leverage it and devise strategies to operate in this environment. The whole business is going to have a different focus.
Companies will need to invest in developing skill sets of their employees and come out with innovative means to retain those employees with incentives, continuous development and providing them flexibility.
How will role of the leader evolve?
Firstly, due to globalization, the leaders will have to develop certain skill sets so as to be able to keep pace with the dynamic business environment. The second aspect is the productivity factor. Considering the level of competition, the leader will have to have extensive knowledge about global markets, mergers and acquisitions taking place across the globe, integration of markets, et al. He can lead the organization to greater heights equipped with this business acumen.