Why is there a Talent Gap in Business Today?
According to Boston Consulting Group after researching 4,000 companies, 58% percent claim they are failing to grow effective leaders resulting in huge financial losses.
Why is that? Many factors contribute to this lack of talent development, yet recently I came across one of the most disturbing factors. According to the 2013 Edelman Trust Barometer, an annual survey conducted by the global PR consulting firm, Edelman, trust in our public institutions, industries, and leaders is taking a severe hit.
Of 30,000 people polled, less than one in five people believe that a business leader or political figure will tell the truth when confronted with a difficult issue. That’s less than one out of five! (“I did not have sex with that woman!”)
The negative consequences of a lack of trust are too numerous to list here. Probably the most destructive, however, are when employees don’t trust upper management and they shy away from taking on increased responsibility.
Additionally, they are more easily swayed to greener pastures with the slightest change or discomfort, they’re more prone to believe gossip, and any lack of consistency from the top results in even more distrust. All this leads to…
- Cancelled contracts
- A lack of credibility
- Missed opportunities
So, what can management do to regain the trust they have lost?
According to a recent article in Forbes magazine, they recommend three things:
1. Act with integrity. “Develop a strong, unifying mission and vision, and constantly communicate it throughout the company. Define and clarify the organizational values that determine how people will behave internally and externally. Then live those values on a daily basis.”
2. Provide ongoing feedback and develop a culture of accountability. You’ve heard the adage inspect what you expect. Let employees know what you expect from them, and tell them how they are doing on a regular basis. In today’s business environment it’s more difficult than ever to communicate with multiple employees and teams and provide them with ongoing feedback and communication, yet those leaders that do reap the rewards of committed long-term employees. Levitin Learning’s reporting feature allows you to track measure and monitor your team’s performance. With over forty hours of industry specific courseware, you can pave the way for their future growth.
3. Keep the information flowing. In today’s social-media world, secrecy breeds suspicion. When you withhold information, people think you have something to hide. In the absence of information, they will make stuff up and fill in the gaps on their own. Communicate with your team whether it’s good news or bad news. Send reminders and updates. Create a culture of transparency and have fun rewarding and recognizing those that want to learn and grow.