These days, strong leadership is more important than ever. Companies with great leaders significantly outperform their peers. At the same time, globalization, attrition, and changing demographics have led to a scarcity of executive talent. As a result, the competition for top leadership talent is fierce. If you want to ensure your company’s survival by hiring great leaders, you’ll need some effective way to find them, to hire them, and to ensure they stick around.
Yes, high-performing employees — in particular, high-performing leaders — have always been valuable. But these days, they’re even more so. Here’s why:
- Globalization: It used to be that your business competed with organizations in your region or even in your country. Today? Not so much. Now, you’re competing with companies all over the world. This includes companies in developing nations, where resources are plentiful and labor is cheap. That means your margin of error is paper-thin.
- Demanding shareholders: Back in the day, shareholders expected results on an annual basis. Now, they think quarterly. Companies that can execute at the speed of a Bugatti will enjoy a significant advantage over ones that operate at the speed of a buggy.
- Advances in technology: Changes in the technological landscape have driven an ever-faster business cycle — one in which only the highest-performing companies and employees can keep up.
- Disruption: Radical innovation is the force that sustains long-term economic growth, even as it destroys the economic value of established enterprises. This explains the rapid rise of companies like Apple, Facebook, Airbnb, and Uber — as well as the precipitous plunge of companies like Kodak, Blockbuster, and Yellow Cab.
The only way to beat back these threats is to hire only the highest-performing employees — and that goes double for leaders!