Touted To Become The Most Rewarding Talent Pools - INDIA

Lynda Gratton, professor of management practice at London Business School and founder of the Hot Spots Movement shares her thoughts with Sheetal Srivastava on the future of India’s workforce. Career News framed her statements for knowledge and caliber, she found in India. 


HOW DO YOU FORESEE THE FUTURE OF INDIA’S WORKFORCE?
By 2030, India could become the third largest economy in the world. In contrast to China’s state-driven growth, India is fuelled by an expansive network of entrepreneurs, some of whom have already established globally recognised firms in less than a decade.With a rapidly expanding working population, India is becoming one of the most formidable talent pools in the world.


HOW WILL EXTERNAL FORCES SHAPE THE WAY A COMPANY AND ITS EMPLOYEES WILL DEVELOP OVER THE COMING DECADES?
Over the coming two decades, we can anticipate a few external forces that will work together to profoundly impact companies and its employees. Technology: Advances in computational speed, sophistication and efficiency allow for the emergence of more complex business analytics, a greater focus on virtual working and enhanced capabilities around collaborative practices and open innovation. Globalisation: The growth of emerging markets will create new talent pools on a global level, yet the educational capacity of some countries will not create the required competencies and we can expect leadership capabilities to be in high demand. Social Trends: Societies across the world will continue to see trust in larger businesses and institutions diminish, whilst growing faith in small and medium-sized enterprises will cause more talented people to work in startups, joint ventures and partnerships - putting an emphasis on the ecosystem of talent.


HOW BEST CAN ONE PREPARE ONESELF FOR THESE DEVELOPMENTS?
It is crucial that companies prepare in four ways. First, by continuously monitoring the areas they believe could impact their business. Next, by looking at current capability around these trends. For example, of the 20 areas of ‘future proofing’ – there are four we see many companies not preparing for – including working across boundaries within the company, inter-generational cohesion, managing virtual teams and preparing for a low carbon future. Once a company has assessed the extent of the gap between what will be important for the future and the current capability – then the next step is to create a ‘blueprint’ of how best to move forward.The final step is to get a senior executive buy-in and we find that the earlier senior people are involved, the more likely this is to take place.

courtesy : ascent