Global Talent #3
Global Talent #3
Why Strategic Planning is a Myth and the Significance of Embracing Risk and Uncertainty in Business Expansion
There’s No Such Thing as Strategic Planning and Why A Plan Is Not a Strategy
Harvard Business Review | June 29, 2022
“Strategic planning” is a common buzzword in the business world, where conflating strategic planning with strategy is a common practice. In this video, Prof. Martin of the University of Toronto argues why most so-called strategic planning is just planning that focuses on listing activities without an integrated approach to achieving competitive success. Strategy, on the other hand, involves making coherent, theory-based choices that position a company to win. True strategy entails risk and uncertainty, as it depends on factors outside the company’s control. Martin illustrates this with Southwest Airlines, which succeeded by adopting a focused, strategic approach rather than merely expanding operations like its competitors. He advises leaders to embrace the discomfort of strategy, maintain clarity in their strategic logic, and stay adaptable as the market evolves.
China’s Growing Companionship Economy: A $50 Billion Solution to Rising Loneliness
Aw Cheng Wei | The Straits Times | July 16, 2024
China’s “companionship economy” is booming as more people stay single amid economic uncertainty and social changes. The market is estimated to be worth 50 billion yuan by 2025 and caters to the emotional and psychological needs of a growing number of solitary Chinese. The new industry ranges from chatting and gaming companions to shopping partners, reflecting shifting societal priorities from traditional needs to emotional fulfillment. The shift follows declining marriage rates and the long-term effects of the one-child policy. The companionship economy is expected to grow, especially as the population ages and more people require emotional and social support.
Emotional Connection is The Key to Remote Leadership Success in the AI Era
Mike Hodgkinson | Big Think | August 19, 2024
Jeremy Johnson, CEO and co-founder of Andela, emphasizes the critical role of emotional connection in leadership, especially in remote work and AI-driven environments. AI amps up productivity but there’s a risk of over-reliance. He emphasizes that successful leadership in the era of AI and global talent requires adaptability, cultural awareness, and a willingness to reimagine traditional practices. His dynamic leadership philosophy, shaped by diverse cultural and industrial experiences, highlights the need for intentional communication, continuous learning, and setting high expectations to inspire collective greatness.
Why International Hiring is No Longer a Choice But a Necessity for Companies
Amritpal Singh | Forbes Council | June 10, 2024
The global talent crunch is reshaping business strategies, forcing companies to rethink their approach to talent acquisition. With a projected shortage of 85 million workers by 2030, businesses are increasingly looking beyond their national borders to fill critical roles. However, hiring internationally comes with its own set of complexities including regulatory changes, fluctuating economic conditions, and the costs of setting up and maintaining legal entities in foreign countries. Offshoring can mitigate domestic wage inflation and expand the talent pool but it also exposes companies to risks that could jeopardize their long-term success. Leaders should weigh the costs and benefits carefully, ensuring that their global hiring strategies align with their long-term goals and the regulatory environments of target countries.
Why New Business Building Is Becoming a Strategic Imperative for Asian CEOs
Markus Berger-de León, Debbi Cheong, and Nimal Manuel | McKinsey | February 20, 2024
McKinsey’s senior partners emphasize why new business building has become a key growth strategy for CEOs to adapt to ever-evolving consumer needs and technological disruptions. At its core, new business building, as against making incremental changes, either takes a new technology and harnesses it to create an entirely new business model and serves it the same customer group, or takes an already existing business model and serves new customer groups altogether. The two distinct methods can also be combined. New business building is gaining momentum in Asia, particularly in green industries and Software as a Service (SaaS) analytics.
