Obama ushers in a new era of collaboration for America. Moving away from unilateralism of the past towards a future based on mutual interest, mutual respect working together to solve global issues. What does this mean for business?
No one can deny the dynamic forces of the world's fastest growing economies, China and India. And, we can't leave out South East Asia. Looking at the demographics housing half the world's population, the next 5 years will look very different for multinationals as millions of Chinese and Indian nationals graduate from business schools.
Now let's turn to the next economic power – women. In 2004, the Economist stated, "…women will dominate the next decade." In 2010, the lead article in the same magazine and cover page states, "We did it!" In the past decade much research looked at the strategic importance of women from consumer to business leader. Reviewing the demographics in China, India and across South East Asia, half are women.
We no longer need statistics on Diversity. There's plenty of data out there indicating that more women in senior positions is good for the bottom line. The reality is demographics will drive diversity and this critical mass will be a phenomenal force of change. Yet one question remains, "is there really a war for talent or have MNC's overlooked and undervalued certain assets?"
Bridging the talent gap requires not only understanding of female and Asian leaders, it means changing the lens in selection, development and talent management. It can't be ignored. Examining talent management processes closely across many multinationals reveals flaws in execution and holes in Diversity.
Too often there's an over reliance on one skill –communication- and under representation of a complete skill – leadership. Wearing the wrong lens at talent reviews causes genuine talent to be overlooked. The winners in the talent game will be those with the speed to make decisions, flexibility in process execution, and adaptability and acceptance to diverse leadership styles.
Organizations need to look beyond the traditional prism towards different cultures and across gender lines for the next generation of leaders.
