The IT and tech sectors have long suffered from an epidemic of high turnover rates, shared by businesses that are great at acquiring, but terrible at retaining, these professionals. Prior research has found that factors such as low job satisfaction, poor organisational commitment and an abundance of alternative jobs on offer globally have contributed to an above-average rate of the movement of talent within these spheres.
Experts agree it’s too soon to say what the mid-term effects of Brexit are going to be on the UK and European economy. Despite early signs of business and consumer confidence shrugging off doubts, we can surely all agree that we’re about to go into a period of major, structural change for the UK and the rest of Europe - which suggests the best response strategy business leaders can have is maximum flexibility.
Jack Welch once said, “Change before you have to.” In today’s rapidly innovating business world, change is, frankly, inevitable. Business needs change and skill sets have to keep up. But how do you know if you are making the right changes and developing the correct skills as roles and responsibilities evolve? And how do organisations transition from job-centred to people-centred as routine tasks shift to knowledge-based work?
One of the key arguments that really defined the Brexit referendum in the UK was migration. British voters supported an exit from the European Union largely because they wanted more control over their borders. Those arguing for Brexit say that they are not trying to end migration entirely, just they want to ensure that the people who enter the UK have the right skills. Nobody should be able to enter just because they were also born in Europe.
A couple of years back, I approached a number of legal process outsourcing (LPO) firms - all of the largest and most reputable American and British ones. Many replied; only one expressed interest and took it further. I made a proposal to establish a centre in Beirut, Lebanon, and was hoping it would go further - but it didn’t.
But what if it had? What would have happened?
I recently posted on LinkedIn an article relating to the outsourcing of innovation, how large corporates were joining up with entrepreneurs and startups in the fashion, cosmetics and lifestyle sectors to form a 'supply chain of innovation'; and what opportunities and threats this type of relationship pose to an entrepreneur and SME from an agility and independence perspective.
For as long as I can remember, arguments about outsourcing have played a part in the US election cycle. In the final stages of the presidential election the two candidates will make promises they can’t keep and declarations about how bad outsourcing is for the American economy.
It has already happened. Digital technology has taken over. When it comes to global sourcing, job opportunities, branding, company cultures, it is all transparent. Job-seekers can see straight through you and your company before they walk through the door and shake your hand.
What will be the most important drivers of change in the global sourcing arena over the next decade, and why?