Building teams, especially in a global setting, has always been a challenge. And with looming uncertainty and the constant changes in the way talent views the way they make a living, the ability to remain resilient in today’s fast-paced business environment has become more important than ever for companies to sustain their growth.
In this PANGEO moderated by Abhi Tripathi, Partner Manager at G-P; Srinivas Konidena, Vice President for APAC Products at ADP; Carrie Liauw, Market Launch Regional Director at 500 Global; and Philipp Seiji Vincent, Managing Director at Plug and Play, share their insights on how companies can navigate the challenges of building global teams within a rapidly evolving talent market.
How should companies aim for growth in the face of uncertainty?
Liauw believes the focus should be placed on the market, specifically the new location(s) which companies are targeting. She explained that time and resources can be better spent when there is product-market fit present within the potential new market and when there is a substantial market share that is up for grabs.
Konidena, on the other hand, recommended that companies focus on their ideas. He mentioned that when there are changes in the market or, in this case, the economy, companies should focus on adjusting the execution of their ideas instead of pivoting to new ideas altogether — and basically starting from scratch.
How can companies compete for talent knowing there is a local shortage?
When it comes to successfully recruiting talent, Vincent suggests combining compensation with commitment. He elaborated how, while significant pay is of course appealing to most job seekers, creating an organization that is easy to commit to is what will get them to sign up and stay. This means establishing a mission, vision, and culture that are both marketable and embodied well in the workplace.
Liauw shared the same perspective, remarking that the most effective way to appeal to talent — especially young talent — is to offer a sense of purpose. She shared that Gen-Z professionals, for example, tend to not just look for companies that will take care of them, but companies that they can take care of. Offering talent the opportunity to be integral to an organization’s growth is key to attracting highly skilled professionals.
What growth opportunities do you see in the current economic slowdown that companies can take advantage of?
All three speakers agree that, despite the present economic downturn, now is as good a time as any to start a business or launch a new product or service.
Konidena insisted that companies take this time to continue innovating and view the changing market as an opportunity to be agile and make necessary changes with the business.
Vincent added that while this time of supposed uncertainty means there are new needs or problems that arise, there is opportunity to develop new businesses and solutions that will help address these situations.
Liauw echoes this sentiment, recommending that companies continue to innovate and improve their offerings, with a focus on being mindful of the volatility of the economy so that adjustments can be made as needed.
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An event by G-P. Global Made Possible