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The Futurist: Why employee retention is a thing of the past

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Teddy Liu, general manager, corporate and talent development, New World Development explains why the corporate giant is like Starship Enterprise and start-ups are small asteroids banging into the spaceship.

There is no question start-ups are disrupting the business world, and a traditional business like New World Development is no match for them when it comes to being agile and driving innovations. But that doesn’t mean the two sides are not able to collaborate.

New World Development is like Starship Enterprise and start-ups are small asteroids banging into the spaceship. The Enterprise disrupts the course of the asteroids, but at the same time the asteroids impact the giant spaceship to change its course.

The relationship between New World Development and start-ups is mutually beneficial. New World Development provides resources for start-ups, and in return, it wants to co-own, form an exclusive partnership or be the first to use
the innovative products or ideas developed by start-ups that collaborate with the organisation.

My concept on the collaboration between New World Development and start-ups also applies to talent management. I believe employee retention is a thing of the past – and employers should focus on providing a platform for employees to thrive.

Today’s employees have a strong desire to be their own boss, they need a platform where they can shine. I don’t think employees are just looking for a job to make ends meet, they want their voices to be heard, and their work to impact the world.

Retention should be about supporting staff, empowering them with the resources and platforms they need to grow and develop. Today’s employees are motivated individuals who want to achieve self-actualisation. If employers are able to help them achieve that, they will never want to leave the organisation.

On grooming talent for the future, I think the gig economy is going to have a huge impact on the kind of talent that will be in demand. There are going to be fewer jobs that people can work in as a career for life, instead, certain skill sets are going to be in
demand for a short period of time.

A person’s employability is going to come down to how many of those skills sets one is able to demonstrate. This means people with slash careers – multi-talented individuals who are able to excel in various aspects are going to be the most-sought after talent on the market.

The June 2018 issue of Human Resources magazine is a special edition, bringing you interviews with 12 HR leaders, with their predictions on the future of HR.

Read The Futurist or subscribe here.


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