The good news is that the economy is finally looking up. A recent survey of Silicon Valley executives showed that 63% added jobs last year, and the majority also say they’ll add jobs this year. Business leaders are rosy on the economy, and we’re finally starting to experience some growth again – the recovery has begun.
Unfortunately, this growth isn’t all risk-free.
This brings me to the bad news: Of the CEOs who were surveyed, 69% say their biggest problem right now is recruiting and retaining talented people.
With growth comes competition, which means that hiring companies are likely targeting your best and most promising team members: The talent war is back. As a result, it’s increasingly important to foster a supportive team that will show long-term commitment and loyalty – something you didn’t have to worry about quite as much before the recession hit.
This growth, then, is high stakes. But it also brings high-stakes opportunity: During this time of growth, when the market is so dynamic, leaders and laggards can change places. In no time at all, new companies can grab the attention and investments of stakeholders and see explosive growth.
These opportunities are everywhere. In fact, you have to look at the world a bit differently than you did when we went into this recession, taking into account the global opportunities that are available to you, and not just the local ones.
The world’s economic leader board has shifted significantly. Chinese private-equity funds, for instance, are currently looking to invest billions of dollars in high-quality companies in the West.
If you’re looking to lead in this period of high-stakes growth, it’s no longer enough for your company to simply grow – it has to grow faster, more creatively, and more sustainably to outmaneuver your competition. Are you up to the challenge?