In listening to a Wells Fargo commercial banking executive’s speech, he mentioned that the two top issues as we head into 2019 according to clients are as follows: labor (shortages) and cyber security. This isn’t surprising, given what our clients face. We cannot think of a client who isn’t experiencing some sort of talent shortage. Luckily, the same is not true as it relates to cyber security; however, it is a relevant, pressing and serious topic. When it rains, it pours BIG TIME when it comes to cyber security. Are you proactively addressing these topics?
What Should We Consider and/or What Impacts Could Arise?
As it relates to talent and labor shortages, it is often more complex than our clients need “2 more people”. Invariably, they might have the “right” number of people in total; however, they definitely don’t have what they need. One of the following is often the issue: 1) Skills aren’t allocated properly. 2) There isn’t enough of specific skills and more than needed in others. 3) Cross-training is lacking. 4) People are not working to maximum (or even regular) potential.
One of the best places to start is to understand your situation. Don’t think about whether you can afford it or where you’ll cut back to afford it. Just start by understanding your situation. We often go into clients and find “hidden” talents. Actually it occurs much more frequently than you’d think. The good news is that these “hidden” talents can often be reallocated for the benefit of the organization almost immediately – at least a lot quicker than hiring and assimilating new talent. We also typically find people who are not working to regular, let alone maximum potential because they might be working in an area that doesn’t align with their best skills or they work for someone who is stifling their progress. Finding these hidden opportunities can avoid new hires in the vast majority of clients.
Beyond talent, you had better protect your company from cyber security threats. It is as simple as “get an expert immediately if you aren’t already working with one”, no matter your organization’s size. Small organizations are more likely to be attacked! I’m happy to refer you to a top notch organization. Contact me if you are interested.
Are you searching for these opportunities and addressing risks? They will certainly create a more resilient organization. For additional strategies to create a resilient supply chain, check out our new series:
December 17, 2018