From slugging it out in Little League to winning on Wall Street, the competitive spirit is central to our identity as human beings. And I think of business as the ultimate competition – the sport many people grow up to play.
It’s that tiny pop-up alert we all dread: another reminder for a productivity-killing, all-staff meeting. Weekly meetings are an energy drain and productivity killer. They’re a waste of money, too. A recent Bain & Company found that a single weekly meeting of mid-level managers was costing one organization $15 million a year. How much are yours costing? (You can estimate the cost of your own all-staff meetings using Harvard Business Review’s Meeting Cost Calculator.)
Today’s leading-edge businesses are under increased pressure to embrace new technologies, like cloud-based applications, and simultaneously harden network security. Yet with IT unemployment rates at historic lows, companies are struggling to source the specialized talent that’s necessary for achieving these business objectives. Rather than competing in the world of traditional IT hiring, today’s forward-thinking companies are embracing a new recruitment model: flexible contract staffing on a fixed-project or contractor-to-hire basis.
A recent study shows that by 2030, there could be a global talent shortage of more than $8.5 trillion. Most of this talent scarcity is in technology. Many businesses are already beginning to feel the pain from the technology talent shortfall.