Beyond Funding: What Business Leaders Need To Know About The Value of Investing In Talent

Beyond Funding: What Business Leaders Need to Know About the Value of Investing in Talent

When contemplating the pressures entrepreneurs face when starting a new venture, fundraising often springs to mind first. Tech talent, however, can be scarcer than capital and may, in fact, be the biggest issue businesses face. Securing funding is naturally the first hurdle but building a cohesive and knowledgeable workforce is the cornerstone for stable growth and not so easy to achieve.

Attracting investment, although a daunting milestone, remains achievable, even in spite of the chaos caused by the Coronavirus pandemic. 2020 is on track to be a record year for investment in European tech in particular, with an incredible $12bn was invested in SaaS (Software-as-a-Service) companies alone.

However, with nearly two thirds (65 percent) of technology leaders claiming that challenges around hiring talent are hurting the industry, the issues around skills shortages firmly remain. Demand for tech talent continues to grow at a pace unrivalled by any other industry: an issue exacerbated by an existing skills gap. And, while it’s predicted that this gap might begin to close as people retrain post-pandemic, it remains a significant problem right now. I’ve seen first-hand otherwise promising new ventures and start-ups struggle due to a lack of skills.

Moreover, as the Silicon Valley mantra of ”move fast and break things” persists on both sides of the pond, it’s increasingly important for businesses to take ideas from notes on a napkin to marketable reality in a matter of months. It’s vital, therefore, that companies find the personnel that can deliver – and deliver quality – at pace in order to help them stand out in a crowded marketplace.

We live in a digital age where speed is paramount to the success of businesses across all industries. Traditional operations must adapt to a digital-by-default model if they are to survive – let alone thrive. It’s clear, then, that entrepreneurs need to look beyond funding when building their business. In addition to fundraising, they should be surrounding themselves with the people that will help them to bring their ideas to life in the smartest, quickest time possible.

Expertise and experience.

But it’s not necessarily about taking on new personnel. Entrepreneurs can tap into a range of targeted communities in business and personal networks, which they can harness to open up access to entire ecosystems of expertise and experience. This is where early-stage accelerators such as Crowdcube, Founder Factory, and Y Combinator can really add value, connecting entrepreneurs with experience as well as fellow founders, so collective lessons can be shared. Online communities found on LinkedIn and Twitter shouldn’t be overlooked either: knowledge is power, but there’s no knowledge without people.

The guidance and counsel that these communities can offer could prove invaluable in enabling entrepreneurs to build and ship higher quality digital products – faster – while, at the same time, developing the skills of their existing employees. Building a community of experts with experience across the enterprise landscape enables companies to embrace digital skills alongside traditional models and grow their business, adapting to the skills and processes they need to succeed in today’s marketplace.

Interestingly, the impact of the Coronavirus pandemic has expanded the size and scope of these ecosystems. With lockdown measures forcing most people to work remotely, they aren’t constrained by a typical nine-to-five working day in one set location, making more people accessible and available. What’s more, many of those workers who have been furloughed or, worse, made redundant over the last 12 months have taken the opportunity to retrain for new careers. Offering a mix of experience and capabilities, approaching this particular set of people can help bring a fresh perspective to an entrepreneur’s vision and new business proposition.

Tweaks to technology.

Making tweaks to the way a business employs technology can also go a long way to improving the speed and quality of its product delivery pipeline. Often, however, knowing which tweaks to make – and then actually making them – can be beyond the reach of a company’s existing skill set. Hiring in-house may be the right move for some, but founders should also seek out specialist third-parties whose technical expertise lies in the domains their business needs, such as software engineering, UX design, or delivery optimization. If time is of the essence (as it usually is), this can often be the quickest route to optimal outcomes. Where possible, make sure to pick a partner that helps to build your team’s skills whilst accelerating your delivery.

Sometimes, it’s just a question of unlocking the value of data you might already have. It’s no secret that most modern companies now generate vast quantities of data, but there is a very big difference between capturing raw data and translating it into decisive or predictive action, and competitive advantage. The right personnel or partner can prioritize actionable data to create a winning transformation agenda – from setup, to ongoing measurement and analysis.

And the benefits here shouldn’t just be reserved for early-stage startups or tech companies. Whether it’s a major high street bank, an iconic high street retailer, or a craft brewery, joining forces with a suitably skilled technical partner can help supercharge any organizations ambitions and delivery pipeline. Technology now plays a critical role in every business – perhaps more than ever during the current coronavirus crisis. The secret to creating a successful company is increasingly the way in which its businesses utilise technology. And while it’s important to raise funds to invest in the right technology, it’ll be for nothing if no-one within the business knows how to use it to its best ability.

For this reason, it’s in the best interest of entrepreneurs to ensure they’re surrounded by the best possible tech talent, whether they’re on the staff, part of a community of trusted advisors, or a third-party specialist. Embarking on new venture will produce any number of challenges. While funding certainly matters, taking care to find the right tech talent will help overcome many of these.

By: Paramjit Uppal CEO at AND Digital

Source: Beyond Funding: What Business Leaders Need to Know About the Value of Investing in Talent

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This talk was given at a local TEDx event, produced independently of the TED Conferences. Watch Sarah and Rich take us through their thoughts on what it means to be unbound, and how it can change your perspective on the potential around you.
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What Is Management 3.0 & Why You Should Pay Attention To Energize Your Teams

What Is Management 3.0 and Why You Should Pay Attention to Energize Your Teams

Jurgen Appelo is a software engineer, trainer, entrepreneur, author, speaker and traveler, who has been driving agility in companies. One of his works, Management 3.0 , condenses a team management methodology so that they can survive amid chaos and fragility.

This model, based on Edgar Morin’s so-called complexity theory, is based on the notion that a system – a company, a government, a project – is not feasible to analyze as a mere sum of its component parts; rather, it is the relationships and interactions that give it meaning and momentum. To graph this, imagine a network, with interlocking threads connecting each component. These threads are the facts, actions, decisions, and interactions that make up the world.

That is why management has been seen for several years as a system of networks and people, of dynamic relationships, and not only about areas or departments, profits and processes. It is a living system, not machines that systematically replicate the same result.

Principles for energizing and developing talent

In its 3.0 model, Appelo shares several principles that serve to support the work of leaders and teams in today’s changing world. Here are some of them:

1. Energize people

To achieve this, it is necessary to know what it is that motivates them and that is part of their life purpose: the more consistent it is with the purpose of the organization, there will be a greater individual commitment and team cooperation. For the psychologist and professor Edward Deci, there are two types of motivations:

  • Extrinsic: stimuli that are provided from outside the person (for example, a performance bonus, constant congratulations from the leader, etc.).
  • Intrinsic: those stimuli that are internal and relevant to the person, even when it is not their primary goal (for example, a project in charge). However, if you find a meaning, a why in what you do, you connect better and there is your own reward.

Author Daniel Pink offers a similar look at intrinsic motivation in his book “Drive”, where he affirms that most people are moved more by this type of impulse than by extrinsic. In other words, in the end and in essence, people care more about satisfaction than external rewards, although they should not be lacking, and he explains that there are three factors that new management leaders need to take into account to boost talent: mastery -the desire of each one to be better in what is important to him-, autonomy -the impulse to guide his own life-; let me mention self-leadership-; and purpose – intention to serve something greater than ourselves.

2. Empower teams

To achieve this, the author of Management 3.0 points out that it is entirely possible for each team to organize itself, if it has the confidence of the leaders.

At this point, it is essential that those who lead people focus on doing their job and not on micro-management and that teams participate in collective decisions on relevant issues. In addition, it is necessary for everyone to understand that they are part of a joint system, and not the mere sum of individualities, and that the knowledge of market needs is not in the hands of a single person, but that there is a broader perspective of their needs.

To empower, there are four lines of action that are strategic to generate relationships of trust:

  • Let the leader trust his team.
  • Let the team trust their leader.
  • Let team members trust each other.
  • Let the leader trust himself.

3. Development of skills

We already know that it is difficult for any company to achieve results if its members are not trained; and the leaders are responsible for enabling the conditions for this process to take place. Some ways are:

  • Leading by example: living what is preached.
  • Promote self-learning: appreciate personal maturing time.
  • Coaching and mentoring: as transversal support and support tools throughout the organization.
  • Training and certification: to raise standards against the competition.
  • Collaborative learning: internal development, where everyone learns from each other.
  • Learning from error: doing retrospectives and tests in controlled environments.
  • Measure the results: feedback in the shortest possible cycles; use of keeping metrics on information radiators; indicators agreed between those who participate.
  • Smaller teams: the author recommends no more than 10 to 12 people.

4. Improve everything and observe the team environment

It is key in the management 3.0 model to focus on real continuous improvement, for which it is necessary to facilitate change processes and model the natural resistance that may appear.

Some suggestions for leaders are to observe the team environment, what they need, and let it be known that you are available; find cracks or faults and go to their roots to promote solutions that the team implements; define clear and specific goals and have great communication skills, a key factor of every good manager.

Also, incentivize defining small victories or milestones that energize people; review achievements and not just failures; and it is also essential to recognize people.

The implementation of this leadership style implies a cultural change in companies that is not necessarily rapid, although it can be agile, if you have the conviction and vision to carry it out.

Ultimately, it depends on each company how far they want to go and on each leader, how much they want their teams to develop. Two questions that only they can answer.

By:

Source: What Is Management 3.0 and Why You Should Pay Attention to Energize Your Teams

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Many teams use Mind Maps to explore certain topics. Similarly you can use Personal Maps to explore your team itself. Personal Maps facilitate team collaboration and bonding in a rather distant world. With this video, you will learn how to use Personal Maps to break down the barriers of cubicles and longer distances, and then you may even learn how silly you were when you thought you had nothing in common! Here you can learn more about this Management 3.0 Workout: https://management30.com/product/work… Here’s a trick, instead of presenting your own, spark conversations by presenting each other! What are you waiting for? Try this 7-minute exercise out and tell us below how it went!
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