If there is one profound note that this book rings loudest, it is that human capital is the most valuable of assets. While the demographics of the workplace will continue to ebb and flow with economic cycles, it will be talent—the ability to recruit and retain it—that distinguishes the truly great companies from the rest of the pack. Talent is the DNA of high performance. This precious form of capital will require senior executives to re-prioritize their roles so that they are connoisseurs of talent—in effect, Chief Talent Officers. The most successful organizations will be those that abandon the old mindsets about talent development—namely, that the fittest will survive and that the cream will always rise to the top. Such attitudes will prove both wasteful and detrimental. Instead, organizations must become more strategic about how they deploy their talent. They must reject the traditional view that jobs are rewards based solely on prior performance. Instead, promotions must be seen as arenas for development and enhanced performance. Organizations must align their operations in accordance with human capital strategies, not vice versa. In such an environment, how people are organized and supervised relates not only to current performance but also to future development. Coaching, mentoring and timely feedback will be viewed as essential tools to maximize learning on the job. Great care and feeding of high potentials will become the rule. And, while tending the garden of talent is demanding of time and resources, its payoff is indisputable, as can be seen in the handful of companies which today are leading the global marketplace.

Go to Chapter 3 - Competitive Advantage