Relearning what it means to be globally competitive
Competition for talent has become just as important as competition for market share. -Dieter Adam, Executive Director, The Manufacturers’ Network The Boston Consulting Group (BCG) recently published an interesting paper on redefining competition. Many of us have already learned, painfully at times, that competition is not only about sales and market share. Increasingly, I hear that “we could sell more if we could make more, and we could make more if we had the (right) people for it”. In other words, competition for talent has become just as important as competition for market share. And, like the competition for market share, which is global for many New Zealand manufacturers who export much of what they make, competition for talent is global, because the skills shortages we experience are the same in most manufacturing economies. BCG are now taking us a couple of steps further in our thinking about the competitive strengths we need to maintain and expand if we want to remain globally competitive. The common thread behind all of this is that we live and operate in a world in which the rate of change has gone up and our ability to predict future states of the economic, social, cultural and even physical dimensions of that world has gone down – think trade wars, income inequality, digital natives and climate change as obvious examples. Five Dimensions of Competition How does this concept apply to New Zealand manufacturers? If we start with Rate of Learning, we are all familiar with the idea that as individuals we need to keep learning (faster) to keep up with the play, even though we don’t always create the space required to do so – “we’re just too busy right at the moment!”. But how well is our company equipped to learn, and what […]