I recently had an in-depth conversation with a leading expert in the financial services industry about how large, well-established companies should react to the rise of the tech firms.
The expert shared several fascinating insights that every large corporation should consider, regardless of their industry.
Two comments, in particular, stood out:
Innovate quickly: The highly ambitious tech companies are well-funded, extremely nimble, and are chipping away at market share. Well-established firms can no longer rely on old product lines for future performance so they must innovate quickly which is not part of their DNA.
The workforce is evolving: Top university graduates used to aim for a career in the biggest companies or in consulting. The reputational damage suffered by many companies after various crises has turned young talent away from established companies and, instead, towards the fast-moving world of tech and entrepreneurship.
Large companies must use the collective power of their employees in a much more clever way if they want to survive the upcoming tech upheaval.
One HR software business is helping these large companies do just that with its single view of everything in one place: skills, experience, accreditations, preferences, goals, feedback and more – meet Adepto and its Total Talent solution.
I often tell HR consultants and HR Tech companies to make it easier for people to refer them new clients by becoming clear on who their business helps.
I’ve had quite a lot of people tell me that this is really hard to do – especially in an HR sales pitch.
The standard response looks a bit like this:
“Isn’t it enough to say that we help mid-large employers in the [XYZ] industry?“
Well, that’s a start but it’s still quite bland and generic.
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It reminds me of a time I went to Amsterdam (such a beautiful city) for an RFQ (request for quotation) process.
Back to the issue of generic HR sales pitches . . .
I sat in a meeting room all day with the European CFO and CHRO as we listened to 4 or 5 companies pitch for a major HR service contract.