It’s time to wake up from Human Resource nightmare of the century

By Roger Talayaratne

Industries across Sri Lanka face a huge challenge with the country’s highly skilled and educated individuals, including professionals and corporate leaders, leaving the country to seek better employment opportunities and a higher quality of life abroad. 

Amidst an ongoing economic crisis and a steadily increasing workforce looking for opportunities abroad in the coming months, the phenomenon of “brain drain” is taking a significant toll on the quality of available corporate leaders and skilled professionals. 

The shortage of talent triggers the fundamental laws of supply and demand, forcing companies to grapple with escalating costs in retaining and replacing key personnel. This predicament has led organisations to face an unprecedented surge in human capital expenses.

Replacement costs of key positions have crippled P&Ls, the new taxation laws have nailed the coffin for some of the fat-free less adaptive organisations. So, what is the solution? Bite the bullet and acclimatise to the rising costs and move with the flow and do your best not to sink? Or, swim by understanding that this is a basic demand and supply issue and fixing the supply? Easier said than done, you may say, yet in my role as the Managing Director of Ebenezer Double Edged Solutions Ltd and thereby being at the forefront of the people development industry, I have seen many of the buoyant and adaptive organisations already making the move to develop their second and third-tier talent pools to fill the void. This inadvertently makes way for a win-win solution for both the employees and the employer. How so? Employees are now increasingly seeking out companies that prioritise their professional development. 

In today’s competitive job market, individuals are drawn to organisations that invest in enhancing their skills, offering training opportunities, and fostering a culture of continuous learning and growth. Companies that focus on employee development not only attract better talent but also retain their workforce effectively, creating a mutually beneficial environment where employees thrive and contribute significantly to the organisation’s success, not forgetting the cost benefit of internal promotion vs external sourcing. The human resource departments of organisations, now more than ever need to snap out of this nightmare and awake and focus to create a development focused culture as a part of their HR strategy that moves away from making people indispensable. When the organisation moves to become smarter and skilful, it lifts the bar and creates a positive environment where better people do their best work.

Although training and development can significantly contribute to better outcomes and is the first step of grooming future talent, it cannot always substitute experience. This becomes even more significant at senior levels in corporate leadership. 

This is where The Management Club will play a vital role in shaping industries across Sri Lanka by launching the Management Mentorship Program. This initiative is designed to address the growing need for professional leadership development at senior leadership levels by providing mentorship services. The Management Club with its wide membership of high level professional leaders across multiple industries and disciplines is setting up a panel of mentors to aid companies in Sri Lanka who are focusing on building its pipeline of leaders and empowering individuals with industry-specific guidance, leadership skills, and knowledge. This program not only benefits the participants but also contributes to the overall growth and success of various sectors in Sri Lanka. Through mentorship, the Management Club fosters a culture of continuous learning and skill enhancement, ensuring that the workforce remains competitive and capable of meeting the challenges of the evolving business landscape as they take on significant roles in leadership.

Mentors play a pivotal role in personal and professional growth, offering indispensable guidance and support. They provide a clear direction, helping individuals navigate life’s complexities and make informed decisions. Through their vast experience and expertise, mentors facilitate skill development, accelerating the learning process for mentees. Moreover, the confidence instilled by a mentor, empowers individuals to face challenges with resilience. Mentors not only expand their mentees’ professional networks but also offer valuable introductions to potential opportunities. They nurture not just careers, but also personal development, advising on work-life balance and stress management. By offering constructive feedback, mentors help mentees identify areas for improvement, fostering continuous growth. Equally important, mentors serve as guardians against common mistakes, steering mentees away from pitfalls. In passing down their knowledge, mentors contribute to the legacy of their field, ensuring the continuity of expertise. In essence, mentors are essential catalysts, shaping the future of individuals and industries alike.

A mentor becomes a trusted and experienced individual who guides, advises, and supports the mentee in their personal or professional development. Mentoring is a relationship-based process where the mentor shares their knowledge, expertise, and experiences to help the mentee achieve their goals, enhance their skills, and navigate challenges.

The concept of mentoring has a long-standing history and is widely acknowledged as an effective and valuable tool for individual and professional development. Mentoring provides a structured framework for knowledge transfer, skill enhancement, and personal growth.

The Management Club’s Mentorship Program, leveraging this established concept not only aligns with industry best practices but also equips individuals with the tools and knowledge necessary for success in their respective fields. By tapping into the wealth of experience within its membership, The Management Club can provide valuable mentorship opportunities, enabling organisations and its key talent to thrive both professionally and personally. Let’s awake to a better tomorrow for the workforce in Sri Lanka.

Interested organisations can contact The Management Club [email protected] or [email protected] to get more information on the Management Mentorship Program.

(The writer is Vice President, Administration at TMC)