'Talent, the source of competitive advantage'

The source of competitive advantage in many organisations has shifted from consistency in delivery to innovation and people, Commercial Bank Chairman Dinesh Weerakkody told a seminar on 'Building Competitive Organisations through People' organised by CIMA Bangladesh and the Bangladesh Society for Human Resource Management in Dhaka.

Weerakkody said that it was a combination of right structure and right people that helps an organisation that innovates to manage effectively.

Organisations must first decide on the type of structure they have.

Is it a high-involvement organisation that has products and services that need a high level of coordination and cooperation among employees? Or is it a more global competitor-type structure in which you constantly bring in new talent and technological expertise or is it a mix of both?

He said that when companies do something unique that competitors cannot copy then there is a feature that customers value. To create that uniqueness you need the right people, a great culture and effective leadership.

For any organisation to compete successfully in today's market, it must focus on building not only from the outside but from the inside as well, Weerakkody said.

He showed the correlationship between successful people management and the bottom-line using data.

Involving employees in the planning and implementation process and allowing them to see the fruits of their labour (the sense of connection between daily work and long-term customer success) benefits the organisation, Weerakkody said.

By investing in talent, ensuring competent and committed employees, preparing successors and creating great places to work, companies can turn customer expectations into employee commitments.

Companies such as Apple and Samsung anticipate customers' wants and needs and ensure that employees throughout their organisations anticipate and meet the needs.

Weerakkody said that companies should focus more on building leadership skills than building celebrity leaders. By focusing on building leadership it will not only meet short-term financial needs, but also build a solid foundation for the future.

The session concluded with a panel discussion.