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From the President

by Bro McFerran CBE, president of the Northern Ireland Chamber of Commerce

Three months ago we were wondering when the economic downturn would bottom-out; now Alistair Darling says we are facing the worst slump in 60 years. Three months ago we were congratulating the Assembly’s Executive on the success of the US/ NI Investment Conference; now they won’t even go sit in the same room as each other.

In many parts of Europe, this pursuit of talent is also developing against a background of an ageing population and economies that are becoming more knowledge-intensive – it is projected, for example, that knowledge-based industries will soon be generating more that half of Europe’s GDP and total employment. While our young and growing population will help to insulate Northern Ireland from the changing demographics in other parts of Europe, we need to sharpen our focus on more far-reaching measures to develop existing and future talent and mobilise our economically inactive potential. This means recognising the importance of creating a work/life balance that will encourage more women to return to work. And it also means engaging young people who may feel alienated from education and the workforce. We have to take whatever steps are needed to harness talent wherever it can be found.In today’s intensely competitive and globalised economy the need to identify, develop and connect talent has never been more critical. And it’s a requirement that poses a serious challenge to the smaller family-owned companies, which are the backbone of the local economy. However companies of all sizes need to find, develop and retain the best talent if they want to achieve sustainable growth. We have moved from organisations that value rank and tenure to more inclusive organisations, where knowledge and ability are the true yardsticks.In the next decade, competition in all markets will continue to escalate, pressuring managers to ensure growth, even survival, by making their businesses more agile, productive and innovative.Productivity and innovation are essentially driven by skills. The ability of firms to succeed in the face of growing international competition depends increasingly on the skilled labour force they can draw from. Skilled workers are better able to adapt to new technologies and market opportunities. Higher levels of skills drive innovation, facilitate investment and improve leadership and management. For innovation to be effectively implemented, businesses must be able to draw on a flexible, motivated and skilled workforce.It’s now a business fact of life that the pressure on companies to innovate is unprecedented and this poses challenges for management. Technology, especially the convergence of digital communications, is also reshaping the business model, making it easier and essential for companies to grow faster by embracing collaboration on a global basis. Today the world is connected as never before.Our focus must be on creating a talented and adaptable workforce - our greatest asset - that has the skills to be able to respond rapidly to changes in the connected and global marketplace. Achieving this, and meeting the challenges of globalisation, innovation and technological change, will require new leadership skills at all levels and much greater investment by companies and government in honing management talent. Other established and emerging economies now see the development of managerial leadership talent as a primary source of competitive advantage…and so must Northern Ireland. Good management is a prerequisite to improving business performance, for achieving the significant growth in productivity that Northern Ireland requires to create greater wealth, a key aspect of which is more effective identification, development and deployment of workforce talents.

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Three months is a long time in both economics – and in politics

From the President

The official magazine of the Northern Ireland Chamber of Commerce

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