Sustainable Competitive Advantage: Harnessing the Power of Your Talent Within

We’ve been barraged with media stories before and after the recent election focused on business owners and company CEO’s threatening to lay off employees or reduce work hours based upon President Obama’s re-election, as well as the health care reform act.  We also heard stories that company leaders were putting pressure on their employees to vote for the company’s candidate of choice.  What came to my mind is:  “Wow, how must these employees feel?  No better than chopped liver.”  While the business owners and company executives may have been concerned about how the election results might impact their company’s profitability and competitive edge in the marketplace, they missed out on the most important factor for building a sustainable competitive advantage.

Namely, a company is only as good as its most precious commodity – its employees.  Profitability and growth are absolutely essential to building a sustainable business. However, these two elements are outcomes of having nurtured and grown a quality workforce that is committed to driving the success of a company.  The History Channel has been showing a great series, The Men Who Built America, in which we see the great efforts of John D. Rockefeller, Cornelius Vanderbilt, Andrew Carnegie, Henry Ford and JP Morgan to build a powerful Corporate America.  We also get to sees the dark and gritty reality of the corporate culture that prevailed as these gentlemen were creating their legacies.  As much as I admire the legacies they’ve left behind and what they did to drive America’s economy, I firmly believe that their leadership approach no longer works for today’s corporations.

To create a sustainable competitive advantage in today’s marketplace, you have to understand how to harness and leverage the power of your talent within.  As a corporate leader, there are three approaches that will help you accomplish this:

1. Cultivate your corporate culture.   Your corporate culture can ruin, hinder or drive the company’s success.  To drive the success, you need to foster an environment where gossip, sabotage, and lethargy are minimized.  You have to be willing to take on conflict and negativity in an open fashion to turn it around to where employees feel included, rewarded, enthused and committed to be part of your company.  Also, when you hire new employees – hire for culture and not the resume.  Make sure that your new team member is a fit for the environment that you want even if this means that she may need additional technical training.  You also need to be willing to take a stance and let go of those employees who are negatively impacting your culture, if need be.
2.  Communicate to engage and collaborate.  Your employees represent your brand in the marketplace.  Yet, most leaders forget that in order for your team to be able to positively impact a customer’s impression of your brand, they need to be in the loop and possess the appropriate knowledge.  Communicate your vision, goals, strategies and company news consistently and with clarity on a continual basis.  Use technology and in-person debriefs to enroll your team in wanting to help you implement your corporate objectives.  Empower them with information and knowledge so they can become the best brand ambassadors you’ll ever find.
3.  Develop yourself to develop your business.  As the leader, you set the tone for your organization.  A healthy sustainable organization has a leader who is willing to work on himself so he can best lead the organization.  You see too many examples of leaders in organizations who are ruled by their own insecurities and ego, which promotes a work environment where employees are often disengaged and only contribute minimally.  Instead determine how you can best serve your employees.  They in turn will pick up on your enthusiasm for them and serve your company enthusiastically in return.

How about your company?  What has it done to harness the power of your talent within?  I’d love to hear from you on what you’ve achieved and what your learning lessons are.  Please take the time to comment below.