Over the past couple of years, e-commerce has taken off across Indonesia. To capitalize on this opportunity, numerous players have entered the market to cater to the growing demands of the country’s tech-savvy middle-class consumers. And while you may be one of the many players that’s already reaping the benefits of this boom, you can’t afford to be shortsighted if you want to ensure the continued success of your business.
And yet that’s exactly the pitfall threatening any business that prioritizes technology over its employees. There’s no doubt that technology is critically important in the highly competitive world of e-commerce. Innovation is key as consumers have come to expect fast, easy, and secure transactions at the click of a button. However, many business players in this sector see that over time, technology alone isn’t enough to fuel long-term growth. Success actually hinges on your ability to support your technology with a talented and highly engaged workforce.
Practically speaking, this has an important implication. While many e-commerce businesses have invested heavily in their technology, they also need to be investing in their people.
The Future of Work is Human
Human capital is the most valuable asset that any organization has. For that reason it needs to be carefully nurtured and cultivated. Underscoring the point is some recent Korn Ferry research that found that human capital represents the equivalent of $1,215 trillion in value to the global economy, more than double physical capital such as technology or real estate assets. Just as revealing is the fact that every dollar invested in human capital translates to an $11.39 increase in GDP.
Just imagine the impact such an investment could have on your business.
Different Stages of Development Call for Different Human Capital Investments
Although a variety of factors are fueling rapid growth across Indonesia’s e-commerce sector. As these companies mature and competition increases, growth is an uncertainty. That’s why it’s essential to have the right foundation in place to ensure you continue to expand at every stage of development. One of the key pillars supporting that foundation should always be your people.
As your business progresses through its natural life cycle, it’s going to face different challenges that will call for unique HR solutions. For example:
- Introduction: When the company is just getting started, finding the very best talent to support the business will be essential.
- Growth: By the time the company reaches the growth stage, the priority should shift to developing the people within the organization to maximize potential.
- Maturity: Once maturity is reached, it will be important to focus on finding employees with the skills to improve efficiency to help increase margins.
- Decline: When the company finally reaches the point where it’s beginning to decline, it will be imperative to have a sound management team in place to re-strategize the business.
By making the right kinds of investments in your people at the right times, you can dramatically extend the life, and revenue potential, of your business.
Talented People Drive Growth
Attracting and retaining the right people is a fundamental part of shoring up the long-term prospects of any organization. That’s because better talent translates into better business results. Yet to draw top talent into your organization and ensure that they stay put, you have to be able to hire the right people and do everything you can to keep them engaged. That means investing real resources and effort at every stage, including:
- Attraction. You need to bring the right people to your organization. The best way to do that is to actively communicate, showcase and promote your company’s vision and values. Doing so will help you attract outstanding candidates who are aligned with your business.
- Recruitment. Once you have a strong pipeline of interested candidates, you need to carefully assess them to find the best ones. Beyond simply focusing in on technical skills, make sure that they have the mindset, values and attitude that today’s businesses need to be successful.
- Onboarding. Rather than treating onboarding as a formality, think of it as an opportunity to provide robust training to transition to your new employees into your organization, to align your employees with your business goals, and to get their buy-in into your core mission and values.
- Development. Upskilling your employees is a winning proposition for everyone. For you, it helps attract and retain a more effective and competitive workforce that’s equipped to help you grow your business. For your employees, it’s an opportunity for personal growth, a potential stepping-stone on the way toward progressing their career, and a powerful incentive.
- Rewards. While opportunities for training can be an excellent incentive, they’re not the only rewards you need to be thinking about. Competitive compensation, bonuses, paid time off, and flexible work arrangements are just a few of the other components of a total rewards package.
- Engagement. All of the elements outlined above contribute to fostering a greater sense of engagement among your workforce. This is essential if you want to have productive employees who are committed to doing their best work and to the overall success of the business.
People and Technology Offer a Viable Way Forward
As you look ahead at the future of your e-commerce business, it’s important to also think about the future of work. While technology will always form the backbone of your business, your people are equally important. And in a competitive market where consolidation is inevitable, those that are armed with the right combination of technology and talent will be the ones left standing after the dust settles.
To ensure that your business remains on firm ground well into the future, it’s essential that you attract and retain the very best talent. To do that, you have to make strategic investments in your people so that they are better trained, more engaged, and more aligned with your ultimate goals. Only then will you be positioned to differentiate yourself not just on the basis of your technology, but also on the quality of your entire business.