The Global Talent CrunchLast word

The Global Talent CrunchLast word

Acute global talent shortages are clearly a looming threat, and they’re driven by a shortage of skills rather than a shortage of people.

Mitigating the talent crunch requires a fundamental redefinition of the social contract between individuals, organizations, and governments. The future of work doesn’t just require different skill sets, but entirely new ways of working.

We will see successful organizations moving from a paternalistic approach to a more mature, flexible relationship with their people, built on mutual respect. We can also expect a more fluid labor market, with staff brought in on a per-project basis. For individuals to remain credible, it will be critical for them to stay constantly up to date, with the emphasis on individual responsibility for maintaining relevant skills.

Governments must be mindful of their citizens’ employability in the context of a global talent market. It’s essential that governments and companies focus on building and maintaining skilled talent pipelines and provide continuous access to both formal and on-the-job learning opportunities.

In the new networked economy, organizations will increasingly rely on an extended ecosystem of workers rather than a large permanent workforce, using people, technology, and partners to execute their strategies in different ways. Managing turnover effectively will become as important as managing loyalty.
This fluidity will only be possible if it is enabled by organizations and governments. Governments must embrace more flexible labor rules, reducing the complexity and friction of entering and leaving employment.

In this fast-changing environment, workforce planning and a comprehensive understanding of the talent supply chain are critical. Leaders need a deep understanding of talent marketplace economics to put the right planning and core proposition in place to ensure they have the skills their workplace needs.
While technology will reshape the future of work, organizations will be unable to leverage it without the right talent. It is only through the partnership of people and technology that the full potential of both can be realized. To secure their future, companies must look to address the talent crunch now.

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Understand the talent crunch