on what will be required , not the talent paradigms and competencies of the old legacy business , writes Ian C Woodward , Professor of Management Practice at INSEAD .
Ensuring your talent strategy engages across generations and skill types is essential for workforce dexterity . Having the right talent has always been essential for successful enterprises . The 21st century global war for talent is intense , with people more mobile and connected than ever before . However , the COVID-19 pandemic has accelerated these major changes in the global talent marketplace .
Trends related to talent were highlighted in research for our book on strategic leadership thinking , The Phoenix Encounter Method : Lead Like Your Business Is On Fire ! We suggested that a future-facing view of talent must be central in strategic debate – not just for HR , but for the entire senior leadership team . Thinking about talent must focus on what will be required , not the talent paradigms and competencies of the old legacy business .
Our research showed that profound changes to traditional HR practices would be required to attract , develop , motivate and retain talent , as well as to match the flexibility needs of firms and talent alike . Post-COVID , talent solutions demand dexterity at individual , team and cross-organisational levels . One absolute key is to reimagine learning and development .
Managing in COVID ’ s remote-working environment has demonstrated the need for strong interpersonal and collaboration skills
This moves hand-in-hand with more flexible workplace arrangements , modalities and policies combined with harnessing technology – not just to make work dexterous , but to gain efficiencies , releasing resources to accelerate talent development . Just consider two matters for the future-facing talent-development agenda .
Future skills and competencies will be very different , and modes of employee engagement will change . This paradigm shift began pre-COVID , affecting not only recruitment and retention policies / procedures , but also ongoing learning , development and training .
A 2017 McKinsey survey of young people and employers in nine countries found that educational systems have not kept pace with the changing nature of work , and many employers say they cannot find enough workers with the skills they need . Some 40 % of employers said lack of skills was the main reason for entry-level job vacancies , and 60 % said new graduates were not adequately prepared for the world of work .
Talent and skill gaps await both legacy and disruptive firms . Companies still need the technical skills to do things such as chemical engineering , mechanical engineering and actuarial studies , even if they are aided by new technologies such as artificial intelligence . Proportionately fewer millennials and members of Generation Z are graduating with such skills .
There also appear to be gaps in connecting sophisticated soft skills together with technical skills , usually those built from extended work experience . Surprisingly , a 2016 study from the Educational Training Service found that US millennials consistently scored below many of their international peers in literacy , numeracy and problem-solving in technology-rich environments .
Managing in COVID ’ s remote-working environment has demonstrated the need for strong interpersonal and collaboration skills together with sustaining technical excellence ( or fast adoption of new technologies or business models ). Future learning and development must therefore work at breadth and depth in talent – as individuals , and across the entire talent pool . Organisations not creating talent-development solutions that engage across generations and skill types will face serious talent acquisition and retention issues , as well as higher costs .
The future view is well beyond promoting a culture of learning from failing , with intense knowledge and perspective sharing . Dexterity demands providing different ways of learning at depth and breadth – combining relevant technical and soft skills – and always challenging these to adapt to the velocity of business innovation .
Ian C Woodward is a Professor of Management Practice at INSEAD , Director of its flagship leadership course , the Advanced Management Programme , and co-author of The Phoenix Encounter Method : Lead Like Your Business Is On Fire ! ( 2020 ). He also co-authored academic research article The Global War for Talent ( 2009 ).