The Future of Talent
What is changing?
- As companies continue to globalize and as talent becomes harder to find locally-companies will increasingly be composed of a global, highly diverse workforce.
- Innovation nations will attract the talent, the capital, the assets.
- Gen Y workers will seek tech-savvy employers using up-to-date digital tools.
- Over the long term emerging economies will win in talent retention.
- Technical talent from emerging economies will migrate to other markets that will provide opportunity and growth.
- Poor regulatory quality and lack of market access could spark a talent exodus and further erode national opportunities for innovation.
- Talent recruitment and retention will become increasingly strategic
as shortages and up to four generations of workers require more effort to create the right workforce mix.
- Work will no longer be characterized by time or location constraints, but rather by the tasks that workers are expected to accomplish as part of project-based assignments.
- Six of the world's ten largest industry clusters will be located in today's emerging markets by 2040.
- Population aging in the West and continuing economic advancement in China and India will result in a shortage of management talent that will be felt worldwide.
- Talented human capital will be the most critical resource differentiating the prosperity of countries and companies
- An estimated 10 million jobs globally with manufacturing organizations cannot be filled today due to a growing skills gap.
- Both government policy agendas and manufacturing company strategies will be shaped by growing competition around common resources and capabilities.
- Retraining and continuous learning will be at a premium and retirement policy will change dynamically.
- The pensions crisis in many countries suggests that many from the Baby Boomer generation will most likely seek to continue working after retirement age.
- Skill gaps in talent will continue to drive organizations towards selective automation. It's inevitable that more and more skilled workers will adapt to a remote working lifestyle.
- More people will choose freelance work.
- Market participants will need to work together to attract, retain and develop the best talent from the widest possible talent pool.
- Employers will increasingly need to draw on more creative solutions to recruit, retain and motivate workers.
- Governments and regulators will need to accept the economic benefits of talent mobility to stimulate economic growth.
- A key challenge for senior managers will be sensitively reallocating the savings from automation to the talent needed to forge digital businesses.
- Employers need to learn about the ongoing support, motivation and development of assignees from talent management colleagues.
- Improving curriculums and programmes will supply more talent with a creative mindset to support the growth of the industry.
- Strategic foresight and engagement in global talent networks will help identify issues ahead of time.
- A business model with wider purpose inbuilt could well be a key differentiator for attracting talent and of ensuring lower staff turnover.
To find more resources on Shaping Tomorrow about the future of talent some of which were used in this Trend Alert. View Talent report.
Also, click here to find out how Shaping Tomorrow can help your organisation rapidly assess and respond to these and other key issues affecting your business.