Redefining the Corporate Playbook: Thriving in the Age of Talent Scarcity and Technological Transformation
Why the Post-Industrial Economy Requires a New Approach to Talent, Technology, and Leadership
The Impactful Executive: Deep Dive
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Redefining the Corporate Playbook: Thriving in the Age of Talent Scarcity and Technological Transformation
Why the Post-Industrial Economy Requires a New Approach to Talent, Technology, and Leadership
Josh Bersin welcomes in the Post-Industrial Age, a landscape where the lines between industries blur and technology redefines business models, and suggests recalibrating how we view our workforce, business models, and long-term goals.
"Nearly every company we talk with is focused on software, services, recurring revenue, and the opportunities unleashed by AI."
A firm's most critical asset is its workforce, and employees today enjoy unprecedented levels of power, agency, and freedom. U.S. unemployment is at a 54-year low, and wages have risen by almost 5%. Over 40% of job postings now mention “hybrid work” as an option.
"Surveys show that employees prefer a hybrid work arrangement, so we’re not going back to the days of 'full-time in-office’ ever again."
This changing business landscape has bred challenges such as employee burnout, mental health concerns, and rising inflationary wage pressures. Leaders must increasingly focus on maintaining their workforce productivity, retention and sustainability.
“Nearly every company we talk with is worried about a shortage of skills, a shortage of workers, and a shortage of leaders in the management pipeline.”
While some economists may believe this skill and labor shortage will be alleviated when inflation is controlled, and interest rates adjust, Bersin's research suggests it may indicate the start of a new economic era characterized by perpetual worker shortages and talent scarcity.
“This new age, coming in the era of AI, is one of continuous worker shortages, a scarcity of talent, and a highly flexible, hybrid, and gig-oriented workforce. People are hired based on skills, not credentials; we engage and develop people as investments, not an expense.”
With the integration of AI, key workforce productivity metrics such as revenue per employee and GDP per economic worker are increasing. Organizations must be leaner, more performative, and agile to keep pace with technological advancements and employee expectations. Bersin warns, "Not all companies are ready for this."
For leaders, understanding and adapting to the new demands and expectations of the evolving workforce and focusing on agility, foresight, and adaptability are imperative to the sustainability and competitiveness of their organizations.
Source
Bersin, J. (2023, Aug 18). Welcome To The Post-Industrial Economy: AI Is Here To Save Us. [Web article]. Josh Bersin. (Link)
