Adapt to survive - a global study on better talent fit
Adapt to survive - a global PwC study commissioned by LinkedIn on better talent fit
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We'd like to share with you our global study which was commissioned by LinkedIn, into the value gained by a better talent fit. This is consistent with our recent results from our CEO survey which identified talent is a concern to New Zealand business leaders.
The study, Adapt to survive, reveals that poor talent adaptability – the inability for people to retrain for new skills or switch industries – is costing the global economy billions of dollars in lost productivity and leads to businesses wasting huge sums on avoidable recruitment costs.
Our study for the first time analyses millions of interactions from LinkedIn’s network of 277 million professionals, and information on 2,600 employers from PwC’s Saratoga database, one of the world’s largest and most robust resources of people and performance metrics, to understand which countries are better at aligning talent with opportunity.
Inside our study we examine five key talent behaviours within 11 markets, and identify two significant ‘costs’ – a lost opportunity to generate additional productivity and avoidable recruitment costs, which combined could mean the global economy is missing out on USD$150 billion.
Based on our study, we include the following recommendations:
|Professionals||The rise of social media and an increasingly connected global workforce means it’s never been easier for people to identify new opportunities, plan to develop the skills, and create a network that will allow them to transition into new roles. This could be as simple as staying up-to-speed with companies that might be hiring in your area, or identifying emerging sectors around the world that could present an opportunity for a dramatic career change.|
|Employers||Talent is the number one factor in competitive success for business, and businesses need to move faster to adapt to new market forces. An existing mismatch of talent in the wrong roles creates a window of opportunity for employers able to identify and attract the right talent to their organisation. Social media has made it possible to identify all the relevant candidates – both active and passive – many of whom may not be doing the jobs they want. Employers should use talent analytics to identify the hard and soft skills that are central to the business strategy today and in the future, allowing them to hire strategically.|
|Educators||Education never stops, and educators should be looking at what skills are in growing demand and which jobs are emerging in the global workforce. They should then adapt curricula so students are equipped with relevant skills when they leave formal education.|
|Governments||Governments should play an active role in shaping a national mind-set that values, nurtures and rewards adaptability. They need to use the levers at their disposal such as employment and immigration laws, as well as proactively shaping education and training systems.|