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Even before the pandemic, organizations were struggling to acquire, activate, and retain top talent for reasons such as a widening skills gap, high turnover, increased cost- and time-to-hire, and evolving working models. COVID-19 exacerbated these challenges and further compelled organizations to rethink their talent management models, digital transformation, the growing need for specialized skills, and project readiness within the expanded talent pool.

As organizations face ever-widening supply-demand gaps, traditional approaches to talent acquisition, development, and retention are grossly inadequate. Businesses need to adopt innovative approaches across the talent management life cycle to not only survive immediate talent shortages but also win the long-term talent war.

This viewpoint is the first in a series of three reports on innovative practices (short-term plans and long-term strategies) that organizations should consider to bridge talent supply-demand gaps and future-proof their talent models.

Scope

All industries and geographies

Contents

In this viewpoint, we study:

• COVID-19’s impact on talent management in global organizations
• The widening supply-demand gap for key skills
• Innovative talent development practices to fortify and future-proof talent management