The Future Of Business Will Be Shaped By The Future Of Talent

22 September 2021 Frank Sorrentino

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​Over the last year and a half, we’ve witnessed sweeping and widespread changes to the nature of work as well as the workplace itself. The most obvious and immediate of these include the overnight switch to remote working for many employees across the country.

 The longer-term shifts could consist of the evaluation of the future state of work and the ways companies choose to operate day to day. It’s clear that the ways in which we work and collaborate continue to evolve. 

 These extraordinary transformations have been far from seamless in many instances and have also contributed to what some have already dubbed the “Great Resignation” – in fact, a record 4 million people quit their jobs in April alone. While the shifts we are seeing are significant, these trends are not new.

In the same way we’ve altered our business models dramatically – from new delivery channels to digital solutions –the same needs to be done for our talent models.

As we focus on shifting our business models, the most obvious case to consider is the talent and skill required to support our new reality. Many of the businesses that we interact with at ConnectOne Bank have begun evaluating different work structures to meet the evolving needs of their business and changing demands of their employees.

It should be your company’s priorities and culture that determine how you shape your organization’s work style. There are three key components to consider when building your approach to your talent model. 

Assessing your existing organizational structure 

The pandemic coupled with accelerated digitization have refocused many of our priorities. Evaluating your existing org chart and understanding what shifts will optimize your business is an important first step. For many, the existing org chart is a by-product of a company’s history. It’s important to think through what sort of structure you’ll need to support your company as it evolves, what skill sets need to be introduced into your organization and how that will impact the talent structure. Every leader should be considering critical questions about the future (and likely already are).

Growing your talent model

As new skill sets are required to grow your business, you’ll have to assess whether recruiting the right skills vs. implementing specific skill set training makes more sense for your business. These are not new challenges; however, between an increasingly hyper-competitive job market and a rapidly progressing tech landscape, the talent growth strategy will need to be continuously evolving.

Health and wellbeing

Many companies have implemented wellness programs for years in order to provide their employees a well-rounded experience. The pandemic has redefined the considerations business leaders need to make in the health and wellbeing categories. From ensuring a safe and healthy working environment to providing avenues for employees to maintain work-life balance, the responsibilities of employers in health and wellbeing have increased significantly.

In light of the emergence of new variants of the coronavirus and the prospect of continued uncertainty around a return to normalcy in the workplace, it is evident that these issues will not be going away any time soon. And thus, managing the next phase of talent management – from recruiting and workforce retention to learning and development – will be crucial for businesses of all stripes. Fortunately, we’ve learned many lessons over the last year and a half of COVID to help guide future decision making.

Source: Forbes