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The world’s working age population has tripled from 1.5 billion in 1950 to 4.5 billion in 2010 and is expected to grow to 6 billion by 2050.1 And yet talent remains a top concern for business leaders around the world—a concern that is very pronounced in Asia and in some of the world’s fastest-growing economies. The concern is not the availability of workers. Rather, it is the apparent shortage of critical skills and experiences that leaders, managers, and workers require in jobs that are changing.

Over the past decade, as the global economy has become hyperconnected, a truly global market for talent and skills is emerging. As the global consumer and talent markets grow increasingly interconnected, we are seeing new patterns and priorities emerge in what has, for the past 15 years, been referred to as the “war for talent.” We believe the next challenge is the war to develop talent. A number of shifts and trends are presenting new opportunities for business leaders focusing on the ongoing importance of developing critical talent, leaders, and skills.

Recently we have been discussing the talent paradox as a shorthand to describe talent markets with apparent shortages of skills and leaders in labor markets with available—and willing—workers that do not have the required or expected skills and experiences. That’s the employer view of the talent paradox. The employee view of the same paradox is focused on workers making do where they are, accepting less job mobility and, in some, markets less compensation. At the same, time we are seeing growing employee focus on the meaning and social impact of their work, professional development, and opportunities to attain greater levels of responsibility and challenge.

A reframing of the talent agenda is taking place in response to the major changes in the emerging global talent landscape. Many of the approaches and perspectives for talent management are based on earlier models, some from the late 19th century, built on factories, supply chains, and personnel administration. The emerging shifts and challenges in global talent markets suggest the need for new insights to shape the talent agenda. To gain perspective on these changes, this article considers recent research and insights from business academics and researchers who provide important perspectives on these changes. This article shares three diverse perspectives provided by Lynda Gratton from the London Business School, Andy McAfee and Erik Brynjolfsson from MIT, and Peter Cappelli from the Wharton Business School as context for the coming war to develop talent.

Setting the stage: global talent markets, 2005

Though any date cited will be somewhat arbitrary, a starting point for the emergence and recognition of global talent markets might be 2005. While technology-enabled workflows, communication, and education had already begun to change how companies hired and deployed workers, the change was given a memorable framing in the title of Thomas Friedman’s The World is Flat, A Brief History of the 21st Century, first published in 2005. The same year, former Reagan administration official Clyde Prestowitz described how this integration of world talent markets facilitated the entry of the workforces of China, India, and the other BRIC nations to double the global workforce in a decade.2

Beyond documenting these global trends, Friedman and Prestowitz served as wake-up calls to a post-Dotcom and post-9/11 business world. Changes in global talent markets previewed themselves in the late 1990s with the restructuring of central Europe and the former Soviet Union and the remarkable growth (and in the case of India, liberalization) of the largest Asian markets. And these changes heralded new aspects of the company-worker relationship, shifts in how work is done, and the dynamics of talent markets. Among the shifts:

The rise of virtual and distributed workChanges in the supply side of the talent equation, including the addition of hundreds of millions of workers in countries such as India and China who compete for jobs in far-flung geographiesIncreasing returns on education and the skills of the global workforce witnessed through the demand and compensation for technical and professional degrees and certifications.

Given the pervasive transformation of the playing field, the rules of engagement for workers and companies have evolved, yet the structures and models in which they unfold have done so, at times, imperceptibly and arguably in some cases not at all. Just as education in many ways is stuck in the frame of the classroom with the teacher at the front and with students as receptacles of facts, the guiding paradigm of talent, careers, and work is stuck in the model of the factory—with fixed jobs and lifetime careers. These mismatches between the emerging global talent market and the ways in which businesses define and account for talent have become increasingly problematic and simply not useful to those imagining the future of jobs,
careers, and work.

Read more: http://dupress.com/articles/reframing-the-talent-agenda/?id=us:em:na:dup175:read:cons:031313

Via Kimberly Togman, David Hain