How To Future Proof Your Organization
Stay ahead in the post-pandemic era
Advances in technology had already changed the nature of work before COVID-19 occurred. Bases of competitive advantage had shifted to innovations in most industries, and, consequently, the way companies attracted and managed talent had changed as well. Most companies had found a gap in their workforce capabilities and the ones they needed to succeed. However, the pandemic put off the efforts of most companies to close critical capability gaps. Many had to lay off 25% or more of their workforce. Covid-19 required the companies to focus on economic survival and defer the search for new talent with required capabilities.
Now, as the recovery efforts are underway, businesses can rebuild and future-proof their workforce. Those that take this opportunity to rebuild and reshape their workforce in a well-thought-out manner will pull far ahead of competitors.
Even before COVID-19 made working from home a necessity, digital technology had been transforming the work that is done, how many employees are required to do it, and where work gets done.
So how should companies rebuild? At ThriveVance, we have worked with hundreds of companies of all sizes that have built technology-enabled workforces. Regardless of their sector or geography, they all seem to follow six practices in rebuilding and managing their teams.
1. Evaluating, Defining, and Prioritizing Business-Critical Roles
Not all jobs are equally important. Research has identified that fewer than 7% of roles in an organization are credited for more than 96% of its ability to execute its strategy and deliver results. Most companies have not identified which 7% are delivering 96% of the results.
The pandemic has challenged assumptions about productivity and sustainability; companies must rethink which skills are the most important in the current environment and, as they adapt to the technology-enabled future, develop the existing workforce to master those skills and continue to search and recruit talent with those skills.
One of our clients, the COO of a Consumer products company, Dan, and his team recognized that their ability to navigate the future challenges would greatly depend on augmenting the conventional technologies with data-driven innovations.