The Dynamic World of Business Today
Description of the VUCA world
In the 1990s, the United States was facing a tough situation when the social system collapsed and the only enemy was gone. Instead of a clear front between East and West, there were suddenly many new threats and crises that did not follow the rules till then. The US military had to adapt to these new conditions and initially gave them a name: VUCA. This acronym stands for Volatility, Uncertainty, Complexity and Ambiguity.1 However, this acronym still describes the digital-driven world we live in today. Change today is not an exception but rather a constant that businesses need to be able to deal with. Any business today must be able to recruit, hire and train a workforce that is agile and adaptable to change. The process of talent management that starts with planning, then hiring qualified talents must be tailored to allow companies to evaluate whether or not their employees will be able to survive and develop in today’s VUCA world.
Talent Management in VUCA world
Many disruptive events are taking place today more than ever before. People in the business world need to deal with frequent changes in internal and external factors. Whether it is a new set of technology, more exposure to the digital world, the opening of new markets, or the rise of a contagious health epidemic, there is no description of the current situation better than “uncertainty”. Therefore, businesses need to consider and recruit employees who are not only technically skilled but those who can easily adapt and develop in today’s VUCA world.
A few of the disruptive changes in talent management that might change how managers manage their talents include:2
- A continually changing set of required employee skills and job duties and a huge gap between the needed and the available skill sets
- A completely new set of leadership skills that will focus on agility, flexibility, and in developing a “just-in-time” solutions capability within the team
- Dramatic fluctuations in employee turnover
- Continually changing candidate expectations
- Dramatic shifts in the volume and quality of applications
- Frequent changes in offer acceptance rates
- Continuous development of new communications and learning tools
- Generational changes that occurs every 6 years instead of 20
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