Global Talent 2021 - Oxford Economics

Global Talent 2021How the new geography of talent will transform human resource strategiesManaging the talent mismatchThe talent mismatch—between where talent is most needed and where it will be mostavailable—is not likely to evaporate soon. Managing this skills gap in the developedworld and recruiting appropriate talent in the emerging economies will becomea critical task for global firms in the future. In the developed world, where talentshortages in a number of managerial and technical fields are expected to persist,companies will be forced to think more explicitly about the trade-offs betweenoutsourcing work, off-shoring staff and retraining workers. Likewise, decisionsabout where to locate new centers of innovation, product design or advancedengineering may become focused on geographies not previously considered bythe C-suite. Firms will also need to become more proactive about partnering withrelevant government and educational institutions to develop and train workers, asthey come to anticipate more accurately their turnover and retention rates and theirfuture workforce demands.An example of one forward-looking firm is Lenovo, the China-based computermaker. To support its global growth, Lenovo is partnering with top-ranked Chineseuniversities to identify top talent that may have gone abroad to study, but might beinterested in returning to work in the motherland. “We’re looking to build that talentpipeline three or four years down the road,” explains Robert Gama, the firm’s VicePresident of Human Resources. “If we continue to outpace the market and becomethe leading PC+ vendor in the world, we will need to double the number of ourleaders across the company. We are always looking to attract the best talent aroundthe world.”12OXFORD ECONOMICS