Global Talent 2021 - Oxford Economics

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Global Talent 2021How the new geography of talent will transform human resource strategies■ Improve employee engagement. Employers who are candid with theiremployees about how they rate relative to peers and what future leadershippotential they possess may find their workers more motivated to develop newskills and master new techniques. Such programs are vital for service companiescentered on talent, such as business services and financial firms. Makingemployees feel more part of the conversation is critical to business success, andclosely correlates to the overall health and prosperity of company.The global rebalancing of the demand and supply of talent will have enormousimplications for government. The race among educational institutions andgovernments to keep up with rapidly changing technology will occur in every country.Those nations that win the race will build a talent surplus that will drive economicperformance; those that lose the race may see their competitiveness erode. Toensure that the supply and demand of talent are well aligned, governments will wantto work in partnership with companies in pursuing the following policies:■ Ensure that education policy is fully integrated into larger economic growthstrategies. Expanding access to education, increasing the average numberof years of schooling and improving the quality of education in key curricula(e.g., science, technology, engineering and mathematics), should be areas ofparticular focus. Educational institutions should listen to the needs of businessand government in monitoring talent gaps and anticipating where futureshortages may arise. Firms can also actively assist educational institutionsin creating the right training programs that will meet their future needs, andinvesting in the cooperative training of teachers. At the same time, firms have asocial responsibility to develop their staff and offer on-the-job training, expandopportunities for older workers, and encourage greater workforce diversity.■ Move rapidly to develop new forms of digital and technology-enabledtraining programs. Innovative new programs, including online learning andvirtual teachers, can rapidly boost access to high-caliber education and training.By helping to ensure that today’s teachers are adequately trained to master basicdigital technologies, educational institutions can rapidly boost opportunities forstudents. Creating digital literacy should be considered almost as important asbasic literacy, and even primary schools should be encouraged to find ways tobring the internet and related digital technology into the educational experience.■ Develop investment policies that encourage foreign direct investment andreduce long-term unemployment. As the supply of talent shifts to the South,developing nations should be more proactive in attracting the sort of foreigndirect investment that can employ this expanding new pool of skilled labor, andencourage these high-value workers to stay home. An “outward looking” tradepolicy that encourages domestic firms to be efficient and innovative in order tokeep up with foreign competition will also encourage the development of highqualityjobs and reduce the “brain drain” of well-trained workers. Incentives tosmall- and medium-sized firms can also increase entrepreneurship. Additionally,to combat long-term unemployment among youth, policy-makers shouldencourage formal schemes such as apprenticeships and mentoring programs.20OXFORD ECONOMICS
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Global Talent 2021 - Oxford Economics

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