When the recently retired Peter Coleman became CEO, in 2011, the company was a typical LNG producer with huge, multibillion-dollar projects and complex onshore and offshore operations. Woodside Energy, a leading Australian natural gas producer, is one. Smart companies began to do that even before Covid struck. But which 5%? As we emerge from a pandemic that has challenged assumptions about working productively, companies need to rethink which skills will be most important in an increasingly tech-enabled future, develop them in the current workforce, and actively recruit for them. Research by Bain and others indicates that fewer than 5% of an organization’s roles account for more than 95% of its ability to execute on its strategy and deliver results. Think Ahead When Defining Business-Critical Roles Rebuilding Your Workforce: Series reprint Predictive analytics-fueled by real-time point-of-sale, manufacturing, and logistics data-is changing that, reducing the number of employees required for the work, changing the skills they need to be successful in their new, technology-enabled roles, and allowing more and more of them to work remotely. Consumer products companies, to take just one example, have traditionally employed hundreds of people to monitor purchases and inventory to ensure that the right products get to the right places at the right time. Even before working from home became widespread, digital technology was transforming how and where work gets done and how many people are needed to do it. Covid-19 required that the search for new talent-with new capabilities-take a back seat to economic survival.īut as businesses rebuild in the aftermath of the global pandemic, those that take the opportunity to remake and future-proof their workforce will pull far ahead of rivals. Many had to lay off 15% or more of their workforce. The pandemic sidelined the efforts of most companies to address these challenges and close critical capability gaps. Innovations were redefining the basis of competition in most industries and, consequently, the talent companies need to win over the long term. Technology was already changing the nature of work before Covid-19 took hold. The Solutionĭrawing on research by Bain & Company involving more than 300 large firms worldwide in every facet of the global economy, the authors identify six practices for companies to follow as they regroup and reorganize for the inevitable recovery. In the aftermath of the pandemic, companies can rebuild a workforce that is better equipped for an economy in which routine and repeatable tasks are increasingly machine-enabled.
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