As a result of the financial crisis of 2008 and the recession that followed, most companies now operate with fewer workers, relying more on automation and technology. At the time, reducing the workforce made sense; the supply of workers cost more than the demand for workers. But to successfully meet the talent demands of today’s business climate, companies need to maximize the effort of their remaining workers. Insightful talent development practitioners know that they need to leverage the ingenuity, creativity, and tribal knowledge of these workers.
For example, say your company reduced its talent supply by 20 percent during the economic downturn, leaving it with 80 percent talent demand in 2016. Consequently, your company may have reduced its talent supply of tribal knowledge by 80 percent because the 20 percent reduction of workers took tribal knowledge with them. This is called the law of diminishing returns effect and the Pareto principle.
To fill the talent demand, you must consider your remaining workers an off-balance sheet asset, your supply to shrink the skills gap. No longer is it acceptable to label your workers a liability or a burden. This is your only option for your company to expand in an age of limited talent.
During this webcast, you will be given insight into your 80/20 talent by addressing these questions:
- Who is my talent?
- How is my talent capitalized and utilized?
- How is my talent providing business innovation?
- How is my talent providing operating performance improvements?
- How is my talent training others?
You’ll learn how to:
- Shrink the widening skills gap.
- Maximize your company’s talent.
- Calculate earnings from talent.