As per book " Creative Destruction" by Richard Foster , average life span of companies ( S&P 500) has fallen from 61 years in 1958, to 18 years in 2018. At this rate 75% of the companies will be replaced by 2027. One of the major reason is disruption in Technology such as cloud and internet. In such a VUCA world, Organisation needs to rethink their Human Resource management Strategy. They have to focus on the development of competencies and not merely on skills .
To gain best out of people culture and continuous learning attitude plays critical role. To fulfill this responsibility , organisations should think beyond skill charts which have become just a formality in most of the organisations.
Absence of long term scenarios building aligned to long term corporate strategies leads leads to vacuum of the required competencies. It finally results into faltering organisations because of inability to face the wind of in competitive market.
Absence of AI Professionals, Lack of Machine Learning programmers and paucity of Data Scientists are some examples where organisations could not prepare themselves and faced adverse situations in the markets even to the extent of extinction.
No comments:
Post a Comment