Reclassification of the Free Market Activities for Talent

Another era of change is occurring in today’s global market. This is an era where significant changes are leading to complications and uncertainty, leaving most companies vulnerable. These changes in the marketplace can be attributed to the advent of the internet, as well as other business strategies which result in a shift.

As indicated by a survey from Oxford Economics, some basic factors that could have a significant effect on the requirement of a company include the advances in technology at (42%), globalization (41%), the needs of the customers (38%), labour demographics (38%) as well as rivalry between competitors.

Libby Wanamaker, the Global Director, Program Development of Coca-Cola explained that the company has come to embrace the fact that their transformation has brought about a different approach to the way their business is handled strategically. It is imperative to note that this change does not only affect small companies. Companies which have been in operation for a long period tend to face more challenges and trying period.

Transformation of business necessitates new skills
Different techniques which include the transformation of global strategies, as well as a business approach are been employed by an organization to counter the effect of these shifts in the market. A recent survey carried out indicated that about 47% of organizations are preparing to undergo the transformation process while about 41% is either undergoing the process or has completed the process. The survey indicated that more 9 out of 10 organizations rendering financial services have made arrangement to undergo the transformation process.

Oxford Economics survey distinguished four areas of skill set where their services will be requested for proficiently. This skill set includes:

1. Digital proficiency
The advent of social media has necessitated the need for a demand of workers with digital technical literacy. This development has brought about a unique form of advertisement. Digital business skills can be classified as one of the basic factors according to the survey. E-commerce has grown drastically as a result of taking on digital technology which is used as a means of avoiding the ineffective system. The use of business software to enable internal efficiencies will continually be on a high demand in Europe where the economy is bad.

2. Experts reasoning
The skilful reasoning is indispensable in an era where economic conditions are unpredictable. In order to prevail in the face of adversaries, high premiums are placed by the HR of organizations on constructive reasoning which can tackle managing inconsistencies. The ability to effectively tackle unfavourable scenarios is of importance especially in industries that encounter significant regulations.

3. Interpersonal and communication skills
Conceptualizing aptitudes is of great importance as this helps in building team spirit as well as the interpersonal relationship with suppliers and customers. The ability to construct key objectives will be fundamental because of the tremendous cultures which might influence the global enterprise. As enterprises without bounds which align their skill set to the advancement of a corporate body, a dispersed and sophisticated relationship will be built so as to encourage collaborations.

4. Global operating skills
Globalization can be considered as the most imperative global operating skill in an era where an organization is grasping for an edge in various new markets. Considering international business can be distinguished to be the most important global operating skill required. Ability to successfully manage employees is regarded as one of the most essential global operating skills. As globalization metamorphoses into another phase, this operating skill will become more significant.

Jeff Immelt, Chairman, and CEO of GE explained that numerous firms have moved from globalization to reverse innovation, whereby products manufacture at home, are produced to suit the needs of customers overseas to a system where innovations are extracted from developing markets is applied to the home market. A global restructuring of various skill set will be needed for such global operating system.