The Bain & Co Working Future Report: 3?? Key Takeaways

Here’s a breakdown of 贝恩公司 's The Working Future Report. You can download your copy here. These are my personal takeaways.

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1?? Adapt or Perish

I get that the title sounds harsh. But it’s what we each need to do.

Change is hard. Our motivations for work are always changing. Companies that fail to adapt to new work models, technologies and people's needs will serve as cautionary industry tales in the years to come.

If you want to thrive as an individual, as a team and as a business. You must adapt to the world today.

Remote work, generative AI and purpose-led cultures are just the tip of our working future.

The takeaway: many a false step was made by standing still. Move, learn and grow.

See pages: 10 - 13

2?? Invest in people, not just tech

I see this mistake all the time.

Companies invest in sexy new tech but neglect to invest in the people who make it work.

I often encourage teams I work with to look at technology as an enabler, not a saviour. We can’t automate everything. Despite what the world’s productivity gurus tell us.

There are plenty of tasks and skills which are uniquely human.

Generative AI is not going to be farming your lands, solving team conflicts or fixing your physical devices anytime soon.

See pages: multiple

3?? Smart companies are reshaping their talent strategies

I don’t care what anyone says.

Building talent strategies is tough. I have a few war stories. I’m sure you do too.

It often feels like you’re one of those bears trying to catch those damn wriggly salmon popping up from the river. You’re starving and can see the goal but are too overwhelmed with hunger to create a plan to get what you want.

I felt like this when I didn’t have any data or clear strategic direction in which to form a strategic approach to talent.

Bain provides some useful pointers to future-proof your talent strategies. I’ve summed them up here with a sprinkle of my own thoughts:

1. From Talent Taker to Talent Maker

In the fast-paced world of business, companies often look externally to fill skill gaps, essentially becoming "talent takers.

I often class this as the choice between ‘build’ or ‘buy’.

Bain & Co. suggests a shift towards becoming a "talent maker". This focuses on the untapped potential within the existing workforce.

By offering growth opportunities to everyone, regardless of their position, companies can not only meet their talent needs but also foster a more engaged and committed workforce (well, you hope so, anyway).

2. Rethink Learning and Development Models

Traditional learning and development models are becoming outdated.

B&C recommends creating new frameworks that are more aligned with the individual strengths and career aspirations of your workforce.

3. Think Laterally About Career Journeys

The corporate world has long been obsessed with vertical career ladders, but what about lateral moves?

By considering lateral career paths, companies can better cater to the diverse strengths and interests of their workforce. Again, investing in the talent you already have. This is great for succession planning, IMO.

4. Create Better Visibility on Evolving Talent Needs

Companies often struggle to articulate their future talent needs, leaving employees in the dark about their career paths.

I’ve had some very funny ‘future skills’ conversations over the years. Too often they are opinion-led vs data-informed.

Knowing the skills your workforce needs to deliver on business goals should be a no-brainer. do more work here, and reap the rewards later.

5. Support Career Development

While each of us is ultimately responsible for our career development, companies can play a supportive role too.

Provide the right tools, better visibility, and an open environment for career discussions. People don’t want to feel like cogs in a machine but rather active participants in shaping their career paths

6. Diverse Skill Sets = ??

Skills pay the bills!

They’re the currency we use to play in the career marketplace.

Bain encourages companies to incorporate multiple perspectives into their workforce.

This not only improves performance but also fosters innovation by reducing groupthink. For example, Walmart built up a team of over 15,000 technologists to lead its digital transformation, demonstrating the value of skill set diversification.

The takeaway: Talent strategies are central to organisational success. What are you doing with yours?

See pages: 60 - 72

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