Reskilling is not only valuable to companies that arestill hiring, but it's also an important strategy for companiesthat have to reduce headcount. (Photo: Shutterstock)

It's no secret that the COVID-19 pandemic has put a strain onthe workforce across the nation and beyond. But the key forbusinesses to emerge from the pandemic successfully is to puttalent at the top of the priority list, at least one reportsuggests.

Randstad Sourceright's "Talent Trends, COVID-19 & The Future ofWork," released this week, analyzed trends that will be key forbusinesses to thrive in a post-pandemic economy, drawing from aglobal survey of more than 800 human capital and C-suite leadersacross 17 markets.

According to the report, only 31% of those surveyed said theirorganization was completely prepared for a downturn in the economy.To position your business for success, the report suggests thatmaking meaningful investments in human capital to build an agile,flexible workforce is key.

Related: The new approach required for talent managementpost COVID-19

"Creating an agile workforce that is capable of executingbusiness leaders' plans will be critical to emerging intact as anorganization," the report states. "Ensuring the right human capitalis available when your company is ready for growth again should beyour key to long-term success."

But it's not solely the organizations that need to be agile.Employees should also be able to shift responsibilities and step inwhere they're needed most.

"If agility is critical for organizations during thesechallenging times, then talent flexibility will be key to achievingit," the report states. "Excellent problem-solving abilities,empathy and communication skills are now among the most in-demandskills. Employers are also seeking individuals with digital skills,and training and development were already important to talentstrategies prior to the pandemic."

In many cases, this means employers need to find ways toreskill and upskill employees. Reskilling isnot only valuable to companies that are still hiring, according tothe report, but it's also an important strategy for companies thathave to reduce headcount.

"A reduction may mean that some work will not be completed, andretained employees may be asked to take up additionalresponsibilities," the report explains. "Giving them the requisitetools and skills will be critical to sustaining operations with alimited staff."

The survey revealed that 48% of respondents are alreadyupskilling their employees, while 38% were reskilling workers fordifferent roles; and 86% of those surveyed said talent reskillinghas been somewhat or very effective within their organization.

To make this happen, two-thirds of companies have offeredlearning and development opportunities for fewer than three years,the survey found, and just 16% have had a program in place for morethan five years, indicating that most employers started theirefforts recently, according to the report.

"COVID-19 has had an enormous and unexpected impact on theworld's health and economy," said Rebecca Henderson, CEO ofRandstad Global Businesses. "Perhaps the most important lesson tobe learned from a business perspective is that human capital andbusiness leaders need to expect the unexpected. The only way to beable to thrive when crisis hits, and subsequently when thingsstabilize, is to be agile; agile in business strategy, workforcestrategy, employee reskilling strategy and tech strategy."

For some, remaining flexible has meant finding ways to work virtually in the long term. IT serviceprovider TCS, for example, plans to transition 75% of its workforceout of the office environment by 2025 under a model called SecureBorderless Workspaces, according to the report.

"The ability to mobilize into a virtual workforce has empoweredsome employers even further," the report states. "Such anarrangement means companies can dedicate resources in parallelaround the world to tend to urgent and critical projects, creatingnew ways of working that improve productivity."

The report also suggests that acquiring the righttalent—especially during such times of uncertainty—requires usingtalent analytics tools to stay on top of thefluid needs of the company over time.

"Talent analytics will allow employers to rapidly deploy talentbased on anticipated demand, availability and other marketfactors," the report states. "Furthermore, talent analytics willenable companies to redeploy resources from declining parts oftheir operations to those on the rise. For this reason, expect thatyour competitive advantage will depend more heavily on data andanalytics going forward."

"Companies will have to prepare their workforces to adapt tounpredictable market conditions in the future," added CindyKeaveney, chief people officer at Randstad Sourceright. "To do sowill require embracing HR technologies that provide greater insightand the flexibility to deploy talent quickly based on demand andmarket factors."

Sarah Tincher, based in Austin, is themanaging editor of BenefitsPRO sister publications The National LawJournal and Corporate Counsel. Contact her at [email protected]. OnTwitter: @sarahntincher.

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