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Most MBA programs teach that you find room for opportunity when there are gaps between markets or inefficiencies in markets. Usually they are referring to products, services, or the delivery of products and services. However, in the past 20 years, a new gap has risen that has been coined “the war for talent”.
This term suggests there is a finite amount of potential staff in the market as well as a finite amount of staff with the right skills. This vision of recruitment leads to high recruitment costs, continuous hiring cycles, and partnerships that are not necessarily made for sound business reasons. On the flipside, beyond automation and building efficiencies, there are ways that industries can broaden their understanding of skills and value-add and hence their access to talent.
A specific example is the Japan-IMF Scholarship Program for Advanced Studies. With financial support from the Japanese government, IIE in partnership with the IMF administers the Japan-IMF Scholarship Program for Advanced Studies. The goal of the program is to train Japanese nationals as applied economists to work either at the IMF or in their home administrations through a study abroad program at a leading university outside of Japan. The students are able to connect with peers in their field and learn different and global perspectives. Through this scholarship program, the IMF gains access to an additional pool of talent, which the Japanese government gains employees with international economic perspectives.
In a 2015 survey of employers by the Association of American Colleges and Universities, more than half of employers place the greatest priority on demonstrated proficiency of the following skills in hiring decisions:
- Oral and written communication skills
- Work effectively in teams
- Critical thinking, analytical reasoning, and good decision-making skills
- Solve complex problems and apply knowledge to real-world settings
- Innovation and creativity
- Solve problems with people from different background and cultures
The views presented in this article are the author’s own and do not necessarily represent the views of any other organization.
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October 4, 2017
Most MBA programs teach that you find room for opportunity when there are gaps between markets or inefficiencies in markets. Usually they are referring to products, services, or the delivery of products and services. However, in the past 20 years, a new gap has risen that has been coined “the war for talent”.
This term suggests there is a finite amount of potential staff in the market as well as a finite amount of staff with the right skills. This vision of recruitment leads to high recruitment costs, continuous hiring cycles, and partnerships that are not necessarily made for sound business reasons. On the flipside, beyond automation and building efficiencies, there are ways that industries can broaden their understanding of skills and value-add and hence their access to talent.
A specific example is the Japan-IMF Scholarship Program for Advanced Studies. With financial support from the Japanese government, IIE in partnership with the IMF administers the Japan-IMF Scholarship Program for Advanced Studies. The goal of the program is to train Japanese nationals as applied economists to work either at the IMF or in their home administrations through a study abroad program at a leading university outside of Japan. The students are able to connect with peers in their field and learn different and global perspectives. Through this scholarship program, the IMF gains access to an additional pool of talent, which the Japanese government gains employees with international economic perspectives.
In a 2015 survey of employers by the Association of American Colleges and Universities, more than half of employers place the greatest priority on demonstrated proficiency of the following skills in hiring decisions:
- Oral and written communication skills
- Work effectively in teams
- Critical thinking, analytical reasoning, and good decision-making skills
- Solve complex problems and apply knowledge to real-world settings
- Innovation and creativity
- Solve problems with people from different background and cultures
The views presented in this article are the author’s own and do not necessarily represent the views of any other organization.