Over the past few decades, companies have bent over backward to recruit and retain talented workers with enormous pay packages, generous perks, and promises of greater autonomy. As interest rates rise and growth slows, however, corporations are using the current economic upheaval to wrest back control.
MUNICH – For nearly two decades, the battle for talent has shaped how firms around the world are run and governed. With firms deriving value mainly from their human capital, rather than from the physical assets they owned, a talented workforce came to be coveted more than plants or machines. In 2001, the celebrated management consultant Peter Drucker published an article entitled “The Next Society,” in which he argued that giving more freedom to what he called knowledge workers is essential, as the key battle of this century is the war for talent. And he was almost right.
MUNICH – For nearly two decades, the battle for talent has shaped how firms around the world are run and governed. With firms deriving value mainly from their human capital, rather than from the physical assets they owned, a talented workforce came to be coveted more than plants or machines. In 2001, the celebrated management consultant Peter Drucker published an article entitled “The Next Society,” in which he argued that giving more freedom to what he called knowledge workers is essential, as the key battle of this century is the war for talent. And he was almost right.