The best companies in the world are reimagining how they think about work.

They focus on outcomes instead of jobs.

They focus on skills instead of degrees.

They are moving to the Open Talent Economy.

Here’s what it is and how you can bring it to your organization:

Organizations that don’t adjust to how they get work done will not be able to compete.

The open talent economy gives organizations a blueprint of how work needs to be done in 2023 and beyond.

Workers no longer want to be put into a box without flexibility.

The 4 components 👇

1. Breaking organizational boundaries

Forcing people into certain “functions” kills innovation.

You want people to handle problems and not functions.

For example, marketing and sales need to work together to accomplish goals, and not focus exclusively on their function.

2. It's the way up-and-coming generations want to work

The average millennial and gen Z individual stays in their job for ~2 years.

And people want flexibility.

Organizations that provide new opportunities for their people will do significantly better with retention.

3. Focusing on skills instead of degrees

Degrees don’t give you a sense of if a person will accomplish an outcome.

Skills and abilities help you to determine that.

Companies that focus on skills over degrees will get the right people focusing on the right problems.

4. Full-time headcount doesn’t equal work output

Hiring for headcount doesn’t focus on outcomes.

Companies need to be innovative about their workforce.

This includes full-time, part-time, contractors, freelancers, etc.

There are many different ways to solve problems.

TL:DR;

The 4 components of the open talent economy:
1. Breaking organizational boundaries
2. Focus on up-and-coming generations and how they want to work
3. Skills > Degrees
4. Full-time headcount doesn’t equal work output

Would you add anything else?

This is a topic I find fascinating – how can companies adjust their workforce strategies to make them successful in 2023 and beyond.

I would be grateful if you shared this with your network and followed along @HarrisFanaroff.

And I am happy to speak with you about this topic.