The Needs of the Global Economy Workforce

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One explanation for that disparity may be the different attitudes that men and women have toward competition. A study, conducted by Lise Vesterlund of the University of Pittsburgh and Muriel Niederle of Stanford University, found that too many high-ability women chose not to compete at work tasks, while too many low-ability men did. The explanations were twofold: Men were found to be vastly more overconfident than women, and men seemed to embrace competition while women shied away from it.

Armed with that knowledge, women must find ways to become comfortable asking for what they want. One solution: mentoring. Says Roxanne Taylor, Accenture's chief marketing and communications officer, "I've looked for mentors who could teach me something or help me understand a new area. But you learn just as much when you serve as a mentor. Developing relationships based on trust with people who are both senior and junior to you is a two-way street."

Notable Demographic Developments

Another important issue for Western companies is demographics. True, a decade ago organizational behavior experts were aware of the aging Baby Boom generation and declining birth rates in the West. But they did not anticipate two developments that would exacerbate the skills-gap crisis.

First, many emerging markets haven't experienced the same declines in birth rate. In fact, most of them have been enjoying their demographic advantage. Additionally, many of their young people earn advanced degrees outside of their home countries. While, traditionally, large numbers of these highly trained graduates stayed in the West to work, many are now returning home, particularly to China and India, taking their skills with them.

And second, there are now three different generations working side-by-side. Baby boomers (born between 1940 and 1964), Generation X (born between 1964 and 1979) and Generation Y (born between 1979 and 2000) all have distinct values, expectations, and attitudes toward work—and motivational factors also differ significantly. In Accenture's study, baby boomers in India, China, and Brazil were as confident about succeeding in a global economy as their younger peers. In the U.S., however, while Generations X and Y were confident, baby boomers were particularly pessimistic. Only 34% of the boomers were confident about their ability to compete in the global economy of the future. In the European Union countries, boomers and Generation X were both gloomy, and only the youngest—Generation Y—respondents viewed the future with confidence.

The results are significant for corporations, because only those that understand the generations' differing values and develop appropriate leadership training and meaningful career experiences for each group will have a competitive edge in maximizing innovation, creativity, and productivity.

Stepping Out of a Comfort Zone

Women—particularly Western women—must strive to develop the critical skills necessary for career success in the globalized marketplace. At the same time, they must stretch out of their comfort zones and learn to speak up. Companies that recognize the training, coaching, and opportunities that women need—and act accordingly—will have a competitive advantage. So, too, will those companies that welcome a diverse workforce, creating global networks of expert resources that include people, knowledge, and tools.

Talent management—attracting, developing, and retaining the right women (and yes, men, too) for today's business imperatives and meeting or anticipating their cultural, career, and life needs—has truly become a global issue. The best senior business leaders in both developed and developing economies have placed this complicated, complex calculus at the top of their agendas, and more than ever in the current economic climate, this capability will be a highly differentiated asset for tomorrow.

Business Exchange related topics:
Global Economy
Accenture
Emerging Markets
Talent Management

Armelle Carminati is managing director, human capital and diversity, Accenture.