Staying Relevant

IN TIMES OF UPHEAVAL, SKILL SETS FLUCTUATE. New (or less-frequently used) skills may become more urgently necessary, while well-honed skills may take a backseat For years, we have studied the skills executives utilize to lead their organizations. The COVID-19 pandemic gave us our first opportunity to examine the impact of a crisis on a global scale. We surveyed over 3,026 executives worldwide in partnership with The Official Board, a global corporate directory of medium and large companies. Thirty percent of respondents were based in the United States, with the remainder representing 120 countries from every continent, except Antarctica. Respondents represented 53 key functions including CEO, CFO and CIO and more than 86 industries—primarily banking, insurance, financial services, consulting and telecommunications. Notably, 84 percent of respondents offered text responses that elaborated on their quantitative estimates.

The survey asked two quantitative questions: On average, what percentage of your skills became obsolete or outdated during the pandemic?

On average, what percentage of your skills became obsolete or outdated on a yearly basis before the pandemic?

We found the average rate of skill obsolescence increased by 71.7 percent