Staying Relevant
Newsweek Europe|December 31, 2021
The pandemic has had widely different effects on executives around the world. There are some strategies, however, that anyone can use to adapt to rapid changes
BORIS GROYSBERG and  KATHERINE CONNOLLY BADEN
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On average, what percentage of your skills became obsolete or outdated during the pandemic?

On average, what percentage of your skills became obsolete or outdated on a yearly basis before the pandemic?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 during the pandemic, a remarkable increase. But an average is just that; the variance is where the story gets more interesting.

Trends by Country, Industry, and Position

COUNTRY

This story is from the December 31, 2021 edition of Newsweek Europe.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the December 31, 2021 edition of Newsweek Europe.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM NEWSWEEK EUROPEView All
Ray Romano
Newsweek Europe

Ray Romano

THE MAJOR THING ABOUT NETFLIX'S NO GOOD DEED THAT APPEALED TO Ray Romano was that it was unlike anything he'd done before.

time-read
2 mins  |
December 27, 2024
Has J.K. Rowling Won the Culture War?
Newsweek Europe

Has J.K. Rowling Won the Culture War?

After years of backlash over trans issues, the Harry Potter author has received major business backing

time-read
7 mins  |
December 27, 2024
'This Murder Is a Symbol of the Times'
Newsweek Europe

'This Murder Is a Symbol of the Times'

Conservatives and liberals agree on the state of the health care industry following the killing of Brian Thompson

time-read
4 mins  |
December 27, 2024
The Defense Industry's Fight With ESG
Newsweek Europe

The Defense Industry's Fight With ESG

EUROPEAN DEFENSE COMPANIES, ESPECIALLY smaller businesses, are being blocked from investment they sorely need by sustainability rules, a senior NATO official and several industry figures have said.

time-read
9 mins  |
December 27, 2024
Nothin' Lasts Forever
Newsweek Europe

Nothin' Lasts Forever

Taylor Swift's Eras Tour' ends its record-breaking run..

time-read
3 mins  |
December 27, 2024
SPY IN THE SKY
Newsweek Europe

SPY IN THE SKY

CHINA FACES ACCUSATIONS of ESPIONAGE and WEAPONIZING OUTER SPACE as it BUILDS a NEW OBSERVATORY in CHILE critics say WILL BE USED for MILITARY PURPOSES

time-read
10+ mins  |
December 27, 2024
Margo Martindale
Newsweek Europe

Margo Martindale

\"WHO KNEW THAT A BARREL OF MAPLE SYRUP IS WORTH MORE THAN A barrel of oil?\"

time-read
2 mins  |
December 20, 2024
Malala Yousafzai
Newsweek Europe

Malala Yousafzai

\"AFGHANISTAN IS THE ONLY COUNTRY IN THE world where girls are banned from access to education and women are limited from work.\"

time-read
1 min  |
December 20, 2024
In the Eyes of the Law
Newsweek Europe

In the Eyes of the Law

Jude Law is unrecognizable as an FBI agent on the trail of aneo-Naziterrorist group in real-crime drama The Order

time-read
4 mins  |
December 20, 2024
AMERICA'S Most Responsible Companies 2025
Newsweek Europe

AMERICA'S Most Responsible Companies 2025

IN THE FACE OF ISSUES LIKE CLIMATE CHANGE and wage inequality, consumers care about the impact of the businesses they interact with and companies are responding.

time-read
2 mins  |
December 20, 2024