Practices for Engaging the 21st Century Workforce: Challenges of Talent Management in a Changing Workplace

6. The Increasing Need for Organizational Adaptability

In an ever-changing unpredictable world, organizational adaptability is critical for a sustainable competitive advantage. Indeed, many successful organizations are responding to the new normal by developing organizational adaptability competencies. Some of the most well-thought-out strategic plans become obsolete when organizations are confronted with unexpected shocks called black swans. Some economists are now describing the global economy as complex adaptive systems. As such, the traditional, rational way of looking at how decisions are made is replaced with more realistic assumptions about inductive, nonoptimal decision-making. The new economics looks beyond organizational behavior to ...