Staying Relevant

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

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On average, what percentage of your skills became obsolete or outdated during the pandemic?

On average, what percentage of your skills became obsolete or outdated on a yearly basis before the pandemic?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

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