This article originally appeared as a Council Post on Forbes here.
Half of the giants we now know may no longer exist by the next decade.
In 1964, a company on the S&P 500 had an average life expectancy of 33 years. This number was reduced to 24 years in 2016 and is forecast to shrink further to 12 years by 2027.
Organizations need to find the right business strategies, both long term and short term, to keep up with the fast-moving economy. Ensuring staff members are equipped with the necessary advanced cognitive skills and soft skills is one strategy, but upskilling is expected to take five to 10 years. The wide skills gap is a bottleneck that 79% of global CEOs are extremely concerned by, says a report by PwC. Some companies know they must fill the skills void immediately, and they have been aggressive in hiring top talent — often younger generations who are disruptors — to introduce innovation, divergent thinking and out-of-box solutions that are desperately required to extend the organization’s lifespan.