Quick turnaround time for skill sets is what matters these days in the IT world. The concept in vogue in IT and all other industries is the fungibility of roles and skills creating a fungible workforce. In this era, where we are already struggling to understand the dynamics of running a business, technologies and functional skills sets are becoming Volatile, Uncertain, Complex and even Ambiguous (VUCA ). It is here we see the importance of fungible roles and skills coming into play.
Fungibility is an economic term
Fungibility in economics means when commodities can be interchanged as the value of the commodity does not change even when replaced. Gold is a fungible commodity as a gold coin can be replaced with another gold coin as long as the value remains the same. Similarly, roles and skillsets in an organization should also be fungible. The need for fungibility could be due to business growth, or even attrition where skills and roles have to be replaced quickly as the customers’ needs and problems are constantly changing and demanding.
Jack of all trades is the need of the hour
Gone are the days, when we were certain that working on a few technologies could bring in revenue and the talent development team could cross-skill and up-skill existing employees to fill in the gaps. It becomes increasingly difficult, even for students to decide on a particular technology to master, in order to fetch them a job. It is a trend now where employers look for a jack of all trades and master of none or rather master of all trades and jack of none.
Job rotation and competency development is the answer
Organizations are looking at creating a fungible workforce by rotating roles and opening up competency development learning sessions across business units. An organization would be successful when its business units remain verticals, but skillsets within these verticals are horizontals. It is easy to conceptualize and define these things, but to apply these concepts or even to execute a well-strategized plan to create fungible roles and skills would be a humongous task.
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