A problem for all of us

This poses different challenges for companies, governments and individuals. For companies the main task is simply to end up with more talented people than their competitors. Firms will surely have to cast their net wider, employing more part­time workers and more older workers, and spending yet more on training, even in places where workers seem cheap: the training budget at Infosys, an Indian tech giant, is now well above $100m. Human-resource managers, once second-tier figures, now often rank among the highest-paid people at American firms; they will have to justify that status.

But governments too need to act. Removing barriers is а pri­ority: even America still rations the number of highly skilled immigrants it lets in, and Japan and many European countries do far worse. But education inevitably matters most. How can India talk about its IT economy lifting the country out of pov­erty when 40% of its population cannot read? As for the richer world, it is hard to say which throw more talent away - Amer­ica's dire public schools or Europe's dire universities. Both suf­fer from too little competition and what George Bush has called "the soft bigotry of low expectations".

And the talented would dо well to intervene in this debate on the side of the disadvantaged. For one last thing is sure to flow from the hunt for talent: even greater inequality. Most so­cieties will tolerate the idea of well-rewarded winners, as long as there is equality of opportunity and the losers also clearly gain something from the system. If those conditions are not met, populist politicians from Toledo to Tokyo will clamp down - and everyone will be poorer for it. А global meritoc­racy is in аll our interests. Be prepared to fight for it.

The Economist

I. Find in the text:

Способность мыслить творчески, лучшее доказательство, соответствие, выделяться, заполнять вакансии, приспосабливаться, нематериальные активы, острая нехватка квалифицированных кадров, неравенство, снять барьеры.

II. Explain the following:

Capital is footloose and fancy-free, brainpower, brain-box, sub-standard employees, talent-management technology, to move to the highest bidder, to hit a new high.

III. Answer the questions:

1. What is the greatest worry of many bosses today? Why?

2. What is talent?

3. Why does the author use the example of high-tech firms speaking about talent shortage?

4. Why is the number of lawsuits growing in Silicon Valley?

5. Why does it take longer for companies to fill jobs?

6. Why is the talent shortage likely to get worse?

7. What is the situation with the supply of skilled workforce in the developed world?

8. Why does the author speak about the collapse of loyalty? Is it a problem? Why?

9. Is the situation in the developing world better?

10 Why is it difficult for companies to find skilled labour force?

11. What is the main task for companies?

12. Why are HR managers among the highest-paid people in the developing world?

13. What can governments do?

14. What is

15. Why does the author say that most societies will have to tolerate the idea of well-rewarded winners?

16. What conclusion does the author make? Why?

IV. Comment on the statements:

1. ‘Talent’ is one of those irritating words that has been hijacked by management gurus.
2. Companies of all sorts are taking longer to fill jobs.
3. People often talk about shortages when they should really be discussing price.
4. As for supply, the picture in much of the developed world is haunted by demography.
5. Adding willing hands to the global economy is not the same as adding trained brains.
6. Companies will have to cast their net wider.
7. Removing barriers is a priority.
8. One last thing is sure to flow from the hunt for talent: even greater inequality.

V. Speak on the points:

1. The best evidence of a ‘talent shortage’ can be seen in high-tech firms.
2. The demand for talent-intense skills is rising.
3. Education inevitably matters most.
4. A global meritocracy is in all our interests.

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