As emergent trends demand continuous expansion and evolution of employee skill sets, companies face an urgent need for holistically integrated talent strategies, according to the report, “Future-Skilling Your Workforce,” released today by The Conference Board.

The report found new expectations for global collaboration and work/life balance, hypercompetitive employee monitoring and rating processes, and the eclipse of full-time salaried jobs by the gig economy in recent months have sparked multiple public conversations on the technology-led transformation of jobs, careers, and the workplace, the report found.

“More significantly, perhaps, leading companies are engaged in a parallel dialog behind the scenes — one that will define how they attract, develop and retain their workforces for decades to come,” it stated.

The report examines the historic confluence of factors — technological, macroeconomic, demographic, environmental and more — now reshaping corporate talent strategies. It draws on ideas and case studies from human capital practitioners convened in a research working group, including executives from Booz Allen Hamilton, Disney, Edwards Lifesciences, FedEx Ground, Fidelity Investments, IBM, Kaiser Permanante, Prudential Annuities and Selective Insurance Company of America.

“When it comes to their workforces, many organizations are still operating with a 20th-century mindset in a 21st-century world,” said Amy Lui Abel, managing director of human capital at The Conference Board and a co-author of the report. “HR and talent professionals need to break down silos and look at their efforts holistically — with functions like recruitment, compensation and training becoming integrated talent processes aligned to a clear business strategy. Likewise, employees can no longer be seen as isolated points on a hierarchical org chart, but rather nodes in a web of networks sprawled across the organization and beyond. Today’s rapidly changing business environment demands a talent strategy that maximizes agility and flexibility; companies that fail to adapt will find themselves increasingly unable to compete.”

Read more on the report here.