Versatilability is a noun that can be defined as the ability to be versatile, or to maintain a high level of versatility.
Organizations must adapt to change. For many, the concept of versatilability is increasingly relevant to their strategic implementation of any effective workforce plan or individual workforce solution—as every company is challenged by a wide array of variables that constantly compel each to adapt to change.
More and more, the success of companies is tied to their capacity to identify and respond to changes quickly, with minimal disruption to operations or profit. Cycle times across nearly all aspects of business have been reduced in recent history by technology, making speed and agility more critical to market success. Globalized companies are at even more risk, as variables of change increase with company size and geographic scope, especially across borders.
Some variables impacting versatilability that challenge companies in science-based industries today include:
- Project -based work requiring a multiplicity of skill sets for shorter and longer terms
- Economic fluctuations driving inconsistent funding or customer demand
- Anticipated and current scientific personnel/workforce shortages
- Innovations in scientific technology/new patents/research and development