The document discusses how business practices need to change to adapt to a global knowledge environment. Specifically, it notes that flexibility is now essential for businesses and employees. It outlines 11 key changes required, including the need for mobility over centralization, customization over standardization, encouraging human abilities over prioritizing machines, empowering employees over strict supervision, retaining knowledge workers, pushing decisions down hierarchies, fostering mutuality between employers and employees, redefining performance measures, accommodating complex employee lives, focusing on employee well-being, and reinventing practices with a flexible human capital approach. Overall, the document argues flexibility is necessary to attract and retain top talent, solve organizational challenges, and gain a competitive advantage.