Success in most organizations depends on the commitment and talent of its workforce. According to Deloitte’s third annual Human Capital Trends report, Leading Indicators, C-level executives need to take a critical look at how their company’s talent is driving its business and address seven specific issues in order to remain successful over the next 18 to 24 months.
“Our report provides human resources executives with the roadmap they can use to help them address critical talent issues that could directly impact an organization’s performance going forward,” said Barbara Adachi, national managing director, Human Capital, Deloitte Consulting LLP. “Many companies are facing game-changing dynamics within the areas of technology, globalization, demographics and regulation. It is critical for executives to address these issues head-on and strategically, rather than waiting for a crisis moment to trigger a response that does not fit into the long-term growth of the company.”
The following seven Human Capital trends examined in the report offer leaders the opportunity to make more informed talent decisions going forward:
The open talent economy – An organization that embraces the emerging concept of the open talent economy – a collaborative, technology-driven, rapid-cycle way of doing business – can be poised to exploit its opportunities and immerse itself more effectively in the global talent market.
Creating an elastic workplace – Leading organizations are taking a fresh look at workplace flexibility through the lens of business strategy as the issue evolves into an opportunity that impacts all employees.
Innovating the talent brand – In order to effectively retain and attract the best talent, companies should focus on their talent brand by building leading talent practices and communicating them in innovative ways.
Finding the silver lining in the talent gap – The nature of retirement along with the changing ability of a generation to retire early is shifting the demographics of the workforce again. In fact, Deloitte found in a previous study that 34 percent of U.S. employees plan on delaying their retirement age. The combination of an aging workforce remaining actively employed, even when facing retirement age to an influx of talent from Generation Y, means that organizations need to determine the best way to continue to get value from older workers without holding younger workers back.
Debunking the Superman myth – Given the ever-changing pressures on businesses today, including adopting new technologies, entering an emerging market country or adapting to new regulatory environments, companies need a bench of leaders who can operate across different environments and adapt to the unexpected.
The performance management puzzle – To effectively motivate employees, some leading organizations are considering new performance management tools with social media characteristics that incorporate peer, customer and other stakeholder feedback.
Thinking like an economist – HR and talent leaders should adopt an economist’s mindset and expand their use of economic data to make fact-based decisions, which not only increases their alignment with the other business leaders in their organization, but also helps put people in the right positions to unlock their most valuable talents.
“Companies need to blend together their business and talent strategies to help stay ahead of the curve in today’s highly competitive talent marketplace,” said Michael Gretczko, principal, Deloitte Consulting LLP. “Seriously considering how these seven Human Capital trends could be integrated into an organization takes courage. Making changes within an organization can seem daunting, but we believe that those who do will reap the rewards that come with being a forward-thinking organization.”
To download a copy of Leading Indicators visit CLICK HERE.