It won’t come as a surprise to know that the commitment and talent of a company’s workforce are critical to its future success – but how is this achieved? That’s a question that Deloitte’s has attempted to address in its latest Human Capital Trends report.
“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,” says Barbara Adachi at Deloitte Consulting.
So how can business leaders better align their organisations and attract/keep the best talent? Deloitte has some punchy suggestions:
- Embrace the emerging concept of the open talent economy – a collaborative, technology-driven, rapid-cycle way of doing business
- 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. 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
To download a copy of Leading Indicators visit http://www.deloitte.com/us/hctrends2013