Did you know that 80% of all New Year resolutions fail in the first month? Even with those odds I decided to make one this year that didn’t involve consuming less food and I am pretty sure I can accomplish – more reading.
Speaking of reading, I just finished the recent Bersin by Deloitte 66-page report on their ten predications for 2014. The report covers a great deal and topics on Talent, Leadership, and HR Technology. The report was lengthy, yes, but it was also insightful. While these predications may or may not come true or affect your organization they are compelling. They bring to light many of the challenges faced in the ever-changing economic world we do business in.
In summary, the predictions indicate that organizations will move away from cost reduction and focus on employee retention and engagement. It sees technology continuing to bring the world to our doorstep, which will pressure companies to create or revise their employment brand to be more competitive. Data will dominate as businesses are looking to understand how to best manage its people and strong leadership will continue to be in short supply. The biggest impact is in HR; these teams have a persistent struggle finding innovative ways to attract, retain and engage employees in an effort to stay ahead of the competition. The report is also calling this year, “The Year of the Employee.” Companies that cut spending and restructured due to the lagging economy have pushed employees to work harder. The result? High-performing employees will have the control in the workforce. As key skills remain in short supply, individuals with these in demand skills can write their future.
The Global War on Talent
For many organizations the human capital shortage continues to be the biggest challenge. Organizations have transformed how they do business in almost every industry and it created an increase for new technical and professional skills that were already scarce. Prediction #1 sees businesses going global and in some cases relocating the organization to find the talent, skills and capabilities needed for the team. I agree that expanding your recruiting to a global level can help build networks that attract people around the world. However, not all businesses are in a position to move an entire location or company to another country. So, how can you be global without moving globally? Look at your talent practices and making sure there is a global initiative. Sometimes businesses will need to use out of the box options and find people with the right skills elsewhere. Having your own global recruiting process can help prepare for when that need arises.
When it comes to training and developing your people, these two words go hand-in-hand, right? Prediction #2 indicates the word “training” will soon be changed to “development.” As companies continue to find expanding gaps in skills and capabilities they will need to build a supply chain for talent. This means getting innovative – from developing apprenticeships to creating developmental assignments. Targeting continuous learning can be a smart way to help attract and retain talent.
The companies outperforming their competition tend to have a team of highly skilled and specialized people, have a stronger learning culture and deeply invest in their leadership regardless of economic circumstances. When you look at companies with a large pool of talent, possessing detailed and specific skills, they tend to beat out the competition, for example Apple and Samsung. These two companies compete on every level when it comes to engineering and innovation, leaving other companies in the dust. Continually investing in a team’s skills or taking the “continuous capability development” approach allows a business to be more proactive as their markets change, and that makes sense.
All About Performance
Predication #3 touches on a popular topic - Performance. It says the workplace will transition to the performance driven evaluation and organizations will aggressively redesign their appraisal and evaluations programs to focus on coaching, development, continuous goal alignment and recognition. Gone are the days of “stack ranking” your people. As engagement continues to drive many organizations, providing the right feedback and setting goals for your people will help drive that engagement and help them perform at extraordinary levels.
Many companies are already doing this, including ours. At TharpeRobbins we redefined how employees at every level are managed through their performance. From goal setting to monthly check-ins, employees know where they stand, where they need to be and have a strong path to reach their goals. It’s not about who you know; it’s about what you know and what you do with that knowledge.
Looking for an Engaging Experience
Engagement and retention are said to become a top priority in 2014 according to Prediction #4. People are no longer looking for a career - they are seeking an experience. Engagement won’t just be about engagement surveys; there’s a new approach in town that will explore engagement from a holistic standpoint and monitor engagement continuously. And, don’t forget about the generations in the workplace! As more Millennials enter the workforce you will need to re-imagine employee engagement by integrating the work environment, management practices, benefits, recognition programs and the company mission to all contribute to engagement.
The Mobile Talent and Career Development Strategy
People are connected everywhere you look – via cell phone, tablet or laptop – mobility is here to stay. With that mobility comes applications like LinkedIn, Twitter and Facebook that are making it easier for people to find new jobs quicker than ever. As employers, there should be a focus on providing talent mobility and career growth in the organization. As Prediction # 5 sees it,“2041 is the time to build a facilitated talent mobility strategy which includes open access to internal positions, employee assessment tools, interview guides and leadership values that focus on internal development.” This is spot on – your people will go elsewhere if their career development needs cannot be met – plus, your people are your best candidates.
What’s next? Finding the right talent and looking for that perfect level of engagement is not new for 2014, just a deeper focus on the never-ending quest for workplace utopia! Let’s see what the other predictions reveal in Part 2 of my review later this week!