Adapting to Work and the Workforce of Tomorrow
The nature of work is changing, and employers are taking notice.
We persistently hear how organisations are struggling to find, attract and retain talent to get work done. The struggle is intensified by factors such as:
- Demographic shifts which are reshaping the makeup of the workforce
- Demands for emerging skills have which are creating a talent shortage
- New technologies and non-traditional work models are gaining prominence
We recently surveyed 1,000 HR decision-makers and found that 94% believe that navigating talent management trends today is more difficult than it was just 5 years ago.
Among those who expressed difficulty, areas of impact include:
- 50% longer hiring cycles,
- 49% increased costs
- 38% lower productivity and workforce engagement
- 33% limited achievement of business goals
- 27% loss of revenue potential
Considering these business issues that are at stake, addressing today's talent trends is more than a nice-to-have, it is a priority that can determine an organisation's ability to survive and grow. Our research shows that talent is taking on a new meaning for organisations today and the report explores answers to these questions through the lens of 6 critical trends under 3 main themes:
1. Who does the work?
(i) The rise of the multigenerational workforce
(ii) A growing emphasis on transferable skills
2. How do you acquire talent?
(iii) The demands of multi-channel global sourcing
(iv) The increasing emphasis on digital talent acquisition
3. What is the nature of the work itself?
(v) The expanding use of flexible employment models
(vi) A growing pressure to automate activities and processes
When it comes to the workforce of tomorrow, the future has indeed arrived. Employers today face a complex and changing environment for acquiring talent and new demands to ensure that their processes are executed in a way that's competitive, fast, accurate, intelligent and cost-effective. These trends driving the new meaning of talent are strong. From the rise of multiple generations in the workforce to the evolving job requirements, the complex global sourcing channels, digital talent processes, various employment models and automation.
Employers may find that adjusting to these trends is intimidating but in the emergence of new models of work and talent strategies there is also great opportunities to succeed. Employers that think differently about who does work, how they acquire talent, and what is the nature of the work itself will be the most competitive today and into the future.