As the work world changes, are leaders keeping up with it? According to the 2015 report Global Human Capital Trends by Deloitte, there is a need for dramatic change in strategies for leadership, human resources and talent. The need for this is driven by employees who always desire to be hyper-connected to their jobs through mobile technology. The data from this research can be viewed by geography, company size, and industry using an interactive tool, the Human Capital Trends Dashboard. It lets you review the data visually to see how talent priorities vary around the world.
Six key findings emerged from the survey:
- Areas such as culture and engagement, leadership and development have become top priorities in the new work world. As the economy blossoms, so does employee demand for rich company culture, meaningful engagement, strong leadership and advanced development opportunities.
- The capability gap is widening between leadership and learning. Deloitte’s 2015 report uncovered that while technical and professional skills are a chief priority, corporate training departments have fallen behind providing opportunities to learn in these areas.
- On an up note, while the average scorecard barely improved the past year, organizations that have hired managers who can lead in areas of culture, engagement and employee development are reaping significant benefits across a range of talent issues.
- Technology systems are improving, but their promise may be largely unfulfilled. HR technology spending grew by 4% and according to this year’s research, nearly six out of 10 companies do plan to increase HR spending in the next 12 to 18 months. But Deloitte’s client experience with human resource technology suggests that the additional spending on technology has not been accompanied by similar investments in processes and people. Simply implementing new tools without redesigning processes and training HR does not solve talent problems. It is important to not only invest in technology, but also to ensure complementary investments are made in programs that redesign processes, develop new learning content and programs, and train both leaders and their teams.
- Progress is slow to develop talent and people analytics. This is big on organizations’ agendas for 2015 is analytics, but research shows only a small improvement in analytics capabilities. These findings indicate that as new vendor tools arrive in the market, teams are still not fully embracing, training or re-organizing to succeed. Research indicates that those companies that take the time to build people analytics capabilities will most likely outperform competitors in the coming years.
- Companies are embracing the need to simplify work practices and environments. In this year’s survey, 71% of companies rated work simplification “important” or “very important.” Companies are beginning to phase out traditional performance management processes, which were burdensome in nature, in favor of more streamlined approaches to ease the stress of overwhelmed employees.
What this research means for you.
In today’s competitive business environment and rapidly evolving economy, business challenges will continue to grow. Organizations must continuously nurture leaders who can engage employees, nurture culture and drive innovation as they face a looming crisis in retention. As this transformation takes place, managers must embrace it, become more agile, forward thinking and fast-paced in solutions. Spring Arbor University is constantly alert to adapting our online MBA programs to new trends in the workforce. This way, you not only learn the solid foundations of subject matter, but you also learn the latest implementation strategies needed to successfully navigate our rapidly changing world.