Global Human Capital Trends 2014: Engaging the 21st-century workforce

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CEOs and HR leaders see talent as a major challenge to growth. Where should you focus? Our survey of 2500+ leaders in 90+ countries reveals 12 critical trends shaping the human capital agenda.

CEOs and HR leaders see talent as a major challenge to growth. Where should you focus? Our survey of 2500+ leaders in 90+ countries reveals 12 critical trends shaping the human capital agenda.

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  • 1. Global Human Capital Trends 2014 Engaging the 21st-century workforce As the world comes out of the recession, organizations see a new workforce, one that’s younger, more demanding, and more dynamic than ever. Our research identified 12 critical trends that are helping drive the human capital agenda for the coming year. These global trends demand change, investment, and focus: Here’s your roadmap for the coming year. Join us on the journey to high performance by exploring these 12 trends, and visit our new Deloitte Global Human Capital Dashboard to learn about the talent issues impacting your industry, your geography, and your business. Connect with us Follow @DeloitteTalent Follow @Bersin www.HRTimesBlog.com Learn more www.deloitte.com/hctrends2014 www.deloitte.com/hcdashboard How were the trends selected? To gain insights into the 2014 global human capital trends, we conducted a survey in the last quarter of 2013 that included 2,532 business and HR leaders in 94 countries. We also interviewed more than 50 CHROs, VPs of Talent Management, CLOs and other business leaders. The survey covered the major industries and all of the world’s geographies. Our goal was to better understand the priorities and preparedness of executives and HR professionals around the world, enabling us to provide insights on what leaders can do to drive the talent and HR agenda. Across all respondents to our global survey this year, companies cite four issues as the most urgent: leadership, retention and engagement, the reskilling of HR, and talent acquisition and access. But in many cases, respondents don’t believe their organizations are ready to take on these challenges. In fact, for almost every trend we identified, readiness scores lag behind—sometimes far behind—the trend’s perceived urgency. Perhaps HR executives are being tough on themselves and their functions when they grade themselves an overall C-minus. But given the importance that both business and HR leaders place on the human capital and talent agenda, 2014 is a moment to reflect and to take action. What can be done? What should be done differently? What might be improved to move the needle in critical areas? Use these findings to understand your organization’s current state, its desired future, and the way you might bridge the gap.
  • 2. Lead and develop Transform and reinventAttract and engage Develop leaders at all levels Leadership remains the top human capital concern—and the largest “readiness gap” in our survey. The need: develop new leaders faster, globalize leadership programs, and build deeper bench strength. The quest for workforce capability Organizations now compete globally for scarce technical and professional skills. How can you locate and develop this talent when it takes years to develop expertise? Performance management is broken Companies worldwide are questioning their forced ranking, rigid rating systems, and once-a-year appraisal process. This is the year a new model of performance management will likely sweep through HR. Corporate learning redefined It’s a new age for Learning & Development. Online content, MOOCs, collaboration tools, and social media now fuel a training model where employees own their skills and experts share knowledge freely. Talent acquisition revisited Talent acquisition and recruiting are undergoing rapid disruption, challenging companies to leverage social networks, aggressively market their employment brand, and re-recruit employees every day. Rescue the overwhelmed employee Technology and too much access have turned us into “overwhelmed” employees. Nearly every company sees this as a challenge to individual productivity and overall performance, but struggles to handle it. Shift from diversity to inclusion The world has become highly diverse, but many companies have not—especially when it comes to combining diversity with the inclusive culture needed to truly build value. Move beyond retention Survey respondents say retention and engagement are the second biggest human capital challenges they face (after leadership gaps). What’s the secret to becoming a “talent magnet” in the coming years? Reskill the HR team HR pros need an increasingly wide range of skills, not only in talent areas but also in the understanding of how the business works, makes money, and competes. How are HR teams staying current and viable? Globalize and localize the HR function A new model of “high impact” HR blends globalized talent practices for consistency and mobility with localized flexibility to attract, retain, and manage people appropriately. Race to the cloud Cloud-based HR technology promises to integrate people systems, enable learning and talent management, and reengineer recruiting. But massive adoption of new software is harder than it seems. Implement talent analytics Analytics is an exciting and fast-growing area for human resources, but many companies are lagging. How can they address this game-changing area of HR to move quickly and methodically into the future? Three key areas of strategic focus: This year’s 12 critical human capital trends are organized into three broad areas This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication. As used in this document, "Deloitte" means Deloitte Consulting LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting. Copyright © 2014 Deloitte Development LLC. All rights reserved.