Human capital trends 2014 -- Canada edition


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Human resources executives and business leaders in Canada and around the world are concerned by the state of leadership development, talent retention and engagement and workforce capability in their organizations, among other challenges, according to the results of our 2014 global human capital trends survey.

They’re also uncertain about HR’s ability to address these challenges quickly and effectively.

If Canadian companies want to compete in today’s economy, they must do much better than “good enough”. Is your company ready? Are you confident your HR programs, methods and tools are prepared to manage a multi-generational, borderless workforce? Are leaders being developed at every level of your organization? Do your leaders know how to leverage your HR programs to deliver business outcomes?

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Human capital trends 2014 -- Canada edition

  1. 1. Human capital trends 2014 Proceed with action, challenges ahead Canada edition
  2. 2. TREND 1 Leadership 73%of Canadian business and HR leaders believe leadership development is their most important challenge over the next 12-18 months And 67% think they’re ready or somewhat ready to do so
  3. 3. Organizations across Canada – in fact, around the world – are struggling to keep up with the emerging multi-generational, borderless, technology-savvy workforce of the 21st-century. The challenge Growing leaders at every level
  4. 4. The way forward Develop and nurture a leadership culture unique to your company and connected to your customer brand • Ask your HR organization to build programs and tools to enable leadership development at all levels of your business • Engage top executives now to take accountability for the development of your leaders for tomorrow • Build a strong bench of leaders where your strategy matters • Align leadership strategies and programs to business goals, refreshing as the business evolves
  5. 5. TREND 2 Talent retention and engagement 55%of Canadian corporate leaders agree this is a major challenge 74%feel ready or somewhat ready to address it
  6. 6. 21st-century employees, especially millennials, are motivated by more than a paycheque – they want to be inspired and to satisfy their professional, social and personal goals. What’s a company to do to recruit employees these days? The challenge Feeding the passion
  7. 7. The way forward Focus on inspiring talent • Align business and corporate objectives with the professional, personal and social goals of employees • Don’t try to keep employees from leaving; try to inspire them to reach their goals with you • Build a boomerang effect: when employees leave, stay in touch and bring them back with more experience • Provide work that is meaningful and satisfying to the individual employee • Challenge the performance management process: Is it timely enough? Does it provide actionable feedback? Are you developing and playing to employees’ strengths or investing in developmental weaknesses? • Ask employees what matters to them, and ask them frequently
  8. 8. TREND 3 Workforce capability 50%of Canada’s corporate leaders feel this is an important issue 73%are confident they are ready or somewhat ready to address it
  9. 9. Organizations must now compete globally for increasingly scarce specialized skills. Even finding the talent is a challenge in itself: they’re unevenly distributed around the world. Add to the mix that these scarce skills are in demand over a broader range of industries than in years past. The challenge Minding the gaps in capability
  10. 10. The way forward Build, buy and rent a global workforce to compete in an open-talent economy • Translate your business strategy into current and future skills needs • Tap into new skills pools in new places • Extend the global supply chain: develop talent centres in emerging markets, partner with educational institutes to build a talent pipeline, consider purchasing specialized firms and build from within • Recognize you need multiple talent suppliers to meet your business demand • Foster continuous skills development
  11. 11. TREND 4 Talent acquisition and access 45%of business and HR leaders in Canada think this is a major concern 62%are confident they are ready or somewhat ready to address it
  12. 12. The challenge The battlefield for talent is shifting radically The rise of global talent networks, social media, employment brands and changing views of careers is compelling organizations to update and revamp their talent sourcing strategies.
  13. 13. The way forward Use new talent acquisition strategies that are fit for purpose • Partner with corporate marketing to build an integrated branding and communications strategy that attracts customers, new business and future employees • Leverage social media to build broader and deeper talent communities (beyond Facebook) • Use big data tools, from vendors like LinkedIn and Facebook, to source qualified candidates around the world • Extend the targets for recruiting: look for new talent pools to hire or borrow (e.g., freelancers) and search globally as well as across industries and functions • Use your alumni employee base to access future talent
  14. 14. TREND 5 Learning and development This will be a top issue over the coming year for 42% of Canadian corporate leaders Here, too, leaders are confident in their readiness to address it: 72%say they are ready or somewhat ready
  15. 15. Nothing replaces personal business experience but the new generation relies on technology to learn. Learning content is now delivered via various online and mobile platforms, massive online open courses, collaboration tools, gamification and social media, feeding a training model where employees choose how to develop their skills and experts share knowledge freely. The challenge Corporate learning looks a lot different these days
  16. 16. The way forward Create experience with technology-enabled, blended learning • Build it into your performance goals by asking employees to think about on-the-job learning, job shadowing and experiential learning when preparing their performance objectives • Redesign training programs: say yes to social and collaborative learning • Standardize, simplify and integrate learning technology, and on a mobile-enabled learning platform • Assess your learning culture: Do your managers help develop people or just drive the numbers? Is employee development truly important and valued in your organization?
  17. 17. Read the full report Human capital trends 2014: Proceed with action, challenges ahead © Deloitte LLP and affiliated entities. Designed and produced by the Deloitte Design Studio, Canada. 14-2102T