global human capital trends 2014: engaging the 21st-century workforce

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Global Human Capital Trends 2014 Survey Findings 2014

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Global Human Capital Trends 2014: Engaging the 21st-century workforce reveals the findings of a global survey of more than 2,500 business and HR leaders from 90+ countries –one of the largest talent management surveys of its kind. The survey results paint a clear picture of the challenges and opportunities organizations face in cultivating the talent needed to grow. These dashboards let you explore some of the primary “whats” (survey results) and “whos” (respondent demographics) in ways most meaningful for you. Click through each one for insights to help guide your human capital agenda for the coming year. For more information, visit http://www.deloitte.com/hctrends2014/

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Page 1: Global Human Capital Trends 2014: Engaging the 21st-century workforce

Global Human Capital Trends 2014 Survey Findings

2014

Page 2: Global Human Capital Trends 2014: Engaging the 21st-century workforce

• One of the largest ever study of global human capital trends, readiness, and issues

• 2500+ business and HR leaders in 90+ countries

• Covering the major industries and all of the world’s geographies

The research

Page 3: Global Human Capital Trends 2014: Engaging the 21st-century workforce

Today’s workforce demands a whole new set of leadership, talent, recruiting, and engagement strategies. HR organizations are struggling to keep up.

Key findings

Leadership continues to be the biggest challenge companies face around the world

Technology, analytics, and the “overwhelmed employee” are acute focus areas for HR

Skills gaps, rapid obsolescence of skills, the need for next-generation learning, and talent mobility will differentiate companies

“The 21st Century Workforce” is different – and engagement and retention are now top issues on the minds of CEOs and CHROs

HR is falling behind in structure, skills, analytics, technology, and the development of world-class recruiting and L&D

Copyright © 2014 Deloitte Development LLC. All rights reserved.3

Note: The key findings are based on the outcomes of the Global HC trends report.

Page 4: Global Human Capital Trends 2014: Engaging the 21st-century workforce

Lead and develop Attract and engage Transform and reinvent

Leaders at all levels: Close the gap between hype and readiness

Talent acquisition revisited: Deploy new approaches for the new battlefield

The reskilled HR team: Transform HR professionals into skilled business consultants

Corporate learning redefined: Prepare for a revolution

Beyond retention: Build passion and purpose

Talent analytics in practice: Go from talking to delivering on big data

Performance management is broken: Replace “rank and yank” with coaching and development

From diversity to inclusion: Move from compliance to diversity as a business strategy

Race to the cloud: Integrate talent, HR, and business technologies

The quest for workforce capability: Create a global skills supply chain

The overwhelmed employee: Simplify the work environment

The global and local HR function: Balance scale and agility

The trends

This year’s 12 critical human capital trends are organized into three areas

Copyright © 2014 Deloitte Development LLC. All rights reserved.4

Page 5: Global Human Capital Trends 2014: Engaging the 21st-century workforce

Human Capital Trends 2014

Page 6: Global Human Capital Trends 2014: Engaging the 21st-century workforce

Lead and develop

Copyright © 2014 Deloitte Development LLC. All rights reserved.6

Page 7: Global Human Capital Trends 2014: Engaging the 21st-century workforce

• Number 1 talent issue facing organizations around the world

• 21st-century leadership is different with companies facing new leadership challenges

Leaders at all levelsClose the gap between hype and readiness

Current leadership programs falling short

The challenge is to develop leadership

pipelines that are global, broad, and deep,

reaching to every level of the organization

Copyright © 2014 Deloitte Development LLC. All rights reserved.7

Page 8: Global Human Capital Trends 2014: Engaging the 21st-century workforce

Corporate learning redefinedPrepare for a revolution

• Biggest problem today is the uncoordinated structure of learning and development

• Corporate training requires content, context, and deep expertise

Slow adoption of leading-edge learning tools

Focus on continuous learning and the move from “push” training

to “pull” learning

Copyright © 2014 Deloitte Development LLC. All rights reserved.8

Page 9: Global Human Capital Trends 2014: Engaging the 21st-century workforce

Corporate learning redefinedPrepare for a RevolutionPerformance management is brokenReplace “rank and yank” with coaching and development

• Ranking- and ratings-based performance management is damaging employee engagement, alienating high performers, and costing managers valuable time

A strong majority rethinking performance management

70 percent of respondents stated that

they are either “currently evaluating” or have recently “reviewed

and updated” their performance

management systems

Copyright © 2014 Deloitte Development LLC. All rights reserved.9

Page 10: Global Human Capital Trends 2014: Engaging the 21st-century workforce

Corporate learning redefinedPrepare for a RevolutionPerformance management is brokenReplace “rank and yank” with coaching and development

The quest for workforce capabilityCreate a global skills supply chain

• Corporations now compete globally for increasingly scarce technical and professional skills

• Deep capabilities drive performance—and take years to build

The gap is wider in major economies

75 percent of respondents rate

workforce capability as “urgent” or “important”, however only 15 percent believe they are ready to

address it

Copyright © 2014 Deloitte Development LLC. All rights reserved.10

Page 11: Global Human Capital Trends 2014: Engaging the 21st-century workforce

Attract and engage

Copyright © 2014 Deloitte Development LLC. All rights reserved.11

Page 12: Global Human Capital Trends 2014: Engaging the 21st-century workforce

Talent acquisition revisitedDeploy new approaches for the new battlefield

• A new battlefield has been shaped by new global talent networks and social media

• It is being defined by employment brands and changing views of careers

Most companies reviewing or changing sourcing and recruiting

60 percent of respondents have

updated or are currently revamping their talent

sourcing strategy, another 27 percent are considering changes

Copyright © 2014 Deloitte Development LLC. All rights reserved.12

Page 13: Global Human Capital Trends 2014: Engaging the 21st-century workforce

• Number 2 priority rated by executives around the world

• Millennials are 34 per cent of global workforce - some 70 per cent of Millennial want to launch their own business as some point

Companies struggle to instill passion and purpose

Any workplace that lags in inspiring passion and

purpose will suffer by losing key employees—and at an increasing rate as the global economy picks up momentum

Beyond retentionBuild passion and purpose

Copyright © 2014 Deloitte Development LLC. All rights reserved.13

Page 14: Global Human Capital Trends 2014: Engaging the 21st-century workforce

From diversity to inclusionMove from compliance to diversity as a business strategy

• Organizations promote diversity however they struggle to fully leverage the business benefits of a diverse workforce

• Only one company in five (20 percent) believes it is fully “ready” to address this issue

Wider gaps observed in major economies

The gap between the urgency and companies’ readiness to address it is particularly wide in

Japan, South Africa, and China

Copyright © 2014 Deloitte Development LLC. All rights reserved.14

Page 15: Global Human Capital Trends 2014: Engaging the 21st-century workforce

• An explosion of information or “hyper-employment” and always-connected 24/7 work environment is overwhelming employees

• This undermines productivity and contributes to low employee engagement

An underwhelming response to today’s overloaded employee

65 percent of executives rated the trend as

“urgent” or “important”, while 44 percent said

that they are “not ready” to deal with it

The global and local HR functionBalance scale and agilityThe overwhelmed employeeSimplify the work environment

Copyright © 2014 Deloitte Development LLC. All rights reserved.15

Page 16: Global Human Capital Trends 2014: Engaging the 21st-century workforce

Transform and reinvent

Copyright © 2014 Deloitte Development LLC. All rights reserved.16

Page 17: Global Human Capital Trends 2014: Engaging the 21st-century workforce

• Businesses report that their HR teams are “not ready” or up to the job

• HR teams need to develop: HR and talent skills; Business, industry, and global skills; and Management, leadership, and program implementation skills

65 per cent assess their capabilities as “Adequate” to “Under-performing”

Third most urgent and important trend with 77 percent of respondents ranking it as “urgent”

or “important”

The overwhelmed employeeSimplify the work environmentThe reskilled HR teamTransform HR professionals into skilled business consultants

Copyright © 2014 Deloitte Development LLC. All rights reserved.17

Page 18: Global Human Capital Trends 2014: Engaging the 21st-century workforce

• HR is evolving into a data-driven function

• However, most companies are yet to convert these capabilities into action

Talent analytics in practiceGo from talking to delivering on big data

Nearly half of the companies surveyed are moving forward

Companies that successfully leverage

analytics will be positioned to outperform their peers in executing their talent strategies

Copyright © 2014 Deloitte Development LLC. All rights reserved.18

Page 19: Global Human Capital Trends 2014: Engaging the 21st-century workforce

Race to the cloudIntegrate talent, HR, and business technologies

• Today’s integrated HR platforms are “systems of engagement”

• They enable improvements in productivity, capability development, collaboration, and data-driven decision making

Limited investment in HR and talent systems

56 percent of the respondents say their

companies are either not considering updating or have no definitive plans to update their systems

Copyright © 2014 Deloitte Development LLC. All rights reserved.19

Page 20: Global Human Capital Trends 2014: Engaging the 21st-century workforce

• Today’s challenge is developing an integrated global HR operating model that allows for customizable local implementation

• Companies in Brazil, Japan, and the United Kingdom are struggling to adapt

Wide gaps observed across economies

81 percent of large organizations report

that implementing an HR global operating model is “urgent” or

“important” today

The global and local HR functionBalance scale and agility

Copyright © 2014 Deloitte Development LLC. All rights reserved.20

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Available resources

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We’ve developed a set of tools to enable you to have conversations within your organization and your leaders

How to access the report

Copyright © 2014 Deloitte Development LLC. All rights reserved.22

Read the PDF Report and share it within your organization

www.deloitte.com/hctrends2014

Use the Interactive Dashboard www.deloitte.com/hcdashboard to filter the trend data by:

• Organization size• Industry• Region• Country• Level in organization

Download the iPad App and familiarize yourself with the trends

Follow us on twitter: @DeloitteTalent and @Bersin

Subscribe to the HR Times blog: www.hrtimesblog.com

Page 23: Global Human Capital Trends 2014: Engaging the 21st-century workforce

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte has in the region of 200,000 professionals, all committed to becoming the standard of excellence.

This publication is for internal distribution and use only among personnel of Deloitte Touche Tohmatsu Limited, its member firms, and their related entities (collectively, the “Deloitte Network“). None of the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this publication.

© 2014. For information, contact Deloitte Touche Tohmatsu Limited.