For those working in larger organisations you may recognise some of these factors from the recent Deloitte report, how has it impacted your business?
Several factors are converging that should make reinventing HR a critical priority for companies around the world.
- CEOs and other senior executives are more worried about talent than ever before. Eighty-seven percent of our respondents are deeply concerned about culture and employee engagement, 86 percent about their leadership pipeline, and 80 percent about workforce capabilities.3 At the same time, 80 percent of survey respondents believe their company’s HR skills—or lack of skills—are a significant issue.4
- Many organizations are moving to a global business services model, and back-office functions and systems are transitioning to cloud technology. HR is often at the forefront of this transition. As a result, the HR function has an opportunity to play a leading role in defining the scope of retained functional roles such as business partners and centres of excellence.
- The newer HR technology platforms now offer integrated systems and more access to data, including analytics and assessment science. Employee self-service is now a reality, all but eliminating the need for HR generalists. Yet HR continues to struggle to optimize analytics.
- A highly competitive global talent market has shifted power into the hands of employees, forcing HR to redesign programs in the face of a much more demanding workforce.
- Traditional HR practices such as performance management and leadership and development are undergoing radical change, forcing HR to throw away the old playbook and deliver more innovative solutions.
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