The workforce model has been evolving as the years carry on. As such, approaches have been changing to accommodate this new era.
We’re now seeing that employee experience, diversity and inclusion, empowering managers, and developing employees are at the centre of the talent development journey. Many HR experts state that it is vital for their organization’s employees to be able to utilize and transform their learning into tangible business outcomes if the company expects successful growth.
These talent management experts have also informed that certain trends will rise in 2020–five, in particular.
Take a look at successful companies like Apple, Microsoft, Volkswagen, Citi Group, Toyota, and many more; they thrive because of constant transformation. They redesign their jobs, structures, and talent development to achieve more scalability and adaptability. However, whenever companies make a strategic change, it typically requires their employees to do things differently. As a result, many organizations need to closely examine to figure out if they would have to amend company culture. It’s absolutely critical to do so, since culture drives strategy execution.
If the proper learning transfer of cultures and amendments don’t occur, people will tend to fall back to their ‘old ways’ of culture and processes, which will create a recipe for failure. Transformation must be a continuous aspect to every level of an organization. For example, middle-level managers to entry-level employees need to be given more control on how to structure their work and how to work with different teams and colleagues. Once there is an established and concrete culture and cross-team effectiveness, organizations will see outstanding business results.
“The workforce is rapidly evolving. In the coming year we will see an even greater focus on transparency, agility, culture and purpose-driven leadership,” said Byrne Mulrooney, Chief Executive Officer, Korn Ferry RPO, Professional Search and Korn Ferry Digital. “Employers are also becoming more flexible in how they embrace technology, attract and reward employees, and create ongoing transformation at all levels of the organization.
Entrepreneurship is now infused and lionized into business culture now. However, while the concept of thinking entrepreneurially is often considered as lip service, when put into practice, signals an individual’s penchant for ambition and leadership potential.
Great businesses thrive when entrepreneurial thinking is viewed as a skill that elevates and improves one’s role in the company. It’s a good avenue for employees to seek out effective professional development that ultimately benefits your company.
In the past, well-controlled structures set the pace of how work got done. It was the boss’ job to set the strategy and ensure the process led to profitable results. However, in today’s changing business world, leaders now have to create an agile and adaptable culture where the teams work well together and understand the purpose of their work; why they exist and how they can make a difference.
In order for a company to continue to flourish, they need to have a workforce that is well-poised to adapt and thrive during change. An organization may need to adopt a culture and philosophy of flexibility as the business world rapidly advances.
“Adaptable is about living and breathing around networks,” Michael Stephan, Deloitte’s US human capital leader, said in an HR Dive interview.
Data is necessary to understand whether change and talent development has been successful. HR has been collecting data for years. Unfortunately, most data isn’t being put to proper use. “Most people use data the way drunks use a lamppost: for support rather than for illumination,” Alexis Fink General Manager of Talent Intelligence and Analytics at Intel, said.
By leveraging analytics, it will lead to productive working environments for employees and a higher profit gain for the organization. It’s also helpful in receiving a more accurate assessment on what’s working and what the gaps are. The collected data can then be the perfect evidence-based leverage needed to back up decisions.
Organizations and employers who want to improve the workforce need to have tangible data to improve their workforce sensing capabilities.
Training leaders, HR managers, and talent pros will need to reinvent their talent development strategy and support the increasing need for the optimization of performance management.
One study had found that highly empowered and engaged employees demonstrated engagement levels in the 79th percentile, while disengaged and disempowered employees were ranked in the 24th percentile.
If we were to put that into costs, a disengaged employee costs around 34% of the company’s profits. For example, if an employee is earning $60,000 per annum, it costs an organization $20,400 a year.
However, if an organization has highly engaged employees, they tend to show up every day with passion, purpose, and energy when they feel empowered. Gallup states that employee engagement needs to be concrete, not abstract. Highly engaged teams show around a 21% increase in greater profitability.
As we move closer toward the second quarter of 2020, it’s apparent that talent development will continue to transform, with employees needing to be empowered to be adaptable, engaged, and forward-thinking entrepreneurs. Companies itching to succeed must utilize transformative training and talent development programs to help produce business results.
If you’re interested in finding veritable, actionable ways of implementing these emerging trends into your organization, we have several free chapters of the Six Disciplines of Breakthrough Learning–a book that understands challenges an HR professional faces and provides practical solutions–available for download through e-book format. Click the button below to get your free e-book today!
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