While workforce strategies and operations have evolved over the past decade, many workforce metrics and governance measures have not kept pace. Today, new metrics are needed to enable forward-looking insights into every human capital trend, so that leaders can gain the necessary perspective to anticipate and meet the challenges of today’s rapidly changing environment.

The pressure to generate deeper workforce insights often begins at the highest levels. More than half of this year’s participants in the Global Human Capital Trends survey (53 percent) reported that their leaders’ interest in workforce information has increased in the past 18 months. This desire for improved workforce metrics spans a diverse set of needs that are mainly future-focused, with information on the workforce’s readiness to meet new demands being the leading priority.

Several factors from both inside and outside the organization are driving this surge in demand. Within many companies, there is increasing uncertainty about the future. One key driver of this uncertainty is the speed at which skills become obsolete due to technological and economic change. As the “half-life” of skills decreases, the need for a more dynamic view of the workforce increases.

This internal uncertainty is also matched by external pressures. As human capital-centered issues—culture, inclusion, leadership behavior, the treatment of workers—become more transparent, their potential to affect an organization’s brand and financial value increases.

 

So, what is necessary to make progress? We believe the core issue is actually foresight and creativity. Many organizations are stuck in outdated ways of thinking, recycling the same old metrics that have been around for years.

The challenge is not in gathering data but finding the right strategic questions to ask. To identify metrics that can govern and guide 21st-century workforce strategies, organizations must determine what questions can help them navigate the future effectively, and not just report on the past. Finally, the most advanced organizations are pairing new technologies with data and analytics expertise to examine human capital information in new ways.

The road ahead includes not just a focus on technology, but also an enhanced focus on foresight, creativity, and how organizations manage the use of data to develop future-oriented, actionable workforce insights. The imperative is clear: to make bold choices today, leaders must grasp what the future may hold through metrics to help them anticipate risks, inform strategy, and prepare for the future of work, the workforce, and the workplace.

In this series of articles, we will introduce you to each of the 2020 Deloitte Global Human Capital trends and show how organizations can work within an environment shaped by the fusion of technology and people to embed purpose, potential and perspective into the DNA of how they operate. If you would like more information on Governing workforce strategies—New questions for better results, please contact the Deloitte Banking and Human Capital Leader, Pascal Martino (pamartino@deloitte.lu).

And if you would like to view the full 2020 Human Capital Trends report, please download it here: https://www2.deloitte.com/lu/en/pages/human-capital/articles/human-capital-trends.html#1

 

Look for our next article “Ethics and the future of work—From ‘could we’ to ‘how should we’” to learn why making bold choices today requires leaders to understand what the future may hold through metrics that can help them prepare.

 

Communicated by Deloitte Luxembourg


Publié le 05 octobre 2020