In doing so, many demonstrated a shift away from their traditional role of standardizing and enforcing workforce policies to a new responsibility of orchestrating work in an agile fashion across the enterprise. But those conversations often lose sight of the latent potential within the workforceand the value they can create when their potential is understood and harnessed. Superteams can give organizations the opportunity to re-architect work in more human ways, leveraging technology to elevate teams ability to learn, create, and perform in new ways to achieve better outcomes. Empower workers to reimagine what, how, and where work gets done. That step is re-architecting work. as a part of their business continuity plans5, which were driven by potential lockdown scenarios, business implications, and recommended mitigations provided by the HRISC 4. Deloitte Human Capital Trends 2019) show that along with a higher impact of technologies in the organizations, companies' success criteria will increasingly depend on human capital and the capability to develop and maintain a strong organizational foundation. to receive more business insights, analysis, and perspectives from Deloitte Insights, Telecommunications, Media & Entertainment, Work Disrupted, Deloittes new book on the accelerated future of work, five characteristics of a resilient organization, The future of work in a post-pandemic world, While covid-19 continues to force remote work, Europe looks to enforce a right to disconnect, Why Frances new right to disconnect law matters, Ford and GM are undertaking a warlike effort to produce ventilators. Organizations that integrate well-being into the design of work at the individual, team, and organizational levels will build a sustainable future where workers can feel and perform at their best. A complex and shifting environment makes it impossible to rely on point-in-time data or data that covers only part of the workforce. Workers compete for limited jobs due to an oversupply of talent. As SCEs VP, People, Culture & Strategy explained, Weve done a lot of really good work not only just releasing the data transparently but acting on it. Avoid the instinct to use technologies only as an enabler for the work you already do. % David is an author of Deloittes annual Global Human Capital Trends study and a co-host of the Capital H podcast. In a world where organizations are increasingly expected to deliver impact beyond shareholders to all stakeholders, executives who deprioritize well-being as a goal of work transformation are missing a huge opportunity. workers as interchangeable and easily replaceable, and workers Pandemic and societal pressures accelerated the worker-employer relationships evolution beyond anyones anticipation. 3 3 Deloitte Insights, 2019 Human Capital Trends Report, Deloitte Development LLC, 2019. Financial services provider Lincoln Financial took a multidimensional approach to gaining these insights, using employee surveys and advanced analytics to collect information that could help it effectively design its return-to-work strategy. ~w/=| It means deliberately using a superteams complementary human and technological strengths to design work so that it enhances humans natural ways of working. Social login not available on Microsoft Edge browser at this time. View in article, Erica Volini et al., Superteams: Putting AI in the group, Deloitte Insights, May 15, 2020. Get the Deloitte Insights app, As the pandemic went on, well-being remained paramount in organizational leaders minds. In The power to perform: Human capital 2020 and beyond, we set out seven key priorities for ensuring your workforce strategy and how it's executed are fit for the future: Priority one. Cultivate worker passions to solve unseen and future problems. Its algorithms then automatically calculate and rank responses based on group popularity, allowing for a clear view into participants ideas unclouded by factors such as bias and individual personality differences. And they were 2.2 times more likely to report being very ready to make or pivot investments for changing business demands. A more dynamic, action-oriented approach to understanding the workforce can help leaders make better, faster decisions based on up-to-the-minute information on what their workforce is capable of. In August 2020, Jen Fisher, Deloitte USs chief well-being officer, posted a LinkedIn message that asked leaders to share the strategies and practices they were piloting to influence well-being in their organizations. WHAT IS VIRTUAL TRAINING? #DeloitteESGNow Human Capital Measures Up (November 3, 2020) Show contents . The presented paper has a classical structuring of . Customers asked organizational leaders, and organizational leaders asked themselves, their partners, and their suppliers, to deeply examine what they were doing to promote principled individual and organizational behaviorwith the expectation that everyone needs to do more. In fact, getting the most value out of a talent ecosystem requires organizations to view the concept of retention differently. Notably, the new list expands the disclosure requirements related to human capital, which previously were limited to the number of a registrant's employees, to include any "human capital measures or objectives that management focuses on in managing the business," including those "measures or objectives that address the development . Read the full report. This allows Mastercard to more accurately understand its workers skills to identify organization-wide strengths and development areas. View in article, Stuart R. Levine and Thought Leaders, Diversity confirmed to boost innovation and financial results, Forbes, January 15, 2020; Roco Lorenzo et al., How diverse leadership teams boost innovation, BCG Henderson Institute, January 23, 2018. 2020 banking and capital markets outlook Disruptive forces are changing how banking is done. Download Free PDF. These exponential underwriters dont have to become tech experts or data scientists to use and benefit from the technology. Human Capital Trends 2020 and the implications for HR Shared Services 2020 Deloitte Shared Services Virtual Conference | 18 June 2020 Organizations should also take into account the environments in which theyre designing work, as work increasingly crosses cultures, geographies, functions, and physical and virtual workspaces. Even as demand ballooned during the pandemic, the organization found that managing its on-shelf products could be done just as simply and cost-effectively by its people as by the robots.20. About Deloitte's Global Human Capital Trends report Since 2011, Deloitte's Global Human Capital Trends is the world's largest longitudinal study of HR, talent, and related technology topics ever conducted. Human Capital Trends through the Lens of Public Relations dr. Ph.D.Edina Krisk National University of Public Service Faculty of Public Governance and International Studies Source: See NVCA and Deloitte, "Human Capital Survey," (2021). Build trust and purpose Rebuild trust and redefine employer brand to attract and retain tomorrow's workforce; Priority two. Organizations that figure this out can benefit from the increased agility and resilience to change that are critical to navigating constant disruption. Sustainability, budgets challenge full corporate travel return. View in article, Pamela Rolfe and Michael Birnbaum, While covid-19 continues to force remote work, Europe looks to enforce a right to disconnect, Washington Post, September 7, 2020. Taking into account the biggest triggers and potential drag factors for travel's return, as well as companies' travel spend estimates through the end of 2022, Deloitte developed a quarter-by-quarter view of corporate travel's return (see Figure 1 in the PDF). Further, 41% of executives said that building workforce capability through upskilling, reskilling, and mobility is one of the most important actions they are taking to transform work. For instance, during the pandemic, Scandinavian Airlines recognized that its cabin staff members could be well suited for roles in health care due to their basic medical training and experience dealing with people in difficult situations. Reward workers who identify critical gaps and reinvent themselves to fill them. Deloitte has released its latest study on the global human capital trends for 2021, highlighting the five key workforce trends shaping the emerging outlook towards work and insists to make a "fundamental mindset shift: from a focus on surviving to the pursuit of thriving". Throughout this report, weve spoken a great deal about reimagining work. Payments technology company Mastercard exemplifies how a deeper understanding of worker potential can help inform workforce planning and development efforts. 3 3 Deloitte Insights, 2019 Human Capital Trends Report, Deloitte Development LLC, 2019. Copy a customized link that shows your highlighted text. Especially evident during COVID-19 has been the way the pandemic has affected the employer-worker social contract, particularly as it relates to well-being. Its important to ensure that such new AI tools are integrated into the strategy and that the implications of their deployment are understood and accepted by all stakeholders. During the COVID-19 crisis, organizations did not have time to rewrite job descriptions or meticulously map skills requirements; they were forced to make real-time decisions and to redeploy workers to the areas where they were needed the most, and where they had the capabilities, interest, and passion to contribute. expected to account for 50 percent of the workforce by 2020. Download Free PDF. Even before COVID-19, it was clear that workforce development approaches that focused too narrowly on skills would not help organizations, workers, and leaders build the resilience required to navigate perpetual change. This analytics-driven approach has moved Mastercard beyond the traditional approach of identifying employee profiles from the top down and matching them with training needs. The incorporation of well-being into work must be done symphonically, championed by leaders at every level and in every function if it is to make a meaningful difference. Van Durme has more than 20 years of experience as a consultant, project manager, and program developer on human capital projects for multiple European, Japanese, American, and Belgian multinationals; family businesses; and small and mediumsize enterprises. The chart at the bottom of figure 7 shows the progression of new outcomes HR can drive in the context of the four other trends weve highlighted in this report. Specific areas of deep expertise include: HR strategy development, global process design, global service delivery and shared services implementations, and HRIT software selections. Leading beyond the disruption. Research has shown that most of the problems faced by companies these days (employee engagement, culture, market . endobj As work itself changes at a rapid pace, the ways that an organization supports individual and team well-being must adapt in tandem. Technology is changing the meaning of work but Purpose, Potential and Perspective connect technology to humanity and shape the attributes of the Social Enterprise. Deloitte, The section 172(1) statement - observations from first reporters ; Deloitte, Annual report insights 2020: Surveying FTSE reporting ; FRC Thematic review on climate change reporting; Deloitte, A closer look - Investor demand for . Real-world client stories of purpose and impact, Taking action against systemic bias, racism, and unequal treatment, Key opportunities, trends, and challenges. 7 HR trends that will reshape the world of work beyond the pandemic. He has been the global editor of Deloittes Global Human Capital Trends report since its launch in 2011. Read the Spring 2021 issue now. Saudi Telecom Company is an example of an organization that is using data and trends in the workforce in order to translate organizational and national values into action and drive inclusion, equality and diversity. worker-employer relationship could develop and how organizations He specializes in leadership and organizational development, as well as talent and HR strategy, in business transformation contexts. Getting to the re-architect state will require developing and improving skills and capabilities, such as integrative thinking and a talent for collaboration. Even more importantly, re-architecting work calls for HR to learn from and partner with workers themselves to identify opportunities and craft new approaches. Human Capital 2020 and Beyond - Looking back at our seven human capital priorities Introduction In 2016, we looked at the evolving Financial Services industry and workforce landscape, and concluded that Financial Services' organisations would need to rethink how they attract, develop, and manage talent in order to position themselves for long . View in article, Albrecht Enders, Lars Haggstrom, and Rafael Lalive, How reskilling can soften the economic blow of Covid-19, Harvard Business Review, June 8, 2020 View in article, John Hagel et al., Beyond process: How to get better, faster as exceptions become the rule, Deloitte Insights, 2019. Being able to identify all talent segments across the ecosystem is important, as is understanding workers skills, motivations, and employment preferences in each segment. It involves sharing workforce data and the insights it supports with leaders, workers, and the community in order to drive both direction and accountability. Read the Spring 2021 issue now. Given the speed of change, most organizations are not ready for AI AI brings with it a proliferation of data. During the pandemic, this platform has been key in guiding some decisions on work flexibility ranges. The social enterprise in a world disrupted, Designing work for well-being: In the 2021 Deloitte Global Human Capital Trends survey, executives identified the ability of their people to adapt, reskill, and assume new roles as the top-ranked item to navigate future disruptions, with 72% selecting it as the most important or second most important factor. Set audacious goals. But designing well-being into work cannot be done by HR alone. One especially important stakeholder for HR to involve is the organizations technology leader. . Explore this year's trends in the 2021 Human Capital Trends report. Kraig graduated from Syracuse University with a Bachelors Degree in Information Studies. It may fall short and come too late.View in article, Hagel et al., Beyond process. Deloitte Human Capital Trends Report 2020 - W e l l b e i n g 80% say that worker well-being is important or very important for their success over the next 12 to 18 months 94% of respondents agreed that well-being drives organisational performance to some extent But, only 12% are saying they are very ready to address the issue In Deloitte's 2020 Global Human Capital Trends, we described such an enterprise as embodying purpose, potential and perspective: three attributes encompassing a host of factors that prioritise individuals and their contributions (figure 2).5 Ethics fits under the They also recognize that recent trends including five generations moving through the workforce, digitalization, virtual work and automation are redefining ways of working. Remember that teams are becoming the driving unit of organizational performance. SCE not only publishes its DE&I data on its external website but has undertaken initiatives to understand and act on this data at a deeper level. View in article, Claire Ewing-Nelson, Four times more women than men dropped out of the labor force in September, National Womens Law Center, October 2020. The authors would like to thank David Blake, executive chairman of Degreed and founder of Learn In, for his contributions to our perspective on investing in workforce skills and capabilities. HR's adoption ofan enterprise mindset isnt about reorganizing or restructuring the HR organization, although this is likely a required enabler. Maren Hauptmann is the German Human Capital leader and Organization Transformation offering leader. That said, we also found a continuing disconnect between employers and workers when it comes to prioritizing well-being in work transformation efforts. Automotive workers used 3D scanners and computer simulations to retool their assembly lines to manufacture ventilators for COVID-19 patients.8 Beverage companies partnered with government organizations to clear administrative hurdles in order to rapidly produce and distribute hand sanitizer.9 And clothing manufacturers adapted production lines to make much needed surgical garments.10, In the months of extended crisis recovery, executives have reflected on the challenging road ahead as they attempt to prepare their businesses and ecosystems for an era of continuous disruption. For instance, in its response to COVID-19, AstraZeneca, one of the world's leading pharmaceutical companies, pulled together hundreds of scientists from across therapeutic areasrespiratory, cardiology, and oncology, among othersand fromthe University of Oxford to work together to develop a vaccine and other therapeutics. Discover Deloitte and learn more about our people and culture. He is a recognized thought leader in HR technology and a frequent speaker at local and global HR technology events. Understanding what effective leadership entails under these circumstances gives HR an opportunity to pull a thread to see what may be ahead: to better understand what the organizations leaders are doing, determine if they have the right competencies, shape leadership development plans and performance indicators and incentives, and, ultimately, prepare next-generation leaders for a future where much of the workforce may be working remotely and flexibly. The 2021 Deloitte Global Human Capital Trends survey showed that executives are shifting their focus away from work optimization and redesign toward work reimagination, with 61% saying that they would focus on reimagining work going forward as opposed to 29% before the pandemic. Use technology to design work in ways that allow humans to perform at their best: working collaboratively in teams, breaking down silos to work across functions and businesses, creating knowledge, learning in the flow of work, and personalizing and humanizing the work experience. Technology leaders can take the imperative to design enabling technologies for well-being one step further by introducing new technologies to boost workers health, performance, and quality of life. Over the year that has passed since the COVID-19 pandemic started, human resources (HR) teams have had to accelerate workforce transformation at every level. We heard from organizations that were complementing well-being programs adjacent to work with efforts to embed well-being into the work. Advanced analytics: We use cognitive technologies like AI to mine data, sense risks as they emerge, and identify the specific threats and opportunities that matter most to your business. In an effort to help understand the impact of the COVID -19 outbreak, Deloitte Human Capital has undertaken a Snapshot Survey in order to provide an authoritative account of how companies are dealing with leave allocation, travel restrictions and additional precautionary measures. As many organizations were discovering they could expand responsibilities and roles, many also realized that a clearer view ofand greater access totheir entire talent ecosystem could make these efforts far more effective. It may fall short and come too late, Distilleries and breweries pivot to producing hand sanitizer, May the workforce be with you: The voice of the European workforce 2020, How reskilling can soften the economic blow of Covid-19, Diversity confirmed to boost innovation and financial results, How diverse leadership teams boost innovation, Superminds, not substitutes: Designing human-machine collaboration for a better future of work, Walmart ends contract with robotics company, opts for human workers instead, report says, Four times more women than men dropped out of the labor force in September, evoliniglobalhumancapitalleader@deloitte.com, Global Human Capital Trends 2021: The social enterprise in a world disrupted, 2021 Global Human Capital Trends: Leading the shift from survive to thrive. Explore this year's trends in the 2019 Human Capital Trends report. DTTL (also referred to as "Deloitte Global") does not provide services to clients. To create an environment where superteams flourish, executives should consider the following: Superteams are most powerful when organizations use technology to empower teams in a way that makes work better for humans and makes humans better at work. Organizations that afford workers the agency and choice to explore passion areas will be able to more quickly and effectively activate workers around emerging business priorities than organizations that take a prescriptive approach to filling skills needs. The growing prevalence of worker agency and choice during the pandemic showed that, when given the chance to align their interests and passions with organizational needs, workers can fulfill their potential in ways that leaders may never have known they could, positioning the organization to thrive in the long term. The platform prompts participants to vote on which responses from other anonymous participants they agree with the most. These forward-looking insights, not backward-looking, stale data, can help organizations understand how to achieve new outcomes by harnessing workforce potential and transforming work. 4 PwC | Human capital 2020 & beyond Overview 2020 trend Human capital strategy Financial services is being transformed, and with it the talent FS organisations need to succeed, where they come from and what they want from their careers. 2020 POST-GRADUATION INDUSTRY REPORT 4 Consulting Employers & Job Titles (continued) Deloitte, Business Technology Analyst Deloitte, Consulting Analyst Deloitte, Enterprise Tech Transformation Analyst Deloitte, Human Capital Business Analyst (2) Deloitte, Strategy & Operations Business Analyst Deloitte, Strategy Analyst Deloitte, Title Not Provided . In 2020, SCE demonstrated its commitment to DE&I by publicly sharing information on representation by race and gender across pay, access, and employee sentiment; the status of its suppliers; and its community investment. Diana Serban. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Accelerating the shift to re-architecting work, Leading forward: This means that in addition to capturing workers potential for growth and adaptability, organizations should strive to capture leaders ability to cultivate potential as well. foundation of their relationship, viewing it as the most worker-employer relationship is PROFESSIONAL: Each depends on By embracing this role, HR can extend its influence and impact across the entire organization and expand its focus across the entire workforcenot for the sake of HR but to push the organization toward its broader economic and human goals. stream READ THE FULL REPORT. Banks can add customer value by fortifying their foundation and staying true to their core identity as financial intermediaries, matching demand with supply of capital. One example comes from Remesh, a company that helps to facilitate live, online focus groups at scale using an AI-enabled platform. But by looking more broadly, HR can make a more substantive impact in addition to supporting workers physical health. As the world emerges from the pandemic, organizations have an opportunity to use what they have learned to multiply the value of teams even further. However, our survey data also shows that HRs highest areas of impact during the pandemic were those within its traditional scope (figure 6). Cindy Huggett, CPLP (@cindyhugg) www.cindyhuggett.com. 2020 saw a series of events that focused renewed attention on organizational values, such as ethics, fairness, and inclusivity, around the world. Going forward, the power of agency and choice, enabled by opportunity and talent marketplaces, can quickly connect changing work priorities with workers skills, experiences, andimportantlytheir interests. HR executives were slightly more deliberate than non-HR executives about focusing on well-being as an important outcome of work transformation, with 20% of HR executives selecting it as a priority compared to 15% of non-HR executives. with the quality of their relationship with their employer. It may fall short and come too late, Washington Post, April 4, 2020. Not only do they have access to a premium talent pool, they notice more efficiency and improved customer satisfaction scores. Technology is changing the meaning of work but Purpose, Potential and Perspective connect technology to humanity and shape the attributes of the Social Enterprise. Recognizing the inextricable link among our well-being, our work, and our lives has led more organizations to think deeply about ways they can design well-being into work itself so that both workers and the organization can thrive moving forward. Additionally, AstraZeneca played a critical role in setting up the testing laboratories for the national testing program within the United Kingdom, enlisting scientists from across its organization and from its partnerships with the University of Cambridge Laboratories and GlaxoSmithKline. The authors would also like to thank Weatherly Langsett and Mackenzie Halter for their leadership in the development of this chapter, and Carly Ackerman, Nate Drix, Chris Ertel, Kira Gebron, Michael Griffiths, Julie Hiipakka, Don Miller, Stephen Rosenthal, Mel Rodriguez, Dana Swanson Switzer, and Lucas Watanabe for their contributions. 144 Pages. In 2019, an intensifying combination of economic, social, and political issues is forcing HR and business leaders to learn to lead the social enterpriseand reinvent their organizations around a human focus. Simply select text and choose how to share it: Diving deeper Organizations will need to be vigilant about capturing employees potential in a data-driven way so that they know what capabilities the organization can draw upon at a moments notice. Infographic: 2020 Deloitte Global Human Capital Trends. The challenge is to avoid getting caught up in the mechanics of collecting data when the focus should be on using it to inform meaningful action toward new outcomes.

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