2020 has presented several challenges that will be catalysts for change in talent markets and how organizations shift their focus when it comes to their workforces. Human capital leaders need to re-imagine the talent life cycle for their organizations and how they can evolve their talent ecosystems in order to adapt and thrive.
But first, we must consider and understand the current talent trends. In order to continue to attract and retain top talent in your local market, you will need to quickly adapt your job designs and talent processes to be more responsive to the changes facing your industry. To do so effectively, it is important to understand the sudden and dramatic shifts in the world of work that we have experienced across the globe.
Many countries, such as the United States, continue to experience record unemployment. There are now over 10 times more candidates for many of the same open positions that were previously difficult to fill. Because of this, selection systems need to be quickly reconfigured to efficiently handle higher applicant volumes. And while employers can be selective and hire the best talent available, the need to be agile is still critical to hiring top talent before your competitors do.
For many countries across Europe, a large number of jobs were furloughed or subsidized, rather than eliminated, thereby driving organizations to focus on re-engaging employees, enabling productivity, supporting well-being, and dealing with “survivor guilt” for employees still at work.
For regions where government programs are coming to an end, tough decisions on the shape of the workforce have to be made – this can be a time to re-think role or team needs.
Many organizations across the globe are taking the opportunity to examine their organizational structure and right-size operations. This often means developing systems to identify high-potential employees (Hi-Pos) to move into managerial and leadership roles, as well as implementing programs for leadership development, executive coaching, and succession planning.
While understanding the pandemic’s impact of local talent trends is vital, it’s equally important to recognize that many of the forces driving change in organizations worldwide today are not new. The pandemic hit the fast-forward button on these trends, accelerating the necessity for organizations to either quickly adapt or perish. Every organization should keep these five critical areas of impact top-of-mind as job designs, talent processes, assessment tools, and supporting technology infrastructure are re-imagined:
- The rise of the remote workforce
- The need for agile leadership in times of crisis
- Emphasis on diversity and inclusion in the workplace
- Prioritizing workplace safety
- Programs to support mental health and employee well-being
The future of work is here. The organizations that evolve their talent ecosystems now to proactively combat key challenges will be the ones to harness the unique opportunities presented by the new talent landscape and emerge stronger than before.
Our team of talent experts across the globe came together (virtually, of course) to create a collection of resources to help. The Ultimate Guide to Navigating the New Talent Landscape is our playbook for HR Leaders to kick off 2021 with an action-oriented focus in each of these vital areas of impact that will surely continue to shape the talent management world well into the future. Based upon decades of experience in psychometric science and people analytics, we will explore simple, pragmatic strategies you can implement to predict success and optimize your workforce in each of these key facets throughout the talent life cycle.
How to Re-Imagine Your Talent Life Cycle, the Introduction to the 6-part Ultimate Guide Series, highlights the trends shaping the global talent landscape today and how you can take action to get ahead.