By Nicole Schreiber-Shearer, Content Marketing Specialist @ Gloat
October 14, 2021
Skills, talent mobility, and AI weren’t just hot topics at last month’s HR Technology Conference & Exposition. They’re also the themes that are going to shape the future of work and redefine our approach to human capital management.
While identifying these trends is certainly a step in the right direction, we’re going to need to take it further and develop an in-depth understanding of them to thrive in our next chapter. We know innovations in HR technology are changing the way we work, but exactly what impact will these developments have? And what can we do now to set our businesses up for success in the future?
These are challenging questions that only experts on the future of work can shed light on. As a recognized futurist, author, and global thought leader, Ravin Jesuthasan has the answers. We caught up with him at the conference and we’re sharing his insights on how HR technology will revolutionize the way we work.
Some of his key takeaways include:
Many businesses have identified agility as one of their top priorities, and plenty of enterprises are recalibrating their strategies accordingly. However, even organizations that are at the forefront of embracing more dynamic approaches still have a ways to go in their journey towards complete workforce agility.
One of the biggest mindset shifts that leaders need to make is changing how they quantify work itself. Traditionally, it has been jobs that dictate who is doing what and the capabilities that employees should possess. But jobs come with their own confines; shifts decide when and where work is done, while rigid hierarchies slow reaction times and provide a limited view into what employees are really capable of.
Jesuthasan argues that it is time to rethink our approach. As he explains, “We’ve talked about agile for many years now, but agile has always been hamstrung by the fact that you have work being done in jobs so you have that continuous friction of deploying skills to work that is always there.” Rather than relying on outdated models, Jesuthasan encourages leaders to embrace skills as the new way to measure and quantify work.
Diversity, equity, and inclusion is another item at the top of leadership’s agenda for 2022 and beyond. Over the past five years, there has been a 71% increase in D&I roles worldwide, and these positions will only continue to become more prevalent in the new world of work.
As businesses build out teams and departments to support more equitable workplaces, the way talent allocation and internal mobility are approached needs an inclusive upgrade. Organizations that take a skills-based approach, as opposed to relying on traditional job hierarchies and linear career ladders, will have a major advantage. Leaders will gain access to a broader talent pool, making it easier to bridge skills gaps and identify talent with niche expertise.
“Now the question is how do we ensure that we’ve got an opportunity to get as many people into the game as possible?”Jesuthasan says. “That has massive implications for everything that we’ve seen over the last year in terms of diversity, equity, and inclusion because the more inclusive we can make our business models, the greater the impact we’re going to see,” he concludes.
It’s impossible to talk about the future of work without addressing how today’s burgeoning labor shortage will shape it. Just like the way we measure work needs to change, the employee-employer relationship must evolve to enable a more fluid exchange of talent and skills. As Jesuthasan explains, “Relationships have to be fundamentally reframed because in the past, they were based on this notion that you had a permanent deal. Everyone who joined the company kept the same pay and benefits until they left.”
In contrast, employees are going to move more freely in the new world of work. Instead of making retention the ultimate goal, leaders should shift their focus towards building more brand affinity so that top talent is continuously drawn to their business.
“We are past the days of waiting for a transformation to occur every 8 or 9 years. We don’t have that luxury anymore,” Jesuthasan says. To illustrate just how quickly the pace of change is accelerating, he points to something Microsoft’s CEO, Satya Nadella, said regarding how the pandemic paved the way for rapid innovation: “We’ve seen two years’ worth of digital transformation in two months.”
There’s no signs of a slow down as we approach the new world of work. As a result, leaders are going to encounter a new challenge: designing operating models that are built for flexibility and fluidity, rather than stability. Jesuthasan notes,
With HR leaders at the helm of this transformation, the very nature of human capital management is evolving to become a strategic function. And now that responsibilities are transforming, HR can’t rely on the same set of tools that were designed to support administrative duties. So what platforms are going to prove essential in the new world of work?
Jesuthasan leaves us with one final bit of forecasting, explaining, “Most people see the pivot in HR technology from enterprise-wide architecture to best in breed technology, and with that, the talent marketplace is really becoming the underlying system of record going forward.”
The Best Practices That Transformed Career Growth at TATA Steel By Nicole Schreiber-Shearer, Content Marketing Specialist @ Gloat As we approach 2022, there’s one topic that will be dominating discussions about talent management and people strategies: skills. Skills have always