From recruit to retire, the changing landscape of HR has forced many institutions to reassess the methods they use to engage and interact with talent. On last week's edition, we learned that a whopping 46% of the workforce will be comprised of millennials by 2020! Are millennials the trial and error for reshaping Human Resources and organizations into the future?
Executives are grappling with how to fill some big shoes as the baby boomers exit the workplace to become retirees, but also trying to understand how this new era of “individuals” – not just a workforce – can be optimized for growth. Last week on HR Trends with Game Changers Radio: Secrets of Optimizing Talent, we asked experts Deepti Singh, Director of Talent and Learning at American Savings Bank, Gilda Stahl, Senior Editor at the Economist Intelligence Unit, and Tracey Arnish, SAP Head of Global Talent, about the status of this inevitable transformation of work and how to ride the wave of change from the workplace as we know it.
Top memorable insights heard on this episode:
Just because an employee is treated “equally”, doesn’t mean they are always managed or assessed “fairly”. Today, fairly managing and evaluating talent means knowing that “there is more to making great leaders than just technical ability alone” and that “thought leadership needs to be shaped around the uniqueness of each person” to yield the best “ROI in each employee”. –Deepti Singh
Institutions almost need to trash the concept of “Performance Management” completely and strive for “Performance Encouragement.” –Producer/host Bonnie D. Graham
“We need to look closer at the team talent and diversity… and no longer point to [a single] hero” to drive results. -Gilda Stahl
Fast fact: “82% of the time, the research also showed that companies fail to choose candidates with the right talent [to be managers].” –Gilda Stahl (ref: Gallup Research)
“Stop promoting based on technical talent. Look at early work DNA and the desire to lead.” –Tracey Arnish
Top #CrystalBall predictions for the year 2020:
Deepti Singh honed in yet again on the “individual”, emphasizing that this unique look at the employee “will be central to loyalty.”
Gilda Stahl’s 5-year vision for HR foresaw some kind of “moneyball” – where the use of metrics will enable organizations to drive more and spend less. The staple will be the Big Data of HR and will help reveal not only IQ, but EQ [define EQ in parens] for workplace success. This balanced approach to the individual will help determine career trajectories.
Tracey Arnish sees a future involving the “heavy use of technology to facilitate talent conversations, understand everyone, and drive learning management systems so managers can do their jobs” more effectively.
The next live HR Trends with Game-Changers Radio episode on Tuesday, April 8, 2014 explores Social Recruiting: Art or Science? Listen on-demand at your convenience and follow our panelists’ words of wisdom on Twitter at #SAPRadio.