Turning point in new talent management

The turning point has been reached

The current challenges on the labour market can be roughly divided into two areas: People & Technologies.

On the one hand, we are experiencing a shortage of skilled labour the likes of which we have never seen before. The skills shortage index has risen by 68% to an all-time high of 155 points in 2022. Almost all industries are affected, with the healthcare and IT sectors being hit particularly hard. The logical consequence is greater competition between companies for the remaining skilled labour. It is no longer just the employees who have to prove themselves in application procedures, but increasingly also the companies themselves. The aim is not only to attract new employees, but also to retain existing ones.

In addition, social changes towards inclusion and diversity are increasing the demands on companies. People are looking for more purpose-driven work, inclusive environments and want to work for companies that authentically embody the right values. If you look at the values of the infamous Generation Z, it quickly becomes clear that companies need to adapt in order to remain competitive. According to a study by McKinsey, remuneration is becoming less important, while meaningfulness, flexible working models and development opportunities are on the rise.

On the other hand, Technology is changing so rapidly that even its inventors cannot always understand how they came up with their results. Google CEO Sundar Pinchai describes the extent of the changes very impressively by equating the influence of generative artificial intelligence with the human discovery of fire production. Companies must deal with these developments in good time and create the conditions to be able to adapt.

Influence on talent management

The key is to think holistically, act in a multidisciplinary way and use Technology in the right places to:

• Understand employees better,
• make data-driven decisions to help employers meet employee expectations, and
• communicate these benefits both in the right way and on the right platforms.

The talent article series looks specifically at the influences on talent management. Current challenges and the resulting trends are highlighted along the Employee Journey. This is followed by valuable strategies and recommendations for a successful Employee Experience.

You can look forward to Specialist articles on the following topics

• Recruitment management
• Onboarding
• Development & Learning
• Compensation & Benefits
• Performance Management
• Succession Management

Sources

• adecco-jobs.com/en-ch/-/media/project/adeccogroup/pdf-files/fachkrftemangel-index-schweiz-2022.pdf/
• https://www.forbes.com/sites/forbesbusinesscouncil/2023/06/09/attracting-and-retaining-gen-z-through-diversity-and-inclusion/
• https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/gen-what-debunking-age-based-myths-about-worker-preferences
• https://www.bbc.com/future/article/20230405-why-ai-is-becoming-impossible-for-humans-to-understand
• https://www.cbsnews.com/video/google-ceo-ai-impact-to-be-more-profound-than-discovery-of-fire-electricity/