Today’s pursuit of talent is more competitive than ever. Increased skills shortages, technological advances, and demographic shifts are changing the very definition of “work.” 2017 witnessed a significant increase in hiring volumes, and this will only continue into 2018.
There are numerous shifts necessitating a total talent management strategy. Here are six of the most notable:
- Overall talent shortage
With limited resources, organizations are discerning—total talent management solutions must prove they are worth the investment. Providers such as Broadleaf need to prepare with research and business cases, so companies invest resources in the most strategic manner.
- Increases in contingent work
83% of executives report increasing contingent worker populations within their organizations. Due to economic uncertainty and the need to adapt to major market changes, the trend of hiring contingent talent will continue into next year. Freelancers, independent contractors, temporary-to-permanent, and non-permanent workers will be guaranteed a seat at the 2018 table.
- Complex, niche positions
Finding the right talent for niche roles continues to be a challenge. According to McKinsey & Company, approximately 20 to 23 million workers in advanced economies will lack the skills employers need by the year 2020. Leaders—backed by targeted candidate profiles, referral sources, and market mapping expertise—work to discover the most capable, available talent both quickly and efficiently.
- Evolving technological landscapes
Advances in technology such as artificial intelligence have led to a decreased demand for transactional roles. On the other hand, these advancements have also created a need for people with the skills necessary to build and support these technologies. At least 30% of typical workforce “duties” could be automated in the near future, according to McKinsey & Company. A huge organizational challenge will be retaining a balance between the human touch and advancing technology.
- Desire for flexibility
Workers in the “gig economy”—freelancers and professionals who no longer desire the typical 9 to 5 work environment—grew by 28.8% between 2010 and 2014, gaining 2.1 million more jobs over the course of just four years. Predictions indicate that workers making up 50% of the workforce by 2020 will continue to desire flexible and diversified opportunities.
- Globalization & redefining “work”
The way we view work continues to change due to the increasing number of remote employees and evolving modes of communications and interaction. Companies are globalizing and in need of great talent with multilingual fluency and openness to relocation.
As you prepare your 2018 talent strategy, it’s important to consider your most important resources. At Broadleaf, people stand as our #1 greatest asset and they are the “heart” of our endeavors. Regardless of economic changes, technological advancement, and even the ways in define work, the talent continues to inspire our business decisions.