Emerging global talent trends for 2019 (part 2)

Based on input from talent acquisition, development and compensation experts from across the globe, Korn Ferry has identified emerging global talent trends for 2019. Several factors, including a tightened labour market due to strong economic conditions in Hong Kong, as well as the tech-enabled shift towards data-driven decision-making in the HR field, are changing the way HR professionals and talent acquisition leaders work. Following are the rest of the 10 emerging trends in 2019.

6. How are We Doing?

For years, consumer product companies and retailers have been surveying customers about their experiences with the brand. The goal of course is to make a better product and increase sales.

Increasingly, that practice is becoming part of the recruiting process. Technology is allowing for real-time feedback from candidates about their experiences during the recruiting cycle. The survey tools seek feedback at all points within the process, which gives recruiters and hiring managers data-driven insights and intelligence.

With the data, they can amend recruiting practices, including specific job requirements and interactions with candidates, to successfully hire the best people.

7. That’s Really a Title?

New roles and titles are emerging across many industries to meet the changing strategies of organisations. From an executive perspective, many industries, including healthcare, finance and retail, are creating Chief Experience Officer roles. These industries understand that technology has forever changed the way they do business, and there is a stronger need than ever for customers to have positive experiences at every touchpoint.

Another emerging C-suite title is Chief Transformation Officer, who is usually tasked with change management initiatives, often during times of mergers and acquisitions.

Organisations are also placing greater emphasis on the well-being of their employees, with titles such as ‘Chief Happiness Officer’ and ‘Chief People Officer’ becoming more prevalent.

To attract younger employees drawn to titles more interesting than ‘associate’ or ‘assistant’, titles such as ‘data wrangler’ (responsible for organising and interpreting mounds of data), ‘legal ninja’ (legal aide), and ‘customer relations advocate’ are popping up at many organisations.

8. Talent Analytics Becoming Just as Important as Business Analytics

Traditionally, business leaders set their strategy by analysing business analytics to determine cost and operational effectiveness. For example, they may determine where to open an office based on cost and proximity to raw materials. However, they may fail because they don’t have access to the right type of employees – especially as digital disruption puts a premium on people who can learn new skills and thrive in changing markets.

Increasingly, analytics that look at the talent landscape in specific markets, including competition for and availability of qualified talent in one city or region, as well as compensation norms, are coming into play in tandem with business analytics to create the most effective, sustainable approach.

9. Talking Talent Holistically, From Hire to Retire

It sounds intuitive. With the massive influx of data, one would assume organisations would have one integrated way to analyse all elements of talent decisions, including recruiting, compensation and development. Unfortunately, in many organisations, each of these functions is operating under a different ‘language’ often unable to talk with one another.

There is a trend toward a more foundational, data-centric approach that creates actionable insights from an organisational, team and individual perspective. This foundation is informed by data from talent acquisition, assessment, development, organisational structure and compensation functions. This allows for a calibrated approach to talent that is tightly linked to business outcomes.

A key benefit of this process is that assessment data garnered during the recruitment process that provides insight into the candidate’s strengths and development areas can be used to help create a customised development program once the candidate is hired.

10. Balancing Act: Managing Short-Term Hiring Needs with Long-Term Business Goals

Most talent acquisition professionals feel the tension between addressing short-term hiring needs with long-term business and hiring goals. Despite best efforts to look into the future, the speed of technological advances and changing business priorities makes knowing what’s going to happen next year – or sometimes even next month – extremely difficult. In fact, in a recent Korn Ferry survey of talent acquisition professionals, 77 percent say they are hiring for roles today that didn’t even exist a year ago.

Industry leaders are taking a holistic approach to talent acquisition. In the short term they can increase speed to hire by understanding the right mix of short-term contractors, gig workers and full-time employees, who bring the right skills and experiences to meet current and future needs.

At the same time, it’s imperative to focus on a longer-term approach by taking a deep dive into business imperatives to create a total strategic plan that has clearly defined goals, but one that can be amended as needs change.

To fulfil both needs, many organisations are outsourcing their hiring efforts to providers that often have two teams working on their behalf: a day-to-day operations team and an account management team that analyses ongoing business and technology trends to plan for the future.

Missed part 1? Here it is.

Korn Ferry

Tag: 2019 Trends Title analytics