To drive talent value in 2014, companies need to focus on innovation and leveraging technology like never before. As the economy continues to grow, this will be the Year of the Employee – demanding a highly-skilled HR team with a focus on engagement, retention and skills development at every organizational level.
A New HR Model Emerging
Recent research has shown that one of the top challenges faced by today’s employers is reskilling their HR teams to meet business demands. HR is no longer judged by its administrative efficiency but rather by its ability to develop, retain and help manage talent.
- Data is the new currency. HR will drive talent success based on real data, not just judgment or good ideas.
- Global economic growth has created a new level of competition for talent. Leadership in particular continues to be in short supply.
- Employees are in charge. In recent years, companies have cut head count and related costs, restructured, and pushed people to work harder with less. Sixty percent of employers report that one of their top challenges in 2014 is dealing with an overwhelmed workforce.
- Finance and HR will more closely align. Traditionally, this relationship has ranged from ambivalent to tense as HR “cared about people” and finance “cared about cost.” But businesses now realize that talent drives performance and productivity. Human output is no longer a commodity to be minimized, but rather a resource to be optimized. This puts finance and HR very much on the same side of the table.
Talent Goes Global
As technical skills in areas like software engineering, life sciences, IT and analytics remain scarce, businesses increasingly need to source versus hire – and locate opportunities on a global basis in order to find the skills they need.
- To further enhance employee skillsets, traditional “training departments” need to evolve into “capabilities development departments.” As they build talent supply chains, companies need to partner with colleges and universities, develop apprenticeship programs and focus on continuous workforce learning.
- The traditional performance review is going away. Replacing it is a comprehensive organizational emphasis on coaching, goal alignment and recognition. The spotlight is on engaging people and helping them to perform at extraordinary levels.
A Changing Talent Market
The talent acquisition market is the fastest-changing aspect of HR in 2014. Social recruiting, talent networks, Big Data, assessment science and recruiting platforms are launching on a non-stop basis.
- Employment brands are more strategic than ever before. HR professionals need to partner with their marketing counterparts and develop effective plans.
- Analytics usage must be optimized for companies to stay competitive in the talent market. Investments in HR must be targeted toward developing and analyzing information relevant to business operations. And businesses won’t attract or retain superstar talent unless they give their HR team the technical resources to do their jobs.
The role of HR in business success has reached a new level of importance. HR professionals are highly-trained specialists – and they will continue to impact the future of their organizations in a definitive and game-changing way.
The experts at Magellan Search and Staffing can help you stay current with industry trends and formulate your plans for HR success in 2014 and beyond. If you are looking for human resource employment in Philadelphia PA, contact our team today.