Talent Retention Archives - The Future of Work Exchange

The Next Great Era of the Hybrid Workplace

Business Leadership by Christopher J. Dwyer on 05/20/2024

“We’re not putting that genie back in the bottle” is a phrase I’ve used at least two or three dozen times over the past few months whenever I’m asked about the realm of remote and hybrid work and how return-to-office (RTO) mandates are impacting these attributes. No matter how the economy shifts and no matter how far the pendulum swings back in favor of the employer, the phrase will always be true.

The COVID-19 pandemic was a watershed moment for humanity. And it was also a turning point in the business world.

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Adopt the Lifelong Learner Mentality

Business Leadership General Insights Talent by John Yuva on 02/01/2024

The early weeks of the new year are an ideal time to reflect, revise, and rejuvenate. What professional goals do I want to accomplish in the new year? Where am I in my career trajectory? Do I have the skills and knowledge to meet my objectives? These are all relevant and important questions when assessing one’s professional future. However, what if you could keep those questions at the forefront all year, every year, throughout your professional life — with goal assessment and attainment a constant? Adopting a lifelong learning mentality makes professional development a daily driver and career advancement a priority.

Adaptability to Shifting Trends

Lifelong learning is a growing aspect of the Future of Work as shifting workplace trends require greater adaptability. As such, workers are taking more control of reskilling and upskilling efforts to remain ahead of the curve. In fact, according to ManpowerGroup’s 2023 Workplace Trends Report, 57% of employees are pursuing training outside of work.

“What’s important to people is that they have the relevancy of skills that are marketable today as the world of work evolves,” says Nimo Shah, director of MyPath and Experis Academy for ManpowerGroup.

Personal Growth, Employee Retention

Becoming a lifelong learner involves making professional development and discovery an ongoing initiative. It can mean dedicating a portion of the week to reading about new technologies or trends online, joining a networking or professional group, or enrolling in a class or certificate/degree program to learn new skills. Whatever the path, it’s about commitment to personal and professional growth. This can pay dividends when growing one’s professional brand and deeper connections within the enterprise.

An article by Georgia Tech’s Professional Education department, states, “As employees’ expectations change, lifelong learning can play an integral role in helping them integrate more deeply into the workplace. …If companies invest in lifelong learning options and advocate for the personal and professional development of their teams, it could help with employee retention.”

Journey Toward Professional Discovery

Need some guidance on your lifelong learning journey? The following are strategies to incorporate (one or all) into your daily, weekly, or monthly self-development regimen.

Maintain stretch goals. Setting goals and achieving them provides a sense of accomplishment. However, having stretch goals provides direction and motivation to go beyond what is already achieved. Typically, stretch goals are difficult to reach, if not impossible, but having more attainable goals that are related to a stretch goal can result in some unexpected and positive results — as well as innovative thinking. A stretch goal on the lifelong learning path could be to read 50 business books in a year when your annual average is five books. But with certain goals in place, you’re able to read 12 books (one per month).

Utilize learning channels. Whether it’s online or in-person learning, there are several options to reskill, upskill, or pursue a second career. Udemy, for example, has 57 million users and more than 213,000 courses covering a wide range of categories. LinkedIn Learning (formerly Lynda.com) is another excellent e-learning option boasting more than 22,000 courses. If earning a certificate in a specified area of study is your goal, consider a community college. Certificate programs can be completed within months and provide the essential skills for career advancement.

Recalibrate network strategies. How many of us use LinkedIn mostly to approve or make the occasional connection request, browse posts, and tinker with our profile? Commit to recalibrating our networking strategy (particularly on LinkedIn) to really connect. Use the platform to join groups and engage with members. Like posts and leave comments. Reach out to prolific LinkedIn members and subject matter experts to ask questions and initiate dialogue. Attend LinkedIn live events on topics of interest. LinkedIn is populated with tens of thousands of members who are eager to share their knowledge and provide insight into your journey of lifelong learning.

Chase curiosity and wonder. Simply put, if you’re curious about something, find the answer. What is the potential impact of generative AI on my enterprise and its industry? Start researching and reaching out to subject matter experts on LinkedIn to get insights. Lifelong learning is often about chasing the bigger questions and educating yourself while finding the answers. Create a Top 10 list of topics you want to know more about, then three questions under each topic to explore. Prioritize the topics/questions based on your goals and timetable. Lifelong learning is about the journey.

Document the known and unknown. Create a spreadsheet for topics of curiosity and include valuable links to your findings. Individual sheets within a spreadsheet for different topics. Complement the spreadsheet with a journal documenting your thoughts, wins, and losses of lifelong learning. Often, putting pen to paper (or fingers to keys) can lead to unexpected connections and a-ha moments. It’s why going down this path frequently results in innovative thinking and outcomes. Document your progress for a month and see how it feels. You may be surprised how rewarding and motivating it can be to see tangible progress of your goals.

Build a schedule that integrates one or more of these strategies and track short- and long-term progress. Look for a mentor or coach who can provide supportive accountability and insight into growth areas.

Enterprise Support and Reward

While lifelong learning is more of a personal journey for an employee, it doesn’t mean enterprises can’t be active guides. Managers who take an interest and participate in their employees’ professional development can generate growth and career opportunities while gaining benefits as well.

As part of LinkedIn’s Global Talent Trends report, Stephanie Conway, senior director of talent development at LinkedIn, says employees who set clear career goals are more focused on the skills to attain those objectives.

“An important enabler in my experience is a shift away from looking at specific job titles when helping employees consider their next move. Instead, it is more effective to identify specific skills they want to develop and experiences that might help them do that,” Conway says.

“A first step is to show employees what career development at your company looks like – through any number of programs, like job shadowing, rotations, or sharing internal-mobility stories. This can both further personal career development and start to build organizational resilience and agility,” she adds.

Lifelong learning begins with that spark of curiosity that can open the door to a world of possibilities. Take charge of your personal and professional development to achieve your workplace and longer-term career goals.

What’s the Proper Way to Structure a “Year of Efficiency”?

Business Leadership Contingent Workforce by Christopher J. Dwyer on 01/24/2024

Last year, Meta CEO Mark Zuckerberg boldly proclaimed 2023 to be the company’s “Year of Efficiency” after a whirlwind three years in a post-pandemic business landscape. The efforts to shed roles, cut costs, and downsize expenses, in addition to maintaining innovation and improving its financial resilience, paid off: the company’s $966.60 billion market cap is edging ever-so-closer to the much-desired $1 trillion mark.

A major foundational cornerstone to Meta’s year of efficiency wasn’t just a commitment to driving down expenses and improving spend management; the social media giant shed over 20,000 jobs in 2023 alone in a sector (technology) that saw the loss of over 262,000 positions in the calendar year (and nearly 11,000 in 2024 thus far). While the tech market as a whole hit a rough patch due to less-than-favorable economic conditions and retribution from pandemic-era over-hiring, 2024 promises to be a positive, exciting, and, more importantly, something year for those in the tech world.

Companies across all sectors may consider Meta’s 2023 efforts as some sort of blueprint for how to achieve their goals: cut costs, slash jobs, maintain innovation. Seems easy, right? Nope. The push for “AI everything!” means that businesses cannot just slice-and-dice their workforce at-will as a cost-cutting measure; the skillsets required to leverage AI models, integrate AI technology, and actually use these tools are not just waiting in the backyard.

There’s nothing inherently wrong with wanting to downsize and make operations more efficient; the issue that one of the world’s largest companies touted job reductions as an anchor for their push for efficiency and the danger is that copycat enterprises will believe that they could easily do the same.

For businesses that truly want to buy into 2024 as a “year of efficiency,” there are much more effective means of doing so without disrupting the fabric of their talent base, nor trying to mimic a unicorn-like company that has never truly struggled like so many other organizations. Here’s how contemporary businesses can push a “year of efficiency” agenda in more streamlined, effective, and innovative manner:

(And yes, we get it: layoffs and workforce-downsizing are an accepted aspect of the modern business world and are sometimes necessary when enterprises are faced with economic challenges or other issues that threaten their survival. The point of this article is not to say that companies should avoid layoffs at all costs, but rather take a holistic view of their operations, optimize their application of skillsets, and prioritize innovation.)

Align AI wants with AI needs and develop a long-term skills roadmap that supports this strategy. We all know the deal by now: artificial intelligence is a requirement in 2024 (and beyond). The trick here, though, is to figure out exactly how to leverage AI without sacrificing resources, overhead, and sanity (and talent!); many companies today are unfortunately prioritizing AI in the wrong manner by over-dedicating at the expense of other, just-as-critical enterprise initiatives. Businesses must configure their artificial intelligence strategy, understand the skills requirements needed to execute on it, and put the plan in motion with the help of talent acquisition leaders and the human capital team. Specific skillsets, such as data management, applied science, and generative AI, should be centerpieces of a skills-based roadmap from which executive leaders can prioritize from a resource perspective.
Optimize the utilization of the extended workforce. There’s a reason why the contingent workforce has nearly eclipsed half of the average company’s total talent base: the inherent cost control, agility, flexibility, and skillsets of the extended workforce provide organizations with a new level of expertise in a rapidly-evolving world. In navigating this paradigm shift, organizations must not only recognize the strategic advantages embedded in the extended workforce but also cultivate a dynamic ecosystem that harnesses the diverse talents and perspectives within it. Innovative programs and solutions, such as direct sourcing, digital staffing, and the continued power of progressive workforce management automation, are key levers in maximizing the efficiency gains driven from the utilization of non-employee talent.
Prioritize talent retention initiatives. While we’re very much not in a “Great Resignation” world anymore, there are still many opportunities for talented workers that feel underappreciated, underpaid, and out-of-tune with company or workplace culture to bring their expertise to other organizations. “Skillset bleed” is a real phenomenon in enterprises that do little to improve morale, lack humanity, and fail to lead with empathy and understanding. The cost to replace a highly-skilled worker, especially in light of the new focus on adopting and implementing AI, pales in comparison to the outlays for ensuring top talent is comfortable, appreciated, and feels at-home in an inclusive, diverse workplace environment. Talent retention is not merely a countermeasure against the negative consequences of layoffs; it is a proactive strategy that contributes significantly to an organization’s long-term success.
Prioritize “innovation” but balance “efficiency.” Easier said than done, I know. In an increasingly-globalized, frenetic, and volatile business arena, focusing too much on one strategy can result in doom for other critical tactics. Welcoming novel concepts, cutting-edge technologies, and innovative processes has the potential to drive an enterprise towards success, expansion, and distinctiveness. Innovation serves as a catalyst for creativity, unlocking new and exciting revenue streams, as well as positioning the company as a differentiator in crowded verticals. The trick, though, is to create a harmonious balance between being progressive and maintaining organizational effectiveness in regards to costs, expenses, and resources. Specific strategies, such as “customer-centric innovation,” can help businesses home in on what really matters for revenue improvement, while focusing on internal process and workforce optimization will augment the pathways towards efficiency.

Are We Finally Ready to Take On Total Talent Management?

Talent by Christopher J. Dwyer on 04/12/2022

Over a decade ago, I developed one of the staffing and HR industry’s first full-scale research studies on total talent management (TTM), the programmatic concept that entails blending HR, procurement, and talent acquisition competencies under a single umbrella to find, source, engage, and manage both FTE and non-employee talent. Total talent management, by definition, requires this functional convergence on top of integrations between core workforce management systems and solutions, like VMS, ATS, RPO, and HRIS.

While total talent management has long sounded ideal on paper, its adoption has never really taken off in the 10+ years I’ve been writing and researching the program and its innerworkings. In any given year from 2012 up until late 2021, less than 15% of organizations had some semblance of total talent-like capabilities, which include consistent procurement and HR/talent acquisition collaboration, some integrations between HR and workforce systems, and converged talent intelligence (a miniscule percentage, perhaps less than 2%, have a fully-fledged program that has been in place for multiple years).

The typical knock on total talent management is that the two sides of the talent coin (FTEs and non-employees) represent two very different sets of guidelines and strategies. A standard criticism is that an organization would never apply core human capital approaches such as learning management and succession planning to its contingent workforce, nor would they cross any lines that would violate federal and regulatory policies concerning relationships with independent contractors and freelance talent.

At this point, nearly a third of the way through 2022, shouldn’t we be ready to take on total talent management given the vast transformations across the world of talent and work?

Last year, the Future of Work Exchange highlighted how total talent intelligence was an excellent “gateway” into the realm of total talent management:

“Thinking about integrations, cross-functional coordination, blending core HR and contingent workforce management competencies, etc. can be maddening, for sure. This is why, especially in today’s strange business world, enterprises should consider taking a much more streamlined path and prioritize total talent intelligence as an initial cornerstone for what could blossom into full-blown total talent management in the months and years to come. In essence, total talent intelligence gleans valuable worker-based insights from both FTEs and non-employees by harnessing collective data from Human Resources Information Systems (HRIS), Vendor Management Systems (VMS), time and attendance solutions, Applicant Tracking Systems (ATS), Freelancer Management System (FMS), and similar platforms to gain the deepest possible view into an organization’s total talent pool.”

If total talent intelligence remained a viable “first step” into total talent management given the transformation of work and talent, shouldn’t the next logical step entail working closer to developing a true TTM program? Consider that:

Talent retainment and talent attraction have become top-of-mind issues in a Great Resignation-fueled, Talent Revolution-led labor market. Workers, no matter if they are searching for a full-time or freelance gig, are after purposeful and meaningful work in a workplace culture that is inclusive and flexible. Total talent management in 2022 can be an effective means of ensuring that all workers, no matter the type, are attracted to the organization and want to stay once they are there. The convergence of HR and talent acquisition principles, combined with the power of procurement-led contingent workforce management, can ensure that consistent tactics are utilized in talent engagement efforts to put culture, brand, and similar attributes at the forefront.
The commodity-driven days of extended workforce management are over. Procurement will always have a sustainable role in managing the extended workforce, however, the era of “commodity-led” measures has passed us by, replaced by a visionary approach that values skillsets and expertise over costs and budgets.
A remote and distributed workforce requires more structure. In the early days of the pandemic, executive leaders found themselves unable to effectively track their total workforce in the wake of a “remote overnight” switch. Although the rigor behind workforce management has vastly improved since then, the vast majority of enterprises are still offering flexible workforce options for their staff and require more enhanced means of understanding where workers are, what they are working on, and how to address skills gaps if a business location requires a new infusion of talent.
The focus on workplace culture permeates into the world of extended workforce management. While we know that there’s a barrier we cannot cross in regards to treating non-employees like FTEs, there is an arena in which the same cultural benefits of a positive and engaging workplace for traditional employees is just as attractive to freelance, independent, and extended talent. Aspects such as enterprise-wide communication, transparency into operations and projects, and “flexibility for all” can go a long way into ensuring that extended talent is not only attracted to the enterprise but will also want to be a part of that organization’s community even after their engagements end.

Total talent management has long been a concept that bordered on the theoretical. In years past, there was an industry-wide acceptance that the many intricacies of the program could not effectively work together; however, in the past two years, the world of work and talent has been transformed. Total talent management should be considered a viable and powerful way to merge the contingent workforce, HR, and talent acquisition competencies, capabilities, and technologies required to attract and retain talent, as well as manage that talent effectively on a global and remote scale.

If You Don’t Have a Chief People Officer, Now Is The Time to Hire One

Business Leadership HR by Christopher J. Dwyer on 04/07/2022

The “Chief People Officer” isn’t exactly a new type of leadership position, but it doesn’t necessarily have the same history as the Chief Finance Officer or Chief Procurement Officer. At the end of the day, however, this “newer” role may be the most critical for enterprises as we exit and “enter” an intricate period in business history.

Many organizations believe that the Chief Human Resources Officer (CHRO) and Chief People Officer are essentially the same role; while some businesses’ job descriptions of these positions may be one in the same, we are beginning a phase in corporate America that requires more than HR responsibilities in a CPO role…

…which brings us to the topic at hand: if you don’t have a Chief People Officer, you need one.

Let’s review what’s happening in businesses across the country (and the world) right now:

Over the past several months, an average of four million workers have voluntarily left their organizations in a movement called (as we all know by now) “The Great Resignation.”
While the above may seem like it’s linked to compensation, it’s actually a “Talent Revolution” in which professionals desire joy, flexibility, and more purposeful work.
The rate of globalization, combined with an uncertain labor market and pandemic-fueled volatility, means that enterprises need to “future-proof” their operations by harnessing the power of data and artificial intelligence.
There is now, more than ever before, a laser-like focus on just how flexible organizations can be in regard to its workforce, technology, and overall business thinking, and;
Most importantly, it’s an enterprise’s people that will lead them to the next great era of innovation and success.

Executive HR roles are now focused on developing a proper workforce culture while balancing diversity, equity, and inclusion (DE&I) initiatives, on top of extreme staffing shortages that have long been a hallmark of the economic recovery phase during these pandemic times. To throw even more into the equation, particularly how to combat The Greatest Resignation, develop a flexible workplace environment, foster purpose across the staff, and introduce next-generation analytics into the fold, well, it’s clear that there needs to be a role that blends HR-oriented expertise with a progressive series of skillsets that can transform the greater organization from technology, intelligence, and talent-led perspectives. (I’m fully aware that many organizations blend the CHRO and CPO roles into one, and the enterprises that do this effectively converge many of the best capabilities of each position for maximum value.)

The Future of Work in 2022 dictates that enterprises reimagine how they get work done, especially considering the fundamental transformations happening within the realms of talent, technology, and overall business thinking. The Chief People Officer can be a catalyst for “rebooting” the very notions of work, helping the greater organization foster a dynamic culture of inclusivity and flexibility while preparing it for the ongoing transformations happening today:

The Chief People Officer role can be the champion of all things related to diversity, equity, and inclusion (DE&I) by advancing initiatives that may be “stuck” in other functions due to a focus on business operations (and staffing shortages).
Many of today’s CPO roles center around data and intelligence; in a business arena that runs on insights, the Chief People Officer can be incredibly impactful by leveraging predictive analytics, AI, scenario-building, candidate assessment and validation tools, and other progressive analytics platforms to formulate a workforce strategy that is founded on intelligence (a powerful initiative that translates into better alignment between the greater organization’s culture and available candidates).
A Chief People Officer can be a “coach’s coach” for conscious leadership, empathy-led management, and other “human” elements of the next-generation business leader. There’s been so much discussion lately (ahem) regarding the emotional elements of the workforce and how leaders should be in tune with those as it seeks to better manage its staff. As such, the CPO can effectively measure the emotional facets of the enterprise staff, communicate shortcomings and issues to leadership, and develop a plan to ensure human needs are met in the future.
A formidable task, for sure, but the Chief People Officer can be critically valuable in spearheading talent retention efforts. The United States is actively averaging 4+ million resignations since November of last year; if the CPO can tap into what is haunting workers and their ambitions, it can be an invaluable resource for remedying major issues that are causing talent to up and leave the enterprise. The Chief People Officer can be adept at solving employee burnout problems, developing enhanced career development plans, and pinpointing areas of growth
Most importantly, the Chief People Officer of 2022 can be a dynamic executive leader that can influence how work is ultimately done. What is the best pathway ahead during today’s unique pandemic times? What is the best remote or hybrid work structure for the organization? How does the business combat The Great Resignation? What’s the ideal means of investing in the workforce from career development and emotional perspectives? How can the enterprise better leverage data, intelligence, and insights to execute enhanced and educated hiring decisions?

AI, Direct Sourcing, and the Future of Talent

Direct Sourcing by Christopher J. Dwyer on 04/06/2022

The path to Direct Sourcing 2.0 is rooted in the idea that data should drive talent-led decision-making. Most next-generation direct sourcing programs leverage AI-driven functionality to enable a more robust picture of available skillsets, improve the matching of available skills with open positions and project requirements, streamline the assessment of candidate skills and expertise, and enhance worker intelligence. The majority of businesses see AI and advanced analytics as a catalyst for Direct Sourcing 2.0 over the next two years, as discovered by Ardent Partners and the Future of Work Exchange.

An employer’s brand can be a catalyst for talent transformation because it can be used to attract talent and maintain an allure as non-FTE workers shift in and out of enterprise projects. Direct Sourcing 2.0 builds on brand concepts and pushes them to a higher level by using AI and analytics on candidate data to improve messaging, increase support for diversity initiatives, and gain a clearer picture of the worker expertise available in the market. Our research shows that:

Nearly 70% of businesses plan to leverage AI-based tools for candidate assessment within two years. Candidate fraud has not grabbed headlines yet, but it is a risk for businesses, particularly those that require specific skills and certifications. With more candidates operating in a remote environment, businesses require better means to ensure that their potential hires actually possess what is represented in their resumes and history. AI-fueled candidate assessment tools support the validation of competencies and skills, helping to ensure that the talent pipeline is filled with candidates who can succeed in their placements.
Sixty-four percent (64%) of enterprises plan to use AI to solve talent retention issues. The labor market over the past two years has been anything but stable and certain: within the span of 12 months, the market has experienced a dramatic increase in, and, the largest tallies ever in history, of worker resignations. There are more open positions in the United States than at any other time this century. HR, talent acquisition, and procurement leaders and their teams need the insights required to more accurately forecast what their workforce will look like in the future, given economic and organizational changes. Predictive retention data, modeled within direct sourcing programs, can augment how and when businesses engage talent pool candidates and what skillsets should be targeted in upcoming recruiting marketing campaigns.
Diversity, equity, and inclusion initiatives will be boosted with next-level intelligence over the next two years. DE&I remains a critical piece of direct sourcing and talent acquisition overall. In 2022, roughly a quarter of all businesses utilize AI within direct sourcing for DE&I purposes (27% for worker diversity data and 24% for general diversity and inclusion insights). More than half of all enterprises plan to use AI to drive these initiatives over the next 24 months. Businesses that invest in developing AI-led data collection will be able to cast a wider net within the realm of diversity, capturing gender, culture, background, neurodiversity, etc. These insights can provide hiring managers and executives with the intelligence needed to monitor and improve DE&I initiatives.