We had the privilege of being at the TMA Human Capital Analytics and Workforce Planning Summit in Atlanta this week! Our founder Anne Fulton shared some of the latest research highlighting the five key mega trends that are the driving force for a new talent economy and a 2020 talent experience. Here are some of her key soundbites from the session!
With less than 4% unemployment in the US today, we have a global talent shortage. This means that we need to think about our talent differently. We no longer have the luxury of an abundant talent supply, where we can put people in a 9-box and only concentrate on the top right. Instead, today we need to think about how we enable and leverage the talent and potential across our entire organization.
There is still a real disconnect between what employees want and the future path transparency that the organization can deliver. But we know from multiple sources that if you give employees the resources, 75% of workers are prepared to use their own time for learning and grow their skills for the future (Career Agility Research Paper, pg. 6).
Mega trends driving the new talent economy
#1 Workforce Demographics
Unemployment is at record lows globally, driving talent shortage and 50% of the workforce are now millennial. The Millennials have different career expectations and will go elsewhere if they are not learning. LinkedIn research showed that Learning and Development is the ‘top perk’.
#2 Technology Drivers
AI and automation are changing the way we work today; it has to increasingly be how we enable our people to leverage AI and automation at work, as a key to future workforce productivity and power.
#3 The New Social Contract
There is a new level of transparency required in this new talent economy, evidenced by the “me-too” phenomenon. Employees want and need a voice about their future. We need inclusive and transparent career experiences at work.
#4 Modern Forms of Work Mobility
We work from anywhere today; workforces are increasingly remote. Greater technical and social mobility has allowed talent to be decoupled from physical geography and defined markets. As a result, it is possible to work anytime from virtually anywhere.
#5 New Work Models
We need to think differently about careers today. And we need to move from position-thinking and linear job titles to thinking about experiences, projects internal gig marketplaces, stretch assignments, mentoring and other career growth experiences.
So this new talent economy is requiring a shift towards, what we describe as, an inclusive career citizenship today.
We need to build a true talent exchange marketplace within a business, where there is career path transparency for employees and skills intelligence for leaders at all levels across the business. Delivering this in an open, transparent way that is inclusive and fair for all. No more talent planning decisions made behind closed doors; lets move to a model that is inclusive and driven by transparency for all levels.
When you unlock a level of career transparency in your organization, you access a positive gain spiral that we have seen in our Career Benchmarking Research, which showed a raft of business gains from reduced absenteeism, higher engagement, lower employee churn. In fact, across all our clients we are now seeing a 60% positive impact on retention where there is active engagement with Fuel50.
We can deliver a new level of transparency in organizations where employees are given transparency and visibility to career paths and skills that are in demand for the future of the business, and the skills that may be facing obsolescence.
When we have employees delivered this level of transparency, there is a high level of engagement in the talent system that old-school, compliance driven systems of HRIS will never deliver. The high platform engagement then delivers the business the skills visibility it needs to allow workforce capability trends and gaps forecasting and understanding, at a granular level, of the talent that sits in pipes for every role across the business. Additionally, it delivers the ability to identify latent skills and potential in the business for “yet-to-be-defined” future roles.
You can tap into a pipe for what has yet to be fully defined in a unique way, that is not delivered by core HRIS today. It is driven by the employee experience.
Here are our top tips to focus on driving an inclusive career experience in your organization:
- Give your employees a ‘why’ and a ‘how’ to build skills for the future
- Focus on skills transparency – it’s a two way street
- Motivate your employees to build the skills they need for the future
- Mine your skills intelligence to maximum value
- Drive an inclusive talent economy in your business
So our vision is for a new culture of inclusive talent citizenship within an organization. One that is based on fairness, transparency and inclusion.
Return talent to the economy better than when they started. Everyone has a right to citizenship and to contribute their best work.
This is a talent economy based on fairness and transparency that fits with todays unique workforce dynamics. The more you contribute, the more value you add, the more positive feedback you collect the further up the rankings you will appear in pipeline searches. You own your destiny and can track your impact and contribution, and also increase your visibility and value to the business.
For you as an employee, you will appear more frequently on talent pipe searches that are in an open marketplace. It is an open talent economy that we need today.