Business growth jeopardised by failure to adjust to 21st century workforce
Deloitte survey reveals that organisations are not ready to address the striking shift in employee expectations
A significant gap exists between the talent and leadership issues organisations face and their readiness to respond, jeopardising potential business growth in the wake of the global financial crisis, according to a new Deloitte survey.
Released this week, Deloitte’s Global Human Capital Trends 2014 survey draws on the opinions of over 2,500 business and Human Resource (HR) leaders around the world. Respondents overwhelmingly recognised the need to take action on critical issues including leadership, retention and engagement, and reskilling the HR function. However, many express reservations about their teams’ ability to address the issues.
Deloitte partner Hamish Wilson, who leads the Human Capital practice for the firm in New Zealand, says the trends emerging from the survey are very relevant to New Zealand and follow on from Deloitte’s local research.
“Deloitte’s 2013 Talent Edge New Zealand survey told us that an overwhelming number of organisations (83%) are experiencing talent shortages that are impacting on business results, yet very few have programmes in place to promote the attraction, retention or engagement of employees, ” says Mr Wilson.
“Furthermore, we have observed that New Zealand organisations have few answers in response to the demands and expectations that Millennials (Generation Y) have of their employers, which is particularly worrying for the future of our workforce.”
Mr Wilson says the report highlights four trends that are particularly relevant to New Zealand workplaces:
“The time is now for human capital practices to do things differently and take advantage of evolving technologies, such as cloud and big data, to apply them to attracting, retaining and developing talent,” concludes Mr Wilson.
“There is a great opportunity in all of this for proactive employers that get it right.”
To read the full report, go to www.deloitte.com/hctrends2014.