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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:

  •  Reinventing talent acquisition. Even as the majority of organisations (62 percent) rely on social media channels for sourcing and advertising positions, when it comes to fully utilising analytics for recruitment and staffing, more than half (54 percent) indicate that their practices are “weak.”
  •  Engaging the 21st century employee.   Millennials will make up 75 percent of the workforce by 2025, yet 58 percent of executives indicate that their companies are not ready to attract and retain Millennials.
  •  Delivering on big data. Big data is increasingly enabling HR departments to make informed talent decisions, predict employee performance, and conduct advanced workforce planning. However, only seven percent of organizations today believe they have the capability to use data analytically.
  •  Racing to the cloud. Two thirds of business leaders believe that HR technologies are urgent and important and yet 56 percent report no definitive plans for their HR systems.

“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.

Last Updated: 

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Name:
Matt Huntington
Company:
Deloitte New Zealand
Job Title:
Communications Manager
Phone:
04 470 3771
Email
mhuntington@deloitte.co.nz
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