The 2019 Deloitte Global Human Capital Trends has identified 10 human capital trends for organisations to focus in order to create meaningful impact on employees in the organisation. Two of these trends: learning and mobility resonates strongly for human resources leaders today.
According to the 2019 Hays Asia Salary Guide, it found that many employees value career development, with over a quarter of the surveyed workforce (37%) spending one to two hours a week enhancing their professional skills. Given that today’s workforce is increasingly made up of Millennials, this challenges the traditional practices of HR. Deloitte’s 2019 Global Millennial Survey found that lack of opportunities to advance as well as lack of learning and development opportunities are two of the top three reasons for Millennials to leave their organisation.
Regardless of the generational gaps, the key drivers of talent attraction and retention are the same – employees place high value on learning and development opportunities as well as a unique and impactful employee experience within the organisation.
LIFELONG LEARNING
According to respondents of the Deloitte report, the number one reason people quit their jobs is the “inability to learn and grow”. Prioritising continuous learning is key to attract and retain talent. Concurrently, this helps organisations to develop an agile workforce, one that is more prepared to adapt to change and achieve their own career growth objectives.
Given the advances in technology today, it will no doubt challenge the way we view talent and organise our workforce. Key skills today may no longer be in demand tomorrow. As such, the responsibility lies on organisations to ensure that employees are equipped with new skills in order to be prepared for whatever technological disruptions the future brings.
There are various ways in which leaders can introduce learning and development programs to upskill workers. E-learning platforms, seminars, workshops, and conferences are some of the traditional methods to equip workers with new skill sets. However, these methods only focus on hard skills. Today, soft skills such as collaboration and communication play key roles in increasing productivity and efficiency within an organisation. Promoting cross-team collaboration, switching to an open-office concept or encouraging an open feedback culture allows employees to develop soft skills that are necessary to thrive in today’s rapidly changing climate.
TALENT MOBILITY
The race for talent has always been on HR leaders’ mind. However, what if these best talents are already within the organisation? As such, organisations have to be open to embrace internal as well as external mobility.
The Deloitte report highlights that organisations must embrace internal mobility as a “natural, normal progression.” Internal mobility refers to the movement of employees to new opportunities within the organisation. This may include new positions, supplementary projects, shadowing, or even relocation to a different office location. The business opportunity of internal mobility is clear-cut: replacement and recruitment costs can be avoided. But what is greater is the opportunity to enhance the organisation’s brand and workplace culture. Today’s Millennial workers are eager to climb the corporate ladder and want to work for organisations that challenge them. Internal mobility provides a platform for these young talents to acquire new skills, try out new roles and build their careers – all within the same organisation. Not only is this a great way to retain talent, it creates a magnet for people outside the organisation who seek professional growth.
External mobility refers to the movement of employees in and out of the organisation. Attrition within an organisation is expected. As employees move across organisations, knowledge and skill sets are being transferred and this facilitates exchange of ideas. External mobility also encourages the movement of boomerang employees, in which an employee who leaves the organisation only to return later to work for that organisation again. Fresh perspectives, organisational fit and cost effectiveness are some of the benefits associated with rehiring.
The new world of work goes beyond traditional workplaces and incentives. Compensation is no longer the key driver in employee engagement. Instead, today’s workforce values learning and development as well as having ample opportunities to advance in their careers. Organisations need to be willing to embrace technological changes and adapt to the constantly evolving needs of the workforce. This agile mindset is the key to attracting and retaining the best talents.
Based in Singapore, i-Admin offers world-class, easy-to-use payroll solutions using technology and systems infrastructure that exceed industry standards. Our proprietary technology platform provides a singular web-based service that delivers electronic payslips and other e-Services to our clients. We offer payroll services to companies of all types and industries across 15 countries in Asia.
As a leading regional provider of cloud-based SaaS payroll and HR management solutions, we achieve uncompromised efficiency, security and service quality to our clients’ organisations and employees, further helping our clients’ to save on large financial technological investments.