Each year, Deloitte’s HR experts gather together to present what they think will be the Human Capital Trends for the coming year. This year’s report was announced at the IMPACT 2018, a leading HR conference held in Florida, USA.
The research comes from the largest longitudinal survey of its kind, with insights from more than 11,000 HR and business leaders. The report looks at the technologies and disruptions set to impact the HR arena in the coming year.
This year the report suggests that there is a major and fundamental shift underway in the world of work. Something Deloitte is calling the rise of the social enterprise, essentially saying that while organisations were once assessed on their financial performance or the quality of their service or product, more and more they’re being assessed by the interaction with workers, customers and society at large. So, what were once business enterprises are now social enterprises. No longer are organisations just simply businesses but rather something that has become enmeshed into our society, where their impact on society and their place within it has risen to become a chief issue, rather than a lofty ‘nice to have’ goal.
The key 10 HR trends that Deloitte raised in their report form together to bring about this idea of ‘the rise of the social enterprise’. Below, we look at the trends and give a brief overview of what they mean.
Deloitte highlights the growing need for the C-suite to start operating in a more integrated way. Each member of the C-suite has to consider their impact across the company, it’s necessary to work together rather than independently as today’s biggest issues impact multiple areas of an organisation. It’s a ‘symphony’ that needs to work together to create harmony. This is the trend that Deloitte sees as the most important and impacting in 2018.
With the rise of the individual and those wanting alternative work arrangements, the workforce of today is no longer the full-time employee on a salary. This is something that a lot of organisations have struggled to embrace, but it’s a trend that is not going away, so businesses will need to sit down and think about how they will manage this.
As workplaces have changed a lot in their flexibility and leadership style, the way people have been rewarded and compensated has not changed that much. Deloitte says that there is a major disruption coming in this area and that a more personalised and agile way of rewarding employees will be developed.
While everyone is concerned that automation and artificial intelligence is decreasing jobs, Deloitte suggests that it is actually the opposite. With all this transformation, they believe that new roles are being created at a rapid rate, which means that organisations need to be continually looking at adapting and expanding their employees’ skills. To attract and retain talent, organisations will need to look at how they support their employees in this career management and development.
As we’re living longer lives, our workplaces have not changed significantly to embrace that. Forward thinking-organisations will look at our aging or ‘seasoned’ workforce as a great opportunity and will develop ways to get great benefit from this sector.
As an organisation’s role and track record in social matters gains more of a focus and is having a bearing on financial outcomes, business leaders and CEOs will need to look at their societal role. Their role as leaders within the company will more and more reflect their reaction to public issues.
As our work and private lives begin to meld together, employees are demanding more in the way of benefits to boost their well-being. Deloitte suggests this is no longer a nice to have, but a real need in supporting our workforces.
The increase of AI, robotics and automation in the workplace has increased dramatically, but instead of decreasing jobs it has done the opposite. There is a huge human demand and new roles to be created if the technologies’ potentials are to be maximises, says Deloitte.
With the growth in communication tools and work-based social media platforms, are organisations able to ensure these tools will increase productivity rather than hinder it. This will be a big concern and issue to deal with in 2018, according to Deloitte.
With the dramatic rise and capabilities of people analytics tools, are organisations looking to ensure the safety of their people data? Deloitte says now is the time to put all the safeguards and policies into place to avoid employee and societal backlash.
These are the 10 human capital trends that we must face in 2018 according to Deloitte’s researchers. See the full report here.
What is the trend your organisation is looking to embrace this year?