Research: Employers Will Be Challenged to Attract and Retain Key People in 2014

An illustration of the sources and data types ...

An illustration of the sources and data types used in cyber analytics (Photo credit: Wikipedia)

Consultancy firm Bersin predicts that organizations will be challenged to attract, retain and develop people in 2014 as they strive to keep pace with a global economic recovery. These challenges will drive a need to reinvent and refocus on talent acquisition, continuously develop deeper skills, build a work environment that fosters passion and engagement, push for integrated and simplified technologies and analytics, and redesign and reskill the HR function.

“We see a renewed emphasis on growth in 2014 and that means organizations must focus on sourcing, recruiting, competing for talent, building leadership and re-engaging the workforce we have,” said Josh Bersin, a principal at Bersin. “While unemployment is still high, as the economy picks up and skilled workers see new opportunities, people will start changing jobs.”

To address these talent challenges, organizations need to think of all of the elements of talent management as one integrated “system” – each working together but fitting into a total employee environment.

“As organizations source, manage and develop people this year, they must act boldly, throw away old practices and build a compelling, passion-filled work environment,” Bersin said. “Many of the traditional HR practices — performance appraisal, for example — have to be re-engineered to attract and keep great people.  Plus this year HR must learn how to become data-driven.”

The report includes 10 predictions that highlight many of the big changes taking place in the global economy and the workplace and how they will result in needed modifications to a wide variety of HR programs, including talent acquisition, performance management, leadership and learning. The report also predicts changes in approaches to analytics and HR technologies.

Among the predictions:

  • A competitive labor market and rapid innovation will spur a need to reinvent recruiting. Bersin research shows that today U.S. businesses spend more than $110 billion on talent acquisition[1], competing heavily for top skills in every region. In the last year an explosion of social networking, assessment and Big Data tools has transformed recruiting. To keep pace, organizations will reinvent talent acquisition by building a globally integrated employment brand, developing external talent networks and implementing candidate marketing programs. Mobile technology and the use of social networks will become top priorities for recruiting teams.
  • As retention concerns mount, organizations will focus on building a passionate, highly-engaged workforce. Our research shows that in 2014 it will be hard to keep talented people. It is time for organizations to stop talking about the annual engagement survey and learn how to build passion in their workforce. To accomplish this, organizations will need to monitor engagement frequently and focus on career development, coaching, creating a flexible work environment and communicating a meaningful corporate mission. U.S. healthcare reform, which will provide more employment mobility, coupled with growing job opportunities will make retention a top priority for most HR organizations.
  • Talent Analytics comes to center stage. In 2014 data-driven thinking and infrastructure will become an imperative for Human Resources. Just as analytics has transformed finance and marketing, this year the same will happen to the people side of business. Bersin researchshows that only 14 percent of organizations have talent analytics programs in place yet more than 60 percent are planning to build this new function over the next two years. Talent analytics has tremendous value: the stock prices of organizations with high-impact talent analytics – those at the highest level of the new Bersin talent analytics maturity model — outpaced those of the Standard & Poor’s 500 by 30 percent in 2010-2013. Bersin predicts 2014 will be a watershed year as organizations build analytics centers of expertise which bring together HR and business data in new and exciting ways.

From: Bersin by Deloitte

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