Deloitte's Insight on Workforce Development
Wolfe Tone of Deloitte underscores the need for companies to maximize their current workforce's potential. Amidst financial constraints, aspirations for digital advancements, and productivity goals, businesses are leaning towards internal talent development. Combining reskilling with skills-based hiring and hybrid work models forms a comprehensive strategy for talent management.
Hiring Dynamics: Cash Flow and Revenue Insights
A survey of 100 private company executives revealed that 60% see cash flow as a potential hindrance to hiring in the next year. This concern is more pronounced in companies with annual revenues between $100 million and $200 million, compared to those earning over $1 billion. Executive searchers are prioritizing productivity and technology investments, focusing on essential skills like IT (excluding AI and cybersecurity), sales, marketing, and supply chain management.
Strategic Approaches to Talent Management
To address talent needs, executives are turning to training and reskilling (43%), followed by hiring (26%), contract work (19%), and automation (12%). Over half of the leaders plan to enhance skills-based hiring, coupled with hybrid work models and new compensation strategies. Offering learning and development opportunities is also seen as crucial for staying competitive.
The Role of Training in Internal Mobility
Training facilitates internal mobility, which has seen a decline after peaking in 2020. Promoting internal movement can increase employer flexibility and retention. In 2024, 75% of CHROs surveyed aim to focus their human capital management strategies on enhancing employee experience and organizational culture. Developing leadership skills and workforce capabilities remains a top priority.
0 Comments