The rapidly changing corporate landscape has forced HR pros to take a long, hard look at industry best practices and the role human resources will play in businesses, organizations and governments.
“Disruptions” in the services and products companies offer, and the expectations of HR departments, have become commonplace, as the business status quo evaporates with each passing quarter.
Further, the competition to find qualified employees that can keep up with and drive innovation, has become fierce. Some C-Suite executives are facing a talent gap, notably in technology sectors, that may have far reaching implications. Those that can navigate the challenges disruptive technologies bring, while harnessing its benefits and overcoming a workforce shortage that threatens to inhibit corporate growth and progress, stand to benefit greatly during a tumultuous transition away from traditional business and HR models.
Skills Gap Has Led to ‘Talent War’
A 2016 State of the CIO survey found that 49% of Chief Information Officers expect an IT skills shortage in the next year. A Harvey Nash/KPMG CIO Survey last year found nearly 6 out of 10 CIOs believe a talent gap will keep their organization from “keeping up with the pace of change;” a number up one-third from three years ago, according to an article from CIO.
The article cites companies poaching talented employees, starting salaries skyrocketing and some workers getting upward of 20 calls a day from recruiters as evidence the competition has escalated. Companies are under immense pressure to innovate and keep up, says Bob Miano, president and CEO of Harvey Nash USAPAC, and the speed of progress has led to a “talent war.”
Not everyone is in position to effectively play the game yet, though. More than one-third of CIO’s claim they are responding to the “digital disruption,” with another 30% expecting to be in position to do so within the next two years, the story reads.
The need for talented employees is so great that companies are focusing on developing a workforce that can execute technological solutions even more than the technologies themselves. Employees with a broad range of skills are in especially high demand.
A Foundation for Success is in Place
Although there is a talent shortage, an article in the Huffington Post offers a few points of optimism that the U.S. will be able to narrow the gap. They include:
Employers are supporting education and training for workers: Cigna Corporation is one example of an employer increasing investments in education tuition reimbursement, and according to one study, the company has seen a 129% return on investment.
Millions of Americans have some college: Roughly 27 million Americans between the ages of 25 and 54 have started college but do not have a degree. Reducing this number could increase the number of employees ready to fill the needs of organizations short on talent.
Closing the gap will expand equity: “While the overall postsecondary attainment rate in the U.S. is 45.3%, the rates for African Americans, Hispanics and Native Americans are significantly lower. If we can increase postsecondary success for all Americans, we can grow the talent we need and provide more people with a brighter pathway to increased wages and social mobility,” the story reads.
Postsecondary Certificates increasingly matter: A high-quality certificate offers value on the job market and carries college credit that can lead to other opportunities.
Cities are investing in talent development: City leaders are seeing gross metropolitan products rise as its population gets better educated.
Phoenix Launches DisruptHR Chapter
Just as the emerging technologies are “disruptive,” HR pros are implementing their own progressive strategies. Phoenix recently launched a DisruptHR chapter, focused on sharing nontraditional practices, according to information in the Phoenix Business Journal.
The Arizona DisruptHR chapter kicked off with a May 19 event that featured a sharing of ideas and solutions that will “change the face” of how human capital is treated, the story reads. Changes in HR practices and business models are simultaneously occurring, with the pair seemingly engaged in a symbiotic relationship.