2024 Talent Trends Report: Empower the People
Thrive or Survive: Can You Unlock Human Potential with AI Empowerment?
Introduction
The world of work is undergoing rapid transformation due to the convergence of various emerging and existing trends, including the pandemic, job flexibility, a growing skills gap, and the rise of generative and other forms of AI. These changes necessitate new ideas, ways of thinking, and actions to reshape organizations, markets, and economies.
Key Findings
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Skills Gap and Automation
- Skills Gap: Nearly three-quarters (72%) of employers report that the skills gap will create greater challenges in the near future, up from 64% last year and the highest since 2019.
- Automation: 77% of employers say increasing automation is affecting workforce planning and shifting the talent needed in their organizations, marking the highest level ever recorded.
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AI Adoption and Integration
- AI in Talent Life Cycle: Organizations are increasingly adopting AI to write job descriptions, create skills ontologies, source and screen candidates, manage interview scheduling, and enhance internal talent mobility.
- Five B’s of Resourcing: Companies are considering "buy skills," "build skills," "borrow skills," "bounce (unlearn) skills," and "bots (AI) as a skill" as part of their resourcing strategies.
- Long-Term Strategy: A successful strategy must focus on reimagining the future of work, defining the scope for AI deployment, establishing clear goals and metrics, and continually building on these strategies.
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Challenges and Priorities
- Digital Transformation: 56% of talent leaders feel digital transformation is moving too fast and they cannot keep up.
- Top Challenges: Increased competition for hard-to-find skills (34%) and growing scarcity of specialty skills (32%).
- HR Expectations: HR is being expected to do more with less this year (64%).
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Core Areas of Focus
- Enabling Technology: Exploring and understanding how technology can make the impossible possible in talent strategies.
- Talent Capability: Embracing the beyond-skills revolution, rethinking hiring and development processes, focusing on aspirations, core and impactful work, and fostering a state of constant flow.
- Empowering Experiences: Building cultures and people experiences that engage and motivate employees, encouraging sustained discretionary effort.
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Talent Trends
- Age of Human and Artificial Intelligence: AI and human intelligence working together to optimize the workforce.
- Beyond-Skills Revolution: Focusing on core skills and motivations to unlock human potential.
- Technology’s Role: Investing in the right technology, human potential, and a motivating culture to drive a beyond-skills talent revolution.
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Survey Details
- Participants: 1,076 C-suite and human capital leaders from 21 global markets.
- Key Industries: Banking and financial services (22%), life sciences and pharma (11%), IT and technology (15%), high-value manufacturing (4%).
- Company Size: Varying from up to 3,000 employees to over 3,000 employees.
Conclusion
Most organizations have either started or plan to become skills-based organizations to combat talent scarcity. By focusing on enabling technology, enhancing talent capabilities, and creating empowering experiences, companies can prepare their workforce for the rapidly changing market and ensure long-term success.
Note: The data and findings are based directly on the provided text and exclude any non-essential information such as analyst names, contact details, and specific chart titles.