The recent findings of “The Conference Board CEO Challenge," a global survey of CEOs, presidents and chairmen to identify their most critical challenges, has resulted in Human Capital being the top challenge for 2013.
Update: While this post is "from the archives" of 2013, many of the challenges are still relevant today. In fact, operational excellence is of particular focus for HR professionals in preparing for 2022.
These results are echoed in the recent release of Deloitte’s Human Capital Trends 2013 report, which identifies that talent and leadership gaps have become a top business challenge this year. Deloitte’s year-long research effort focused on the threats and opportunities faced in particular by HR professionals.
7 Trends that Every HR Manager Needs to Know
The Deloitte researchers focused on these 7 trends that they believe should be on every HR manager’s radar:
- Thinking like an economist
- The open talent economy
- Innovating the talent brand
- Creating an elastic workplace
- Finding the silver lining in the talent gap
- Debunking the 'Superman Myth'
- The performance management puzzle.
By initiating the crucial conversations around these Human Capital Trends for 2013, leaders can zero in on the trends most closely linked to their business strategy and make informed decisions about where to focus attention and resources to create value.
How to Think Like an Economist
“Today’s HR leader has to think like an economist—someone who studies and directs the allocation of finite resources. In the global economy, talent is one of those scarce resources… Business is more complex, moves faster, and is more competitive than before. Senior leaders don’t only have tougher decisions to make—they also have new kinds of decisions to make. The data, skills, and methodology of the classical economist can help an HR leader answer that call.”
Forbes published a recent piece on these findings called “Why HR Managers Need to Think Like Economists.”
What's the Performance Management Puzzle
This illustration from “the performance management puzzle” (p23) shows how the HR professional is transitioning from a traditional approach to adopt emerging trends.
Reference: Deloitte’s Human Capital Trends 2013