Deloitte’s Human Capital Trends report on issues challenging businesses in 2019
The issues challenging organisations in 2019 are different from what we have seen over the years. Deloitte’s 2019 Human Capital Trends report gives some interesting facts on the ongoing and emerging forces shaping the world of work. According to the Human Capital Trends report, an intensifying combination of economic, social, and political issues is challenging business strategies in 2019.
The report investigates what organisations can do to drive the reinvention of the workforce, the organisation, and HR on a broad scale to change the ways in which they interact with, motivate, and create meaningful experiences for their labour force.
Disruptions to the workforce
The Deloitte report highlights that it is a fact that the fourth industrial revolution is bringing disruption to several structures including the economic and social spheres; and this disruption is having an impact on the world of work as never before. “Issues such as income inequality, wages and the role of businesses in society are all under debate, and the tensions underlying the social enterprise are being reflected in labour, regulatory and community concerns around the world,” emphasises the report.
Due to factors such as the relentless acceleration of artificial intelligence (AI), cognitive technologies, and automation that are challenging business strategies, 86 percent of respondents to this year’s Global Human Capital Trends survey said these developments required them to “reinvent their ability to learn.” And in the face of new pressures to accelerate productivity and to adapt to a workforce that is far more diverse, 80 percent of survey respondents indicated that they need to develop leaders in a new way.
Reinvent with a human focus
Deloitte says “the magnitude of the disruptions to the workforce and the workplace – and their consequent impact on employers,” is the reason the word “reinvent” has been chosen: “Reinvention goes back to the core – the foundation of an organisation.”
Deloitte’s report highlights that employees are working extra hours, and problems of financial and mental stress seem to be higher than ever before, however, there is no indication of a marked increase in productivity. According to the Human Capital Trends report, new research indicates that the number-one reason people resign from their jobs is the “inability to learn and grow”. Deloitte says, due to the fact that technology has moved ahead of leaders and organisations, “the human element needs to catch up.”
To help guide organisations through this reinvention, Deloitte has included in the report a set of human principles for the social enterprise--an organisation whose mission combines revenue growth and profit-making with the need to respect and support its environment and stakeholder network. The principles give the benchmarks for how organisations can reinvent with a human focus. One of these benchmarks is collaboration and personal relationships, and what this means is “building and developing teams, focusing on personal relationships, and moving beyond digital to build human connections at work”. To download the 2019 Human Capital Trends report go to the link and click on the fourth button on the right.
This post was sponsored, written and provided by Deloitte.