#EPISODE 32: πŸ”Š Global Human Capital Trends

The One Minute For: Human Sustainability, Employee Performance, and Generative AI

 

IN TODAY’S EPISODE πŸ‘€ 

 

THE ONE MINUTE TO THINK πŸ€”

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"To succeed in the new world of work, organizations must abandon the idea of complete control and work with employees to create new rules and boundaries that define how they work."

Steve Hatfield, Director and Global Head of the Labor Market at Deloitte

 

2024 Global Human Capital Trends

Source: Deloitte

2:57

Audio: #EPISODE 32

According to the Deloitte 2024 Global Human Capital Trends study, the most pressing issues in the world are trust and sustainable human capital development

More than 14,000 respondents in 95 countries consider domestic constraints to be the biggest obstacle to making meaningful progress toward realizing key human capital trends.

3 Key Global Human Capital Trends

#1 Sustainable development of human capital

Prioritizing the sustainable development of human capital, i.e. the importance that an organization places on creating value for employees by providing them with a higher level of well-being, providing opportunities for professional adaptability (employability), and guaranteeing fair and equal treatment, can contribute not only to the effective development of employees but also to the performance of the organization itself.

While 89% of executives say their organizations contribute to the sustainable development of human capital to some extent, only 41% of employees agree.

#2 New indicators for assessing employee performance

In today's dynamic work environment, traditional metrics like hours worked are insufficient to gauge productivity due to the evolving nature of work. Organizations must adopt more relevant performance measures as technology advances, considering what data to make transparent to employees amidst increasing data volumes.

Half (53%) of respondents agree that their organizations are in the early stages of determining the best ways to measure employee performance and the value of employee contributions, and only 8% say their organizations have made progress in this area.

#3 From understanding the situation to taking action

This year's study highlights trends showing organizations' need to rethink approaches to meet new challenges. One such challenge is the rapid advancement of artificial intelligence (AI), underscoring the importance of nurturing human qualities like curiosity and empathy in employees to foster creativity. To address this, organizations should create digital playgrounds where employees can explore new technologies in a safe environment, encouraging experimentation. Employees also seek the freedom to cultivate microcultures within teams while aligning with organizational values. HR leaders must develop expertise across all levels to support autonomous and diverse teams effectively, moving away from siloed approaches.

The majority (73%) of respondents note the importance of ensuring that human creativity and imagination are kept on par with technological innovation, but only 9% of respondents have made significant progress in achieving this balance.

 

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