Rapid advances in technology, automation and computerization mean that up to half of jobs that currently exist could be eliminated in future. These jobs are likely to be replaced by new job types requiring new skills. Workers will need to skill up to stay relevant in organisations.
The first wave of Generation Z is now entering the workforce, primarily through internship programs. These individuals are likely to have powerful digital capability and show strong entrepreneurship qualities that organisations will want to tap into early, by engaging and building them into their talent pipelines prior to them entering university.
While there is considerable buzz about talent analytics and the powerful insights provided by ‘people data’, many organisations are still struggling to get consistent, timely, high-quality data about their people due to poor systems of data collection and storage.
However, improved tools and techniques are emerging which will allow for more efficient data collection and increasingly sophisticated analytics.
Generation Y now makes up one third of the working population, with many stepping into managerial positions. Hudson’s research in The Great Generational Shift established the significant personality differences between Generation Y and other generations, so organisations can to learn to manage the generational differences effectively and enable these future leaders to thrive.
Succession planning — identifying and developing future leaders — is now critical. With many organisations failing to successfully transition their leaders up the pipeline and 46% of all transitioning leaders under performing, organisations will need to vastly improve their ability to identify and develop leaders — or their businesses will suffer.
One of the conundrums organisations face in building their leadership pipeline is getting the right mix between external hiring and internal re-shuffling and promotions. Internal hiring makes the most of pre-existing networks and company-specific knowledge, while external hiring brings in different experiences and skillsets. Regardless of the mix, proactive internal mobility and talent retention will remain crucial as more organisations engage in identifying and poaching passive candidates and poaching talent.
While organisations are making strides, albeit slowly, in addressing the gender diversity gap at leadership levels, one area that needs tackling urgently is the gender pay gap. Across APAC, data consistently shows that women in the workforce earn significantly less than men. In china for example women have earned 41% less than men in recent years while in Australia the gender pay gap is currently 18%. In the coming years, smart organisations will conduct gender pay gap analysis, assessing levels of inequality and driving programs that initiate change.
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