Adecco have release their 2019 Workforce Trend report which highlights a continued focus on growing talent and investing in continual learning for employees.The company says that as the shelf-life of skills become shorter, training and continuous learning is becoming increasingly important to remain competitive. Companies will need to make regular business investments in continuous learning to upskill existing employees and in apprenticeships programs to build future talent pipeline.
CEO The Adecco Group Australia, Rafael Moyano says: “Whilst 2019 is forecast to moderate here in Australia, we are still seeing skill shortages in specific areas, providing businesses with continued chances to provide new learning opportunities and upskilling to staff within their business.”
The six key trends are;
- Employee wellbeing will become increasingly important. There has been an increased focus on this topic globally with mental wellbeing receiving special attention. Mental health conditions are more prevalent than many realise since they tend to be less visible outwardly. They are also important because mental wellbeing is linked to individuals’ physical health and job performance and thus ultimately to performance of organisations. To remain competitive, employers will need to take credible action delivering tailored wellbeing solutions to their different workforce segments.
- More ‘inclusive’ hiring practices needed. Inclusive hiring covers many aspects such as age, gender, qualifications and socio-economic status. Companies state degree qualifications as a minimum requirement but with a drastic shortage of skilled workers, companies need to hire for skills rather than credentials. Today skills can be gained through hands-on experience, coding camps or vocational education programs. Businesses will need to change their mindset to ensure that academic qualifications do not become a barrier to entry in the job market.
- Not just ‘hiring’ talent, but also ‘growing’ it. As the shelf-life of skills become shorter, training and continuous learning is becoming increasingly important to remain competitive. Companies will need to make regular business investments in continuous learning to upskill existing employees and in apprenticeships programs to build future talent pipeline. Given a more VUCA (volatile, uncertain, complex and ambiguous) 2019 economic outlook, it would be financially as well as socially prudent for employers to consider retraining and redeploying at risk employees rather than simply retrenching them.
- Diverse forms of work arrangements become the norm. From freelancers and gig workers to full-time employees and now robots, workforce composition and work arrangements are becoming more diverse and complex. According to research by SAP Fieldglass, 43 per cent of workforce spending in the professional services industry is on the external workforce. This will require organisations to closely re-examine their entire HR process – from talent acquisition to development and remuneration to retirement – to ensure that the process works for all segments of their diverse workforce.
- Harnessing ‘people’ data. Businesses, governments and individuals, are all realising the importance of managing, protecting and leveraging data. While companies have used data to design, market and sell their products and services, they have not leveraged it enough to attract, retain and develop their workforce. As HR analytics becomes mainstream, organisations that can harness their people data, will have a definite advantage in the war for talent.
- Blockchain. Blockchain is a type of data storage whereby information is stored over a network and is then compiled and recorded in such a way as to become tamperproof and much easier for all parties to see information. Over 50 per cent of the 18 blockchain start-ups in the world of work are targeting the freelance marketplace and are in closed Beta or early development phase. Blockchain has several potential applications beyond freelance marketplace such as reducing time-to-hire, accelerating time and accuracy of invoicing and payments and creating verified candidate profiles. In 2019, we expect to see many of these cases of blockchain being targeting for development.