- Highly adaptable companies in the healthcare, financial services and consumer packaged goods industries deeply value talent and prioritize retention over recruiting alone to drive growth, according to a May 10 report by the Global Workforce Intelligence Project and human capital advisory firm Josh Bersin Co.
- These organizations — “Pacesetters,” as the Bersin report refers to them — also reskill their existing workforce and match workers with opportunities. For example, Bank of America uses a “capability academy” to hone required skills, Bersin Co. said in a media release announcing the report.
- In addition, highly adaptable companies continuously redesign jobs and employment models to adapt for the future, the report found. They also invest in cutting-edge skills in technology, transformation and consultative HR, and constantly experiment with new approaches.
Business is transforming at an accelerating rate, fueled in part by inflation and the pandemic recovery, but also by AI, Josh Bersin, CEO of his namesake firm, pointed out in the report’s media release.
Companies with change agility embrace generative AI and use it to further growth, the report found.
“By leveraging AI-based talent intelligence and other powerful technology, we’ve developed a platform that facilitates a much deeper understanding of our employees’ skills, competencies and areas of interest, allowing us to better support their growth potential,” Stuart Logan, managing director and global human resources business partner of engineering and people experience at banking investment corporation BNY Mellon, stated in the release.
Automation may be coming faster than employees realize. Microsoft, IBM and Google Cloud recently announced separate automated tools that can perform worker tasks, such as creating job posts and listings and managing employee requests.
“Pacesetter” companies identified in the Bersin report use automation and self-service for front-office roles with strong support for IT and back-office technology, the firm said. One financial institution, Development Bank of Singapore, has 30% more people in IT operations and 60% fewer staff in front-office functions, according to the report.
Next generation AI tools also unleash creativity by, among other things, removing “digital debt” — data, emails and chats that build up without the ability to address them all, a May report from Microsoft found.
CHROs play a critical role in ensuring the success of highly adaptive companies, the Bersin report noted. They do so by collaborating with corporate leaders on growth targets, market shifts and customer/client/patient needs for a more integrated talent strategy, the report said.
Adapting effectively in this rapidly transforming business environment also means that HR and business leaders be intentional and as transparent as possible when communicating organizational shifts, a February report from global IT research and advisory firm Info-Tech Research Group reminded employers. Organizational changes can’t happen without employee support, and effectively communicating what’s going on helps ensure employees are on board, the report emphasized.