HR Technology: Winning war for talent

Events over the past 12 to 18 months have set in motion new workforce trends – many of them focused squarely on the employee. As the competition for talent heats up, employers will need to come to terms with the fact that the power dynamic has shifted in favour of the employee. Stephen Moore, from Ceridian, investigates further.

Gartner’s Global Talent

Monitor found that 24 per cent of Australian employees are actively seeking other employment, in a trend LinkedIn has coined as “the great resignation”. In addition, 80 per cent of businesses have gone digital in the past two months, and 60 per cent of all jobs created have been casual.

These changes were brought on by necessity and present an emerging need for greater workforce and employee flexibility. Coupled with a shrinking talent pool, these factors have led to a war for talent that has never been seen before. Where there are challenges, there are also opportunities.

The global upheaval of what ‘work’ now means to everyone encourages businesses to fundamentally rethink their employee engagement and retention strategies. How people work, where they work and how they work now must be redefined.

So, the question remains, how can employers win the war for talent?

It all starts with understanding what employees are prioritising and how the best companies can meet these demands. Ceridian’s 2021 Future of Work report surveyed 2,000 executive-level decision-makers worldwide and found an apparent disconnection between an employer’s priorities and what matters most to their people. While 72 per cent of executives see employee experience as a high priority or essential, only 24 per cent of employees strongly agree that their companies are agile in addressing employee issues. It’s clear that employees have defined expectations when it comes to the workplace, but employers aren’t ready to fully integrate an employeecentric experience.

Now is the time to place employee experience at the heart of important business decisions. Businesses that choose smart technologies that mirror the consumer experience through real-time, on-demand access will have a competitive advantage. Further, data-rich insights will help

business leaders unearth workforce trends, helping them to stay one step ahead in today’s competitive talent market. These powerful digital experiences not only improve internal culture and empower workers but also positively impact on a company’s bottom line.

How people work, where they work and how they work now must be redefined.

Responding to the changing world of work

Business leaders need to recognise that traditional means of recruitment and employee expectations are no longer relevant. Given collective workplace experiences over the past year, employees are beginning to reflect and re-evaluate their priorities and are now considering if the standard method of working, such as the ‘9 to 5’ grind, is still their preferred style of work. The status quo of employer exclusivity and loyalty also has new meaning: full-time workers are embracing the tenets of the gig economy and are seeking roles for shorter periods with multiple organisations. Positively, the research shows that New Zealand businesses are already adapting to this change.

“More than half of New Zealand business leaders are looking to increase the size of their team in the next 12 months (58 per cent) and will leverage gig workers to do so (54 per cent).”

“Looking ahead to 2023, 64 per cent of New Zealand businesses agree they will hire more contract and freelance workers, and 70 per cent predict that freelance workers will substantially replace full-time employees within the next five years."

As these new, transformational workforce trends continue to evolve, businesses that embrace informed decision-making through technology will be best prepared to optimise talent intelligence, improve data benchmarking and boost employee engagement.

Leveraging the power of technology

New Zealand decision-makers are well above the global average when it comes to recognising the role artificial intelligence (AI) will play in shaping and supporting their workforce. Over half (51 per cent) plan on using AI tools for recruiting and talent management, with over a third (39 per cent) already doing so. Many tangible benefits are involved for all, from helping to ensure decision-making is fair and equitable, to reducing administrative burdens, to speeding up the hiring processes.

When considering the HR challenges of the future, and maximising investments made, employers must ensure AI tools are integrated, widely adopted and routinely used to deliver critical employee engagement insights. An intelligent HCM solution can marry the advantages of AI to redefine important employee touchpoints, like onboarding, making sure all systems work together seamlessly while providing a consumer-grade user experience.

As Alexandra Levit, a workplace futurist, expertly puts it:

“Organisations are underestimating the long-term emotional toll the pandemic will take on employees and need to beef up their employee experience to reflect that reality and provide the appropriate support.”

Although the war for talent will continue to exist even beyond the current pandemic, leaders who understand the trends shaping the employee’s experience will help to ensure both the business and its people succeed.

Stephen Moore is responsible for the overall leadership of the Asia Pacific & Japan region at Ceridian. His focus is to deliver world-class innovations and experiences to customers, helping them optimise performance using Ceridian’s intelligent HCM and deep business insights.