2020 has been a defining year for businesses. The global pandemic combined with a rapidly accelerating technological revolution, has seen businesses rebuilt, reshaped, and reimagined. How businesses differentiate themselves in 2021 to remain competitive will be critical to future success and winning the talent war.
As the job market begins to recover, we are likely to see a surge in people seeking new work opportunities, but what will they be looking for? Wanting to understand the situation better, we recently undertook the Talent Accelerator survey with Censuswide quizzing 2,000 knowledge workers and 500 HR directors in large, established corporations, and mid-market businesses across the United States about their visions for the future of talent and what their priorities are for 2021. This is a continuation of our Work 2035 project, this time focusing on talent.
The Rise of the Digital Nomad
This year, we have seen remote working become the norm, and employees have gotten used to having choice in where, when, and how they work. Flexibility is high on the employee agenda, with 88 percent of employees agreeing that, when searching for a new position, they would look for a company that offers workers complete flexibility in their working hours and location.
However, while flexible working may expand the boundaries of the talent pool, it also increases competition, especially for those with certain high-demand skills; if employees can work remotely, a company’s location is no longer an advantage. Our survey supports this perspective, as 83 percent of knowledge workers predict that, in response to a global skilled talent shortage, companies will leverage flexible work models to reach out to suitable candidates no matter where they live.
Virtual Connections
Talent will be critical for recovery and growth as organizations strive to emerge from the pandemic in a stronger, better position. But to secure the best talent, businesses must provide the ultimate employee experience and evaluate how they can help their employees thrive in a world where the virtual workspace is the central hub for teams.
With the help of the right collaborative technology, many teams are more connected and collaborative, despite the physical distance that most workers have experienced this year. On average, around two-thirds of employees and HR directors say they feel more connected to their direct manager, CEO, senior management team, and peers when working remotely than when working in the office. A large number of employees (86 percent) and HR directors (69 percent) also say that business leaders in their organization are already using technology to collaborate effectively and innovate within the company.
Diversity and Inclusion
One significant trend that we have seen emerge this year is a renewed demand for diversity and inclusion, creating a culture and environment where all talent can thrive. Eight-six percent of employees believe that a diverse workforce will become even more important as roles, skills, and company requirements change over time. HR directors are more cautious, and 66 percent support this view. However, 78 percent of employees and 69 percent of HR directors believe that neurodiversity is increasingly recognized in their organization and will drive competitive advantage in the future.
In this new working landscape, characterized by the geographical decentralization of organizations, 78 percent of employees and 72 percent of HR directors believe that location bias will be eliminated as talent acquisition is no longer restricted by geographic boundaries. In fact, 83 percent of employees and 69 percent of HR directors think that workers will be more likely to move out of cities and other urban locations if they can work remotely most the time.
Employee Development and Career Agility
To prosper, leaders must truly adopt a growth mindset. As well as hiring to bring new skills into the organization, they must further invest in learning and development programs to keep their teams’ skills on pace with changing technology and processes. Here, 82 percent of employees and 62 percent of HR directors believe that workers will need to hone their current skills or acquire new ones at least once a year to maintain competitive advantage in a global job market. HR directors also believe that ensuring an organization has the latest collaborative technology in place to enable agile learning is the most important factor in recruiting and retaining the best talent, and 88 percent of employees say that they look for this when searching for a new position.
Moving Forward
As we prepare to enter 2021, talent will be critical to not only recovering from the pandemic, but for organizations to emerge stronger and better. To remain competitive, and thrive amid inevitable disruption, leaders must take a talent-first approach, putting their people at the center of all aspects of business infrastructure: its digital and physical spaces, processes, and culture.
To read the full Talent Accelerator report, click here.
