Talent has always been difficult to find. Even with globalisation, significant investment of time and resources is needed to find and relocate talent to the right geography. In many instances this was not possible given the preferences of the candidates and/or the hiring managers. COVID-19 has changed this drastically. Remote working and distributed teams have become acceptable. With limitations on immigration and travel for work, there is a lot more openness to finding and hiring talent from outside the traditional talent pool.
However it is not as simple as it seems. The cost per applicant (CPA) – the cost to convert a job seeker to a job applicant – had been averaging US$11-12 throughout 2019 according to recruiting benchmark data from programmatic recruitment advertising provider, Appcast. But, the impact of COVID-19 saw the CPA reach US$19 in June – a 60% increase. I expect that finding right talent is going to be a “needle in a haystack” issue. But this is only one side of the coin – the other aspect is that the talent profile needed to be successful in roles that are all remote or hybrid is also significantly different from what it was before. Companies need to pay special attention to what kind of people they would like to hire in these new roles. Without this due consideration it is very likely that there would be difficulty in on-boarding and making these new hires successful within the organisation.
Automation Augmentation and Skills
The pace at which companies are choosing to automate or apply AI is increasing. This is changing the work patterns and job requirements for many roles within the industry. According to the BCG China AI study on the financial sector 23% of the roles will be replaced by AI by 2027. The roles that will not be replaced will need a higher degree of soft skills, critical thinking and creativity. However, automation is not the endgame. Firms that go ahead with automation without considering the implications on the business process, and the skills and roles it impacts will end up disrupting the business and customer experience. Firms will have to really design their customer journeys, their business processes along with roles and capabilities needed. Job redesign and reskilling will be key to ensuring a great customer experience
Analytics is Inadequate Without the Right Culture
Data-driven decision-making as well as modelling is known to add value to business. We have great examples of analytics and data modelling being used successfully in Attrition, Recruitment, Talent Analytics, Engagement and Employee Experience. The next evolution is already underway with advanced analytics, sentiment analysis, organisation network analysis and natural language processing (NLP) being used to draw better insights and make people strategies predictive. Being able to use effective data models to predict and and draw insights will be a key success factor for leadership teams. Data and bots do not drive engagement and alignment to purpose – leaders do. Working to promote transparency of data insights and decisions, for faster response, to champion diversity, and give everyone a voice through inclusion will lead to better co-creation, faster innovation and an overall market agility.
Creating a Synergy
We are seeing a number of resets to what we used to know, believe and think about the ways of working. It is a good time to rethink what we believe about the customer, business talent and tech. Just like customer experience is not just about good sales skills or customer service – the employee experience and role of Talent is also evolving rapidly. As companies experiment with work models, technology and work environment, there will a need to constantly recalibrate business models, job roles, job technology and skills. With this will come the challenge of melding the pieces together within the context of the entire business without falling into the trap of siloed thinking. Only by bringing together businesses processes, talent, capability evolution, culture and digital platforms together as one coherent ecosystem can firms create a winning formula to create a competitive edge.
Singapore FinTech Festival 2020: Talent Summit
For more insights, attend the Singapore FinTech Festival 2020: Infrastructure Summit which will cover topics on Founders success and failure stories, pandemic impact on founders and talent development, upskilling and reskilling for the future of work.
How will video calls work with employees in the office and at home? If employees in the office are docking their laptops, they immediately lose access to the camera. If they have monitors on their desk, they might not even be able to work with the laptop open. If they are in an open-plan office, the regular video calls might be distracting.
What is the role of meeting rooms in the hybrid workplace? With social distancing an expectation in many countries today, the role of meeting rooms has changed. They will cater for fewer employees, and there is a growing need for them to be video-enabled.
How do you manage hybrid meetings – where maybe 3-5 employees are on a single camera? How do you ensure every voice has equal weight – and that the right employees have their fair share of voice on the calls.
How do you support employees who are moving between locations? You must focus on self-help services and automating as much of your Service Desk capabilities as possible.
How can IT support social distancing in the office? Many companies are scaling back their hot desk environments to ensure there are fewer shared working environments.
How will the changing location of employees impact business processes? Many of your processes were designed assuming employees were on site. You then redesigned many of them to assume they were not. Do you need to rethink them again?
Does the application strategy work for all employees? There has been an increase in employees accessing applications from mobile devices – sometimes that was because it was a better experience, but too often it was because it was the only option. Is it time to rethink access and interfaces to make them relevant for all users?
How do you keep employees and their data secure? Employees might move between secure and unsecured networks, work and home devices, on-premise and cloud applications. How do you keep them secure, backed up and synchronised – regardless of their device or location?
The move to hybrid working might not be a smooth one. The last thing you want to deliver is a poorer experience at one location versus the other, so you have work ahead in keeping your employees productive and secure – and hopefully, you’ll also move further down the path towards a Digital Workplace that can enable and empower all of your employees.
If you are a Tech Buyer, you can visit the research module to take part in this study and gain access to a benchmark of how you compare to your peers in regards to your organisation’s response to COVID-19.
For more information on Ecosystm’s “Digital Priorities in the New Normal”, please contact us at firstname.lastname@example.org