The AMS x JBC Innovation Board Meeting: Is 2024 the year of strategic talent acquisition?
Strategic talent acquisition and actions talent leaders can take in the face of one of the fastest changing labor markets of a generation, were the key topics discussed as part of the recent Innovation Board, a unique collaboration of talent leaders brought together by AMS and The Josh Bersin Company.
Facilitated by Josh Bersin of The Josh Bersin Company and Jo-Ann Feely, Global MD of Innovation for AMS, the Innovation Board, brings together talent leaders from a range of industries and global organizations for wide ranging discussions on how to navigate the changing climate of talent. Skills shortages, AI and transformation continue to dominate thinking in the talent space and during the most recent meeting of the board conversation turned to how talent teams will need to adapt to deliver success in a changing world of work.
Addressing Labor Shortages and engaging workforces
Labor shortages and skills remain a persistent global phenomenon with declining birth rates and a significant drop in working populations continuing to impact workforces across the globe. With an increasingly constrained macro-economic environment, talent leaders will need to act in a more advisory capacity to their businesses. Horizon scanning for the skills their organization’s will need in the future and managing the skills they currently have within their workforce. It’s a step change from the more recognized role of simply hiring for a rigid workforce framework but one that aligns talent teams more closely with overall strategy.
In addition, Josh Bersin highlighted the increasing need to engage workforces beyond the simple targets of a business. The pandemic, he points out, has not only changed working practices but also how employees feel about the world of work. According to a recent Prudential survey, over half the workforce feels that “going beyond the job” is not worth it. Employees want roles and work which fits their life with 67% re-evaluating how they manage their work/life balance. (Edelman)
Organizational transformation and the impact on talent acquisition
Organizations are changing too. 85% of companies in 2016 defined themselves as “functional hierarchies” (Deloitte). That is to say, they were designed for industrial scale. With the introduction of cross functional teams, a focus on innovation and technology the emphasis is shifting to networks and a new people focused architecture.
This focus on skills-based organizations is also changing hiring practices. Talent teams have an opportunity to adapt their function and deliver market understanding, trends analysis and focus more on the employee value proposition. Enabling strategy is evolving the role of the talent leader, moving them away from simply a transactional function to being more advisory focused and more closely aligned to business outcomes. The innovation board leaders identified this shift in closer partnership with business aims as a real opportunity in a changing talent climate.
Delivering an AI revolution
Bersin’s assertion that “of all the tech evolutions I have seen, AI is the biggest of them all” was a point with which all our talent leaders agreed.
AI is not only shifting how we work but with it the skills we need to hire and the way in which we hire. Despite the necessary revolution that it brings, the issues of data, data management and intelligence systems we have grappled with under automation are thrown into even sharper relief.
This is a revolution of employee experience, learning and development and creative innovation and experimentation. The organizations which will succeed into the future are those who can harness data to deliver change and embrace new ways of working.
Talent leaders from across industries were clear that AI will not only transform their approach to talent pools but also the skills needed to succeed in the new world of work.
Navigating Hybrid Work
The new world of work was also a significant topic of conversation when it came to discussing how to navigate the world of hybrid work. The board took the time to explore hybrid work models and their impact on employee engagement and culture. The impact this style of working has had since the pandemic has been considerable and has forced leadership styles to evolve to successfully make the most of hybrid talent. In terms of the curation of talent pools, the ability to broaden the breadth of skill and expertise as well as experience for harder to recruit roles has been beneficial.
Strategic Talent Acquisition in 2024: the key takeaways
2024 will be one of the most transformative yet for the talent acquisition industry. As Josh Bersin points out, “in a world of talent shortages, we must make recruiting faster and easier.”
Talent leaders from some of the world’s most influential organizations were clear that three core areas of focus would impact TA functions in 2024:
1. The macro-economic environment will continue to impact access to skills
The talent market globally, remains constrained. Time-to-hire rates are increasing, and organizations need to continue to be creative about their access to talent whether that be external or internal to their organization. As Josh Bersin reflected, “We’re going to spend 2024 being much more actionable about skills projects.”
2. Organizational transformation and the impact of technology on job roles.
As one talent leader of a Fortune 500 organization pointed out “The role TA needs to play is going to be different, they will be talent advisors…and will partner with the business to solve for the best solutions.”
3. AI will be the fundamental driver or a revolution in the way we work.
TA leaders from all industries were clear that AI represents a complete revolution not only for TA but for the world of work more generally. “The entire value chain is going to be impacted by AI technology” stated the talent leader of a Global Life Sciences organization.
These may feel like seismic changes in the approach to talent acquisition, but they reflect a direction that many talent teams have already been taking. Skills based hiring may not have dominated active hiring just yet, but it has dominated discussion and consideration. Talent teams have left themselves well placed to take the position of strategic advisors in a changing global market. In the worlds of Josh Bersin, “TA shouldn’t just mean hiring – it means growing talent.”
