SURVIVING THE NEW SKILLS ECONOMY
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The world has changed and the next industrial revolution has arrived. According to the World Economic Forum, we have entered the 4th Industrial Revolution, in which technology has been and will continue to be embedded into society in ways that involve and require entirely new capabilities for people and machines. Technology has also destroyed the staying power of traditional companies, reducing their average lifespan by two thirds since 1950, and moving the majority of their assets from tangible products to intangible assets, comprised of people and intellectual property. In short, this means that in this new digital age, skills have become the new currency, and data is the oil that fuels our transactions. Join Brett Wilson, Cornerstone’s Director of Thought Leadership and Strategy, as he discusses the implications of the global skills crisis and how we manage talent over the next five years as it will be completely different from the last twenty years. This crisis will force a new set of expectations for a modern workforce. A subsequent issue suggests that every job is changing requiring the best companies to reinvent themselves to meet the challenge. Given all of these challenges, Mr. Wilson will put forth a four-pronged strategy that will consist of the following principals: Create lifelong learning experiences Make recruiting a competitive advantage Personalize talent management processes Bring context and intelligence to HR decisions
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SURVIVING THE NEW SKILLS ECONOMY
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- 5. Brett Wilson, Director, Thought Leadership & Advisory Services Surviving the New Skills Economy
- 6. Mechanization Water power Steam power 1 2 3 Mass production Assembly line Electricity Computer Automation Networks 4 Digital Machine learning Artificial intelligence The next industrial revolution has arrived 6
- 7. 7 Technology is killing off traditional corporations [VALUE] YRS [VALUE] YRS 1958 2012 The average lifespan of companies is now less than 20 years
- 8. 8 Skills have become the new currency in the digital age
- 9. 9 90% 30% 32% CEOs expect digital transformation to disrupt their company CEOs think their workforce is ready with the right skills Millennials who lack work-related computer skills We are witnessing a global skills crisis
- 10. 10 How we manage talent & develop skills over the next 5 years will be completely different from the last 20
- 11. 11 Every industry is being disrupted Media & Entertainment Transportation Financial Services Manufacturing Technology Retail Healthcare Education
- 12. Every job is changing Experimentation Platform Director Automotive Occupant Packaging Engineer Crypto Protocol Engineer Computer Vision Engineer Design Researcher Camera Algorithm Engineer Culinary Product Developer Bioinformaticist 12
- 13. 13 How worried are you about technology being a disruptive force within your organization over the next five years? 1. I’m worried about it 2. I’m somewhat worried about it 3. I’m worried but I think we are ready for it 4. Not worried about it
- 14. 14 Employees have new expectations of work Continuous lifelong learning Empowered career development Real-time performance feedback Contextual & intelligent talent decisions
- 15. Candidates are on a perpetual search for “purpose” even while the demographics change Of millennials are likely to leave because they are not learning enough 42% Employers who consistently cannot fill open positions 52%$150,000 Cost to replace a mid-level employee making $100,000 in annual salary & benefits 15
- 16. 16 The best companies continue to reinvent themselves …and your employees know who they are
- 20. 20 What is the common denominator?
- 21. 21 Developing talent is the differentiator Amplify skills Enable team performance Personalize career experience Empower work relationships
- 22. The new way of thinking about talent 22 EMPLOYEES COMPANY DEPARTMENTS EXPERIENCE EXPERT TEAMS PLATFORM OLD NEW
- 23. 23 PEOPLE-FOCUSED Skills-based people management Relationship-centric Integrated people and work solutions Real-time data empowered decision-making Personalized leveraging machine learning TRANSACTION-FOCUSED Automating HR data & processes Financially motivated Application and data silos Historical, intuition-based decisions One-size-fits-all approach
- 24. 24 Do you agree that moving from a transaction-focused to a people-focused business approach is essential for my organization? 1. Strongly agree 2. Somewhat agree 3. Not sure 4. Somewhat disagree 5. Strongly disagree
- 25. 25 A unified platform for the skills economy Personalized Experience Personalize talent management processes Create lifelong learning experiences Bring intelligence to HR decisions Make recruiting a competitive advantage Platform Search Discovery Sharing Recommendations Insights APIs Data Protection Security Integrations Machine Learning Collaboration & Feedback Compliance
- 26. 26 Create Lifelong Learning Experiences What Why is it Better Results In Learning Management Enables custom tailoring of an employees continuous learning journey Learner autonomy, better job performance, highly engaged employees Collaboration Reduced command and control of the learning function, supports “the other” 90% of learner needs Provides more 1:1 and 1:many positive learner outcomes including increased innovation Interactive Learning Appeals to and is more effective with digital-native workers Less job-intrusive by allowing learning to be in the “flow of work” Insights Enables the ability to predict learner outcomes Leverages big data to make more informed decisions
- 27. 27 Make Recruiting a Competitive Advantage What Why is it Better Results In Recruiting Management Recruitment management provides an organized approach to sourcing and hiring the right talent Hiring the right talent faster and a smooth candidate experience Campus & Event Recruiting It brings the recruiters to the candidates. Increases brand awareness by possible candidates. More job candidates in the pool, event site branding, and task management Pre-employment Assessments Quick and easy through well- designed software Better candidate screening results Onboarding Incorporates social learning to the traditional onboarding components Shorter time to job competency
- 28. 28 Personalize Talent Management Processes What Why is it Better Results In Performance & Goals Helps managers and employees align actual job performance with the needs of the organization Quicker execution of company strategy, reduced turnover, increases employee engagement Development & Succession Linking employee development with succession enables employee career planning Increases employee engagement, reduces turnover, reduces operational risk Compensation Provides the right balance between internal equity and external competitiveness More transparency, happier employees, reduces paperwork Increased Engagement It provides evidence of genuine employee commitment to achieving the goals of the organization Improved margins, reduced costs, better client satisfaction
- 29. 29 Bring Context and Intelligence to HR Decisions What Why is it Better Results In HR Administration HR attaining a more prominent role in business decisions Agile and timely decisions based on needs of the business Workforce Planning Provides essential tools to plan for rapid new skills attainment Easier workforce contingency planning and clear visibility to organizational headcount Organization Management Be able to quickly and easily structure, while viewing in a simple way Easier discovery of your top performers and future leaders to proactively answer workforce questions. Benchmarking Leverage the extensive Cornerstone datasets anonomously Better decisions based focused on data-driven outcomes
- 30. 30 Of the four strategies I just talked about, which one is most important to you and your organization? 1. Create Lifelong Learning Experiences 2. Make Recruiting a Competitive Advantage 3. Personalize Talent Management 4. Bring Content and Intelligence to HR Decisions
- 31. 31 How will you… Futureproof your people? business? success?
- 33. 33 www.linkedin.com/in/brettcwilson Brett C. Wilson Director, Thought Leadership &Advisory Services For more information about Cornerstone, visit www.cornerstoneondemand.com or email info@csod.com
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