Every market leader understands that talent unlocks competitive advantage in the very demanding and evolving professional arena. But workforces and workplaces are changing, and so are the relationships between employers and employees. With the influx of changes brought about by the unfamiliar order of the pandemic, organizations must strategize how to maintain their talent and let them thrive in our current economic landscape.
In the recent KPMG 2022 CEO Outlook Survey, several factors were explored in the workplace: technology, talent, and ESG. Companies must then find the right strategy for utilizing technology to understand the current factors surrounding the business and empower their employees. It draws on the perspectives of 1,325 global CEOs across 11 markets to provide insight into their 3-year outlook on the business and economic landscapes.
The results have confirmed that the importance of talent in an organization has not wavered, but how it can function at its best in the modern day must be explored and studied further. Even if the supply-demand side of labor shifts in favor of businesses (giving managers more scope to insist on being in office), CEOs need to make sure their people have purposeful interactions.
“The value of talent and leadership is even more important with all the changes that workplaces are going through in the new normal. As a leader in the professional services space, we are aware that at the heart of a company’s success and breakthrough is its people,” explains Sharon G. Dayoan, Chairman and CEO and Head of People, Performance and Culture (PPC) of KPMG in the Philippines (R.G. Manabat & Co.).
“For us at KPMG in the Philippines, our purpose is to inspire confidence and empower change in our professionals. We nurture a high-performing culture driven by extraordinary people. Having extraordinary people means people development is a core focus in the firm,” she expounds. With the firm named as one of the country’s best employers by Statista, and it being the only audit firm in the top 100, KPMG continues to put people first by investing in their employees through programs and initiatives that empower them, ultimately benefiting clients and the country. “We work hard to share this common vision and culture within our organization.”
Recognizing the Right Talent and Developing It
Why is talent important in an organization? Having a high standard of talent in the workplace boosts productivity, excellence, and effectiveness. The goal of every organization is to produce successful and effective work. To do so, one must employ the right people with the correct skills to make the company’s vision a reality.
Harvard Business Review points out that an organization should be smart enough to distinguish what skills and values to look for when hiring. What strengths would be valuable to the position being filled? And before deciding that someone is a high-potential employee, back it up with solid data and evidence.
Keeping, Developing, and Rewarding Talent
Companies today are currently on the journey of knowing what the current optimal corporate structure looks like. As organizations launch return-to-office plans, it is imperative for CEOs to develop working structures that suit their people and enhance the employee experience. It’s time to experiment with the organization’s design and see what works best. Active listening, empathetic and accessible communication, and a commitment to striking the ideal balance over the long term will be key.
With the changes that people have dealt with amidst the pandemic, priorities and needs have shifted. As an effect, apart from competitive pay and career growth, vital factors such as work-life balance, effort recognition, and inclusive company culture can help a company from losing talent due to burnout and unfulfilled needs.
Organizations and their employees are changing, and leaders need to reinvent the enterprise workforce. The old talent management playbooks are out of date, and the challenge is that there aren’t new ones to replace them — yet. The way forward involves strategies that include reinventing the workforce, focusing on the social side of ESG, leveraging analytics, and designing a nurturing experience.
The role of leaders is becoming more critical and pertinent across organizations, and it’s the transformative ones who can help build up businesses that are the most ideal assets in today’s set-up. This breed of leaders can revamp the basic values, beliefs, and attitudes of their associates, and inspire them to perform at their highest skill degree. Transformative leaders can also help build an overall culture of excellence, support, and giving, generating efficiency and effectiveness as well as promoting an uplifting atmosphere to its surrounding communities.
Global businesses are seeing major focus put on the social aspect of ESG: 68 percent of CEOs believe progress on inclusion, diversity, and equity (IDE) has moved too slowly in the business world, and 73 percent believe scrutiny of IDE performance will continue to increase over the next 3 years.
Let’s Thrive Together
Few organizations can succeed on their own. Building successful partnerships can help a company deliver a competitive edge. Increasingly, CEOs view partnerships as an important means to continue the pace of their digital transformation (71 percent, compared to 59 percent in February 2022). CEOs also say building strategic alliances with third parties is the most important strategy to help them reach their growth objectives over the next 3 years.
It has become more important for businesses to partner with companies (e.g., start-ups, fintech, and more) that can help them, bringing agility and resilience to growth. To bring everything together and drive a successful transformation, CEOs need the right partners — and the ability to connect it all.
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KPMG teams can help you get the right people to drive your business forward. Even in a digital world, human beings will still be your most important investment, your greatest asset, and the secret sauce of your brand.
KPMG in the Philippines offers audit and assurance, tax, advisory, and technology consulting services. With the shifting perspectives on technology—how it can transform lives and businesses for the better, the firm is prepared and excited to help its stakeholders take advantage of the opportunities in this space.