New Qualifiers: “Digital” and “Artificial Intelligence”

Driven by the ongoing process of business transformation, the competencies in “digital” and “artificial intelligence” have become key capabilities of employees in all industry sectors.

A major finding of the survey was:

·         Nearly all companies (>93%) around the world are struggling to attract and retain digital talent!

·         Demographic change is a “natural” accelerator

·         The pandemic crisis has shown the limitations of globalization

And in 2022 – like never before – we have experienced the consequences: Unemployment rates are historically low, work force with digital and AI knowhow is missing and will continue to be missing the next 5-10 years, companies cannot fill their key positions both experts and management – actually across all industry sectors.

“Continue as is” doesn’t work any longer!

Therefore, we can identify three strategic areas, where employers need to rethink existing patterns and standards:

1.   Optimizing work and job design

“New Work” has become a fashion word for providing flexibility in regard to physical location of the workplace and working hours. Employers offer home office and hybrid working models “working from anywhere”. The single, individual office is gone. Instead, companies offer open office landscape with no fixed workplaces. In the mind of candidates, today flexible work is no longer a differentiator. It's pervasive and expected.

2.   Total Rewards philosophy

Flexibility and optimizing work and job design automatically trigger the question, how this will translate in salary, performance driven elements of pay short-term and long-term, retention elements, company pension scheme and other benefits like health programs. Most importantly, companies have to make sure that their rewards system is linked to their overruling Vision- Mission - business strategy and their underlying values Diversity – Equity - Inclusion. We are just at the beginning of this process and we see an increasing interest and demand from candidates, who are carefully assessing the quality of their new employer as part of their decision to change job.

3.   How we define careers in the future

Digitalisation will continue to be a strong enabler for companies to accelerate their business transformation and to position themselves as “modern and attractive employer”. Another factor with more medium to long-term character is, how the framework of ESG (Environmental, Social, and Corporate Governance) is designed and integrated into an organization's strategy. Definitely, companies with a track record in ESG and visible KPIs will be regarded “preferred employers” and provide better opportunities for candidates’ career development, while having less exposure to retainment.

Conclusion

In the last three years the rules of the game in the “war for talent” and the competition to attract and retain the best candidates have changed. It is no longer economic performance alone or the expectation of a higher salary. Other quality factors around the job and around the work have become evenly important. Candidates want to understand their future employers’ company culture, the leadership style, trust, independency, chances for career development – and: Candidates are also asking for your company’s track record in these elements.

Are you prepared for it?

DELTACON Executive Search – we are prepared for your challenges!

·         DELTACON Partners come with an in-depth managerial and sector expertise

·         DELTACON Partners are “insiders” with a strong network

·         DELTACON Methodical competence model “PURE” measuring the cultural fit of candidate and company

We are looking forward to supporting you.

Please also visit our DELTACON homepage www.deltacon-exs.com

 

Source: WTW - Willis Towers Watson Reimagining Work and Rewards Survey https://www.wtwco.com/en-US/Insights/2022/03/reimagining-work-and-rewards-survey