Employers continue to bear the burden of mass resignations. Vacancy figures underscore the need for workers. Job openings in the U.S. top 11 million according to the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS), and resignation rates remain high as workers voluntarily leave their jobs.
The tipping point has already occurred for businesses to develop the talent strategies that will take them into the future. A shift in the C-suite is driving a change in who is responsible for workforce growth and development. At the center of it all is the need for operational and cultural transformation, supported by technology applications that can improve the employee experience and provide insights into the competitive hiring process.
C-Suite + Tech Define Future Talent Success
Where talent recruitment, selection, and retention were once the domain of the chief human resources officer (CHRO), the competitive talent market presents an opportunity for a more hands-on approach from within the C-suite. Combining the strengths of the chief information officer (CIO), chief financial officer (CFO), and chief operations officer (COO) with the CHRO providing leadership across talent-related functions has the potential to mitigate talent woes faced by many organizations across most industries.
Cloud technology and data — made relevant and actionable through enterprisewide cloud platforms — not only enable agile and efficient operations, but also illuminate talent gaps across the employee life cycle. This level of tech-enabled transformation calls for deeper alignment, leadership, and collaboration from C-suites across culture, talent philosophies, and business operations. To problem-solve collaboratively, C-suites need a full view of the organization driven by data insights at the department and enterprise levels.
|Talent Strategy: Evolving the C-Suite Roles|
|Goal||CHRO||CFO||COO||CIO or CTO|
|Develop, align, and promote culture and employee engagement strategies.||Defines the employee journey to include development, performance, and coaching practices; helps shape workplace culture and identifies local and regional community engagement opportunities that support the business goals||Establishes and manages funds related to community initiatives, training and upskilling opportunities for employees, and facilities and home office environment improvement while evaluating how decisions will affect employee satisfaction||Operationalizes employee engagement, training, and upskilling strategies; shapes policies and new ways of working that match employee preferences and improve employee engagement||Ensures the organization’s digital infrastructure supports collaboration, efficiency, and security when people work from anywhere; ensures ease of use of applications and learning management systems that offer personalized training|
|Establish diversity, equity, and inclusion (DEI) targets with organizationwide support.||Incorporates DEI goals into culture and employee engagement strategies while actively monitoring and managing the progress toward these goals||Creates and manages budgets to support reaching DEI targets while assessing and uncovering the return on investment (ROI) of diversity in the workplace||Weaves DEI into the organizational structure and works to improve overall employee satisfaction while reviewing and analyzing data and progress||Ensures the organization has the technology infrastructure and data visibility to monitor and track DEI progress effectively|
|Achieve technology-enabled business transformation.||Clear and aligned goals are developed that support the advancement of an organization’s people and culture; C-level leaders champion and contribute meaningfully to this transformation by streamlining processes, resulting in sustainability, appealing culture, and a more engaged workforce.|
An “all-hands-on-deck” collaboration in the C-suite, driven by alignment and leadership on a technology-led approach, will be the foundation for a winning talent strategy.
As a gold sponsor of Workday Rising, please visit our booth (111) to meet with Huron experts. Join us for our session (HRLPPS2155) on Wednesday, Sept. 14, 12:45 p.m., and available via the digital experience, to learn more about how winning the war for talent is a C-suite collaboration.
In addition to this piece on talent strategies in the professional services industry, more industry-related perspectives — financial services, healthcare, and higher education — will be available in Huron’s forthcoming thought leadership series on how the war for talent requires a C-suite collaboration.
Sources: A full-text version of this blog can be found on huronconsultinggroup.com/insights/evolving-talent-strategies-professional-services.