There are three priorities that not only HR leaders but also senior executives such as CEOs and CFOs need to address with innovation to ensure successful people management, said Boston Consulting Group (BCG) recently when releasing a survey report co-authored with World Federation of People Management Associations (WFPMA).
According to BCG, the two organisations surveyed more than 6,600 respondents in 113 countries and interviewed more than 30 executives at leading companies and startups worldwide.
Three clear priorities
The survey report ranks 32 people management topics on two dimensions: the future importance of each topic, and companies’ current capabilities for addressing each one, said BCG.
Assessing these dimensions in tandem enables the authors to highlight the following three areas where the need for innovative action is most urgent, the firm added.
Digitisation, including the use of new technologies such as people analytics, cloud-based applications, AI, and robotics
Talent, comprising strategic workforce planning, leadership development, upskilling and reskilling, and working with an ecosystem of employees, contractors, and other types of labor
The future of work, including more agile HR, the incorporation of “smart” work, and change management
An employee-centric approach
Another key finding in the report is the need to create personalised experiences for employees.
Among survey respondents, 85% say that focusing on employee needs and expectations is a key success factor in the intensifying competition for talent. That figure represents the highest level of agreement in the entire study, underscoring the importance of an employee-centric approach.
Companies today must navigate an exceedingly challenging business environment—and strong, proactive people management is the only way to ensure that companies have the right talent in place to succeed, said Bob Morton, president of the WFPMA and a coauthor of the report.
“A data-driven, objective approach that places people at the front and centre of work can help HR leaders allocate scarce resources to the most urgent priorities,” he advised.