Organizations today need to aim to be both a Talent Magnet and a Talent Factory, determining which aspect to prioritize !

?? Only 62% of employees agree that their organization is a talent factory, while only 64% agree that it’s a talent magnet.

?? Researchers detected five workforce signals on our radar that leaders should turn their attention toward if they’re to make navigable headway through continued change and transformation.

?? Each signal can be acted upon using certain levers, behaviors that businesses can implement, prioritize, customize and expand.

?? A location strategy is about more than mandates, more than mere geography. It’s about what employees need to do their work and grow in their careers with you — collaboration, connectivity, communication and community.

?? Regardless of your organization's location, and whether your employees are on-site, remote, or hybrid, it is crucial to ensure that your location strategy aligns with your business strategy, according to a new interesting research published by 普华永道 using data from a survey of more than 18,000 employees, 2,600 business leaders and 1,300 HR leaders conducted in April 2024.

?Being both a Talent Magnet and a Talent Factory is crucial for an organization.

Researchers have characterized the approaches of Talent Factories and Talent Magnets as follows:

1??Talent Factories are recognized as organizations where individuals desire to remain and advance their careers.

2??Talent Magnets, on the other hand, are appealing workplaces that motivate people to become part of them.

Researchers have observed that although business and HR leaders are quite confident in their ability to attract and develop talent, their employees significantly disagree, with a discrepancy of over 30% points.

?? However, it's not a matter of choosing one over the other. Consider it more of a continuum. For example, organizations in expansion phases should concentrate on becoming Talent Magnets. Conversely, those facing challenges in attracting new talent might need to focus internally and cultivate their existing workforce into a Talent Factory.

?The Five Workforce Radar signals

Researchers have pinpointed five key workforce signals, each of which can be addressed through specific levers—customizable actions that businesses can adapt and scale.

When applied deliberately, these levers can enable both the C-suite and the workforce to catalyze transformation across the entire enterprise.

1??Taking both a talent magnet and talent factory approach

The key is to understand whether your organization is currently more or less of a talent magnet or talent factory, and which you need to be more or less of at any given time to achieve your strategic outcomes

2?? Devising a location strategy that appreciates over time

3?? The intelligent enterprise

4?? Empowering transformation with a workforce balance sheet

5?? Investing in building transformative leadership

Transitioning your organization to new business models begins with understanding your existing operating model, your underlying technology and your company’s ambitions.

?? Researchers ultimately emphasize focusing on these five actionable takeaways, which are essential for initiating, advancing, sustaining, or kick-starting your workforce transformation. If you prioritize nothing else, focus on these fundamental actions:

?? Empower your talent strategy to deliver on your business strategy

Business leaders and HR need to plan their going-forward talent strategy based on whether they need to lean into being a talent magnet or a talent factory.

??Articulate your location strategy

The more informative data and deeper insights you form into your workforce and the skills and talent you have currently or need to acquire provided by the talent architecture can inform your location strategy.

??Make sure you’re getting the ROI on your technology

Analyze where your current technology is providing the ROI you expected when you implemented it.

??Use your workforce balance sheet to analyze the total cost of your workforce

Identify the categories of data that are relevant to your organization and its business strategy (total cost of HR, labor mix, etc.), and then identify who in your organization is responsible for collecting it, analyzing it and presenting it

??Invest in your leaders

It won’t matter how many resources you put into implementing these signals or how much you amp up or tamp down various levers if you don’t have a leadership team with transformative skills or the capabilities and vision to see them through.

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This outstanding PWC research has unveiled groundbreaking insights on the three-year timeline required for a true organizational transformation. Leaders must grasp the five key signals to steer business outcomes effectively. Organizations should not attempt to be both a talent magnet and a talent factory simultaneously, but rather focus on what is necessary to succeed in the market. The researchers' five recommendations are crucial for embarking on this journey of transformation.

??Thank you 普华永道 researchers team for sharing these insightful findings:

Anthony Abbatiello Julia Lamm Craig O'Donnell Reid Carpenter Christopher Hannegan

Dave Ulrich

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