Since Productivity is the #1 driver of business transformation plans this year, leaders would focus on Upskilling and Reskilling their employees!
Nicolas BEHBAHANI
Global People Analytics & HR Data Leader - People & Culture | Strategical People Analytics Design
?? Most HR leaders have plans this year to enhance the Employee Value Proposition (EVP) and experience this year to better attract and retain top talent.
?? Executives understand that a continued focus on workforce upskilling/reskilling, employee well-being, and process/workflow optimization will be required to boost productivity in 2024 and beyond.
?? 98% of organizations are planning work design changes in 2024 with increased productivity as the main driver. 56% of leaders see AI as a job creator in their organization, 44% believe the opposite, but with one in four saying that AI will fundamentally change their business model, changes will permeate across all jobs, according to a new interesting research published by Mercer US using data ?? from over 12,000 employees, HR leaders, C-suite executives, and investors.
?HR priorities for the 2024 Agenda :
Researchers noticed that most HR leaders have plans to enhance the employee value proposition and experience this year to better attract and retain top talent
?? On the agenda for 50% of HR leaders globally:
?? Enhancing the EX/EVP to attract and retain top talent
?? Investing more in benefits to improve physical/mental health
?? Improving workforce planning to better inform buy/build/borrow strategies
?? Initiatives that executives believe will deliver the most business growth:
?? Redesigning work to incorporate AI and automation
?? Investing more in benefits related to retirement savings and financial well-being
?? Improving sustainability/ESG accountability, metrics, reporting
?? Combating increased health and benefit costs
?? Delivering on WEF Good Work standards
?? On the agenda for only 15% of HR leaders:
? Delivering on WEF Good Work standards
? Cultivating a digital-first culture
? Restructuring, downsizing, and/or significant M&A activity
The pandemic sparked a more inclusive model of productivity and executives understand that a continued focus on workforce upskilling/reskilling, employee well-being, and process/workflow optimization will be required to boost productivity in 2024 and beyond.
?The five dimensions of Thriving at work for employees
Using a regression analysis, researchers found that 42% of this variance can be accounted for across five dimensions for the sense of thriving at work:
1?? Financial Stability
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2?? Psychological Safety
3?? Sense of Purpose
4?? Digital Enablement
5?? Skills growth and job security
?The power of “And” and how Generative AI is augmenting jobs
Researchers noticed that Generative AI is already augmenting jobs at the task level and demanding a shift in skillsets, ushering in a new debate around how best to measure, reward, and cultivate human contribution.
Main findings are :
?? 80% of today’s jobs are likely to be affected by Generative AI
?? 19% of jobs will see 50% of their tasks affected
?Increasing productivity through intentional work design
Researchers found that 98% of organizations are planning work design changes in 2024, with increased productivity as the main driver. Their recent redesign efforts focused on identifying which roles are best suited for nontraditional work models and reallocating work to different talent pools (
Researchers believed that productivity gains will remain out of reach unless organizations take a fundamental look at how work is done today and actively redesign it for a machine-augmented future.
??Finally, researchers made 5 recommendations for leaders to cultivate a digital-first culture:
1. Evolve the EX to provide a frictionless, digital experience for employees in the moments that matter from costly medical bills to milestones like family planning and retirement. Transform the HR tech stack into a centralized resource hub that offers AI-powered consumer-grade apps.
2. Shift from know-it-all to learn-it-all. Invest in accessible knowledge management systems and social connectivity tools that maximize the reach and impact of your company’s intellectual capital. Empower employees to share innovative ideas and recurring challenges through learning circles.
3. Develop a digital-first mindset that nurtures curiosity, experimentation, and collaboration. Co-create with employees to ensure AI tools and other new tech are designed for their day-to-day work.
4. Unlock the potential in your existing tech investments. Audit how current platforms are working together today and what is needed to develop “minimal lovable products” for tomorrow. Blueprint future ways of working and the desired level of “tech” and “touch” to deliver more intuitive and inspiring work experiences.
5. Manage change effectively and communicate with purpose. Take the opportunity to reconsider and redesign programs and processes rather than simply moving them online.
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This interesting research by Mercer on a sample of 12,000 people demonstrates that organizations have understood that organizations seeking productivity must focus on planning work design changes and concentrate on employee experience to succeed in keeping their best talents.
Thank you ?? 美世 researchers team for these insightful findings: Kate Bravery Joana Silva Jens Peterson Saminda Dhillon Martine Ferland Guy Arguin, M.Sc., CPHR
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Author of The Ultimates | HPE | Kniru | Ex-@888VC |
7 个月Nicolas BEHBAHANI great insights! I'm sure many people from the AI Finance discord community which has industry professionals from Citadel, Blackrock, Sequoia will find your perspective interesting. Can I share a link to this post there? I'd be happy to share an invite with you if you'd prefer to directly share
Human Resource Professional | MBA | Coporate Recruiting Professional- ASA | Ex-Wirtgen Group,A John Deere Company
8 个月Refreshing insights! Exciting to see HR leaders prioritizing initiatives to enhance the employee value proposition and experience. The shift towards a learn-it-all mindset and leveraging technology wisely are key drivers for future success! Thank you for sharing.
Industry Veteran | Exploring Future of Work | Great Manager’s Coach & Mentor
8 个月Wow, What a Wonderful share Nicolas BEHBAHANI. ?? Excellent comments & share by both Dave Ulrich & George Kemish LLM MCMI MIC MIoL. ?? ??♂? Productivity in the world of AI, ML & Automation has undergone a significant transformation. It's now a symphony of human-machine collaboration, where innovation harmonizes with purpose. The purpose for Business is always - Value to all Stakeholders. ?? I agree ?? % with Mercer researchers on the Agenda & Recommendations. It is mission critical. ? My Suggestion - Organizations in the current business context need to revisit their EVP & the process to be followed is of Design Thinking (Collaborative). Alongside, there can be a discussion on Strategy achievement with a new way of working (new work design). ?? This holistic approach ensures alignment with evolving business needs & fostering innovation + agility + Ex.
"Experienced Vice President HR , Driving Strategic HR and Operational Excellence"
8 个月In my view, Dave Ulrich's insights on Nicolas BEHBAHANI's work are indeed valuable and insightful. The focus on productivity, although not new, is crucial as it highlights the importance of efficiency and reimagining work processes. The recommendations to incorporate talent development, organizational culture, technology, and HR systems are particularly noteworthy as they encompass a holistic approach to enhancing productivity. Furthermore, considering the impact of internal productivity gains on external stakeholders such as customers, investors, and communities is a vital aspect. Sharing investments in human capabilities through emerging public disclosures can provide transparency and showcase the organization's commitment to creating value beyond internal operations. This holistic approach not only benefits the organization but also contributes positively to its external reputation and stakeholder relationships. ?
Thank you for sharing, Nicolas BEHBAHANI.