Strategies for success in a changing talent landscape

Contemporary business challenges and shifting workforce dynamics mean organizations must approach talent management differently to succeed. Why? Evolving cyclical and structural forces  have fundamentally changed what people expect from work. This touches everything from the way career paths are personalized to how learning and development take place.
 

In many cases, traditional talent management models are proving too rigid to effectively address the kinds of career experiences people want now. Failing to manage talent well can mean missing the mark on business goals, financial results and long-term growth.
 

Now is the time to adapt talent management, meet people where they stand today, and empower them to thrive in the face of continuous change.
 

Which macro trends are reshaping the talent landscape in Canada?
 

We’ve long known the workforce is shrinking, with working-age population trending downwards from 66.64 to 64.77 over the last 15 years. At the same time the people who make up this smaller workforce are also evolving across demographic lines — bringing the benefits that come with diverse teams, as well as the need for organizations to involve a more complex and wider range of employee expectations.
 

That reality is compounded by the fact that a smaller, more complex workforce is also becoming outdated. Technology is moving at a remarkable clip, creating structural unemployment and a tremendous need for reskilling — not someday, but right now.
 

All the while, talent management is becoming an increasingly hot topic on the board agenda, especially in terms of succession planning, development and growth.
 

In response to this deficit, there's a growing movement among talent management professionals to champion the development of "human" leaders: individuals who are not only authentic and empathetic but also highly adaptable. This shift is increasingly evident in the 71% of human resources teams who are now actively working to establish leadership development programs that prioritize soft skills.  These programs aim to equip leaders with the interpersonal abilities necessary to effectively navigate the complexities of modern business environments.
 

But leadership development is only one piece of the talent management puzzle. Enabling folks to lead effectively in light of new employee needs and expectations requires more than standalone training. It is only one of many connected steps necessary to fundamentally shift our ways of managing talent — including processes, policies and programs — in support of ingrained adaptability across teams, and the ability to meet individual employees’ expectations.
 

We see leading organizations addressing six overarching areas to start moving talent management in this direction. Across the market, it’s becoming clear that reshaping talent management in these ways can help companies in Canada empower individuals —and entire workforces — to succeed in operating environments defined by often conflicting dynamics, disruptive forces and a whole lot of change.
 

What does this include? From where we stand, leading organizations are modernizing talent management by:
 

1. Evolving ways of working to foster agile talent mobility.
 

To manage costs and mitigate external job market uncertainties, leaders can emphasize internal mobility and growth opportunities for employees.
 

How? Explore skill-based structures and internal talent marketplaces to foster innovation and adaptability. Consider skills assessment platforms as a vital tool in this ecosystem. They provide a comprehensive and objective overview of the organization's skills inventory, including employees’ proficiency, the pace at which they acquire new skills, and the relevance and transferability of those skills.
 

2. Empowering the business to adapt to continuous change.
 

Organizations are facing an increasing number of changes each year, but there has been a notable decrease in employee adaptability, with the percentage of employees willing to adjust their behaviours in support of change dropping from 74% to a mere 43% during the same timeframe. This resistance to change has led to a concerning statistic: 73% of change initiatives fail to achieve their intended objectives. Companies must redefine their approach to change management
 

How? Treat it as a strategic imperative rather than a mere administrative task. Effective change management is becoming a strategic priority, with a focus on leadership and people competency with integrated, proactive approaches.
 

3. Humanizing employee experiences.
 

Leading organizations put humans@centre of employee experiences — which encompass both significant and everyday interactions at work, and align with employees’ needs, expectations and values. This is crucial for job satisfaction and engagement.
 

How? Establish a humanized approach that recognizes individual differences and avoids one-size-fits-all solutions. Advocate for a departure from rigid categorizations, instead promoting a deeper understanding of the complex layers of human interaction that contribute to a more fulfilling work environment.
 

4. Fostering work flexibility.
 

The pandemic normalized work flexibility, which now encompasses location, time and employment type. Companies should consider implementing flexible work policies and training managers to effectively lead flexible teams.
 

How? Take a balanced approach with defined guardrails, such as in-person time, based on the kinds of work and collaboration where it can make the greatest difference. Then, continue to adapt by implementing flexible work policies, investing in advanced communication and collaboration tools, all while helping managers learn how to lead in this flexible environment.
 

5. Embracing data-driven talent decision-making.
 

The use of people analytics can be a transformative force in talent management transformation. In fact, one study reveals a striking trend: 83% of companies are only using basic descriptive analytics, and fewer than 20% have started to explore advanced predictive and prescriptive analytics. This gap signifies a considerable opportunity for growth that business can tap.
 

How? Employ artificial intelligence (AI) and data analytics to make strategic decisions and improve workforce performance and how talent management is delivered. Using this data, devise strategies that promote business success and employee satisfaction.
 

6. Committing to continuous growth and development.
 

Companies recognize the need for continuous learning and development, but traditional approaches remain prevalent. It’s time for organizations to enhance learning experiences using individualized development, microlearning and gamification — repositioning education as an ongoing odyssey, not an endpoint.
 

How? Embrace a flexible approach to career paths and take consideration of individual learning style to development, so individuals can recognize the importance of regular self-reinvention to stay in sync with the fluid nature of skill requirements and job roles.