What do you believe and how will that shape 2023. I take you through my process by looking at people trends for 2023. Part 3
n health it, as I prepare for:
We want to thank our show sponsors who are investing in developing the next generation of health leaders. Gordian dynamics, Quill health tau site nuance. Canon medical and current health. Check them out at this week, health. Dot com slash today. Okay. I go through this exercise every December. I write out my, I believe statements. And if you haven't heard me talk about these before I did an entire today show on this concept, the bottom line is.
We all have beliefs, which drive our behaviors and actions. I actually take the time to write mine out and revisit them throughout the year. It is important to know what is driving your decisions and behavior. For example. An easy one that is top of mind for me and everyone else. I believe we will experience a rough recession for the next 24 months. Sustained inflation, rising interest rates.
Home foreclosures as interest rate hikes take adjustable rate mortgage is higher and at some point rising unemployment. This isn't a political statement. In fact, when developing your I belief statements, it is best to leave your political baggage at the door and try to take off all of your glasses and see.
What is actually going on in the world? Supply chain issues persist Manet's is up $2 a jar at Costco. Eggs are sometimes not even on the shelves inflation. Is more than just gas prices. If you believe this as many do and are making adjustments in their businesses to reflect this. What does that mean for you?
Or as I like to say on the show, so what a recession as a healthcare leader, what does that have to do with me? My team and my house system. I'll let you figure that one out today. We're going to look at people trends.
I'm going to fill my brain and yours with the trends other people are seeing and think about if I agree with the trend. And is it a trend in my world? My marketplace and my house system. This is going to be a multi-day breakdown. So let's start. There's 11 trends that I picked up from a report. And this is an HR report and I'm going to go through them in a minute. But before we go too far, I like to place a credibility score on these trends. Then the best way I know to do that as to look back at the previous year.ctions. What did they say for:trends from:
Career experiences, HR owning business transformation, preparing for multiple futures, HR tech for good from D E I D E. I N B. The shift from people analytics to data literacy, impactful rewards. And the skills economy. Now it's hard to tell what those are. So I'll give you a little rundown. HR is a product essentially is saying HR is going to becoming a, becoming a differentiator. So we're going away from HR projects.
To HR as a product, how is our HR product in the marketplace? And I agree with that one. Collaboration by design that the role of the office has fundamentally changed. Due to the pandemic. It is no longer about what happens in there. And the cubicles or the office space. It's really about how you can drive.
Relationships and collaboration across a. A digital world. Essentially. And they talk about the role that HR plays. In building out that collaboration by design. Again, I agree with that talent marketplaces and talent act. , allocation, this one's interesting. One of the biggest lessons learned from the pandemic is the fact that companies can no longer solely rely on buying their talent externally. Instead, the tight labor market has forced them to make better use of talent they already have, and they go through an example of building ships. And when you build ships, you get contractors and those contractors are with you during the, you know, beginning part of that, , project.
But as soon as that project. It looks like it's going to end all those people
jumped ship. Metaphorically and actually, and what happens is you create some, , instability in your, in your operation. Right. So HR jumps in and takes care of that. I agree with that one career experiences. , lifelong career development programs run by companies like IBM. T T G E where talent was identified, developed and provided the experience needed for career progression within the organization.
Are now mostly outdated workers are now less likely to dedicate their entire careers to one employer. In fact on average people now change jobs every four years. Employees between the ages of 18 to 24 chains shops, 5.7 times in their career. To adjust to this really.
To adjust to this reality organizations are increasingly investing in employees, career experiences. The goal is for the organization to expand its capabilities while enriching. The employee's career with new learning opportunities. Companies have to find different experiences, lateral, vertical, rotational, and boomerang.
The latter involves someone leaving the organization for a couple of years only to come back with more experience. Each of these experiences helps enrich the employee. Offers them new learning opportunities and results in additional capabilities for the organization. Okay. Organizations support career moves.
We'll enjoy more engaged experience and skilled employees. Gree with that one. That's number four. HR owning business transformation. When I recently asked a room of 10 CHR owes to raise their hands. If they were in some sort of transformation, nine hands went up. Wow. What's what's going on for the 10th person anyway.
Who knows afterward the 10th person told me he had missed the question. There you go. That's what happened to the 10th person. , when it comes to the HRS role in transformation era is often involved late. And mostly for topics. Revolving around people management, the limited involvement, however, is unfortunate because HR.
Has a large set of tools to add tremendous value. To these projects. So HR is becoming more strategic. We saw this with it as well. , I agree with that preparing for multiple futures. Absolutely agree with that HR tech for good. , let's see whether it is now the infamous case of Amazon's biased hiring algorithms or the more recent example of Uber's facial recognition app features allegedly discriminated against drivers from racial or.
Racially ethnic underrepresented groups. We are reminded that whenever we use technology,
we have a responsibility to use it for good. The trend also includes more widely accessible HR technologies. , to that end, HR professionals will need to become more tech savvy. As HR tech is evolving fast. I agree with that statement. HR will have to become more tech savvy, DNI, D E I versus DEI. And B if you're wandering with the B is it's belonging, you have to create an environment where people belong.
I agree with that. And the shift from people analytics to data literacy, people, analytics has made a tremendous impact on the way we manage people in the last five years. However, while organizations were mostly looking for people, analytics expertise only a couple of years ago, This is, this has now shifted.
Increasingly businesses realize that they need more to effectively implement people. Analytics. In their HR organization, one of the key bottlenecks in general, data literacy. Among the wider HR professionals, , agree with that in every area. By the way, I think data literacy is critical in every organization.
Impactful rewards. Pandemic has fundamentally shifted not only where, when and how people want to work, but also why they want to work and what they value in their jobs. And people are acting on that. So I agree with that. And then the skills economy. Skills I've never been more subjected to change.
Where the half-life of professional skills used to be 10 to 15 years. IBM has now estimated it is about five years with more technical skills. At just two and a half years. In addition skills, more and more determined how people are rewarded, a skill taught data analysts without a university degree may earn more than a graduate in history or law.t everything they said in the:derstand what was going on in:
Your work, you're doing that to the detriment of your organization. You're going to get the bottom of the barrel employees, the people who are just going to work for you for money. So I believe that that trend is going to continue collaboration by design continue. Absolutely. Talent marketplaces talent allocation. Absolutely. You have to be thinking about where you're going to place your people.
What opportunities and it goes into the next one career experiences. What opportunities are you give them? How are you developing them? Because when you stop investing in them and developing them, they are going to leave. And yes, this is going to be a tight economy. I get all those things and people are going to be more cautious before they go from one job to another.
But there are opportunities out there, especially for talented, smart people. Who are constantly investing in their career and developing their skillsets. HR owning business transformation amongst many right. HR owning business transformation, it owning business transformation. What you're seeing is a collaboration around business transformation, and that is going to continue.
Preparing for multiple futures. Absolutely. We need to be adept at looking at the future and saying, Hey, this is what we think is going to happen, but realize in a world that we just came through the pandemic that a different future could present itself tomorrow. And we need to be bell. And be able to adapt and adjust very quickly.
Alright, HR tech for good. Eh, I'm not, I'm not jumping up and down about that one. , you know, clearly we have to understand the bias and things in the tech and clearly HR needs to be more tech savvy. Absolutely. , it depends which way you take that statement. DEI to D E I N B belonging, creating a, a spirit of belonging to something of greater purpose, higher purpose. Absolutely. It's going to continue.
, the shift from people analytics to data literacy, I think is a trend that's happening in every field. , impactful rewards. I think we need to understand what motivates our people. And the best way to do that is. Ask him. What motivates you? What gets you out of bed in the morning? What gets you excited about coming into work? Are you excited about coming into work? What would get you excited about coming into work and then design the rewards around that?
One size does not fit all in this case. Absolutely does not. You need to really be focusing in on individual reward systems here. And then the skills economy. Absolutely. Skills are adjusting very rapidly and skills that were necessary just five years ago in your it organization. Are, you know, it, you.orrow, we'll break down their:
And take a look at them and explore them a little bit. But that's all for today. Hey, we're going to do this together. We're going to develop our, I believe statements for people in HR trends and see where it takes us. That's all for today. If you know someone that might benefit from our channel, please forward them a note. They can subscribe on our website this week, health.com or wherever you listen to podcasts, apple, Google, overcast, Spotify, Stitcher.
You get the picture. We are everywhere. We want to thank our channel sponsors who are investing in developing. The next generation of health leaders gordian dynamics quill health tau site nuance canon medical and 📍 current health check them out at this week health.com/today. thanks for listening that's all for now