StaffOnDemand recently participated in the highly anticipated Industry Guru T-Connect series, organised by the People’s Association (PA) Lifeskills & Lifestyle Division in collaboration with Singapore Human Resources Institute (SHRI), and shared our insights on the new talent economy, and what it takes to stay ahead of the game.
Here are some of the key insights presented by our head of Partner Acquisitions that were shared with the PMEs that attended the event:
Talent Acquisition & Retention as a Major Competitive Advantage for Companies
About 2 decades ago, McKinsey researchers made a bold claim and prediction in their aptly name book, “The War For Talent”, that a company’s ability to attract, develop and retain talent will be a major competitive advantage far into the future and that the war for talent will persist. Fast forward to today, the prediction has not only came true, but the war for talent has intensified. To put it simply, talents are a critical factor in determining a company’s success, and companies that are winning in the war for talent, are the very same ones that would edge out its peers.
HR Technology and The Changing Landscape of Recruitment
Developments in digital technology and the advent of internet have resulted in a transformation of the recruitment process, and recruiters are playing an increasingly more active role in talent sourcing - Whilst this has resulted in recruiters reaching talents who are a closer fit to the requirements of the companies, an unintended outcome of a more efficient recruitment process is that people who do not possess the right skill sets continually find themselves outside of this loop. HR teams have been some of the earliest adopters of enterprise technology, as the benefits of automation are tangible in the typical HR workload. In this new age of data, many progressive HR teams are looking at ways to harness these HR data to help them make better decisions, such as recruitment / candidate selection and develop effective talent acquisition strategies.
How to Robot-Proof Your Work
One of the chief concerns of PMEs is the fear of losing their livelihoods to automation, robots and artificial intelligence. Indeed, the fast changing evolution of work and what it entails does bewilder the working folk. Based on a study by PricewaterhouseCoopers (PwC) in 2017, the answer to ‘robot-proofing’ your work and livelihood could lie in understanding the core strengths of being human, and leveraging on these strengths as being core to your work. While it is inevitable that machines will get better and better at some tasks such as computation, data analysis and logic functions, there are aspects of being human that will be increasingly valued at the workplace.In other words, soft skills and attributes such as emotional intelligence, creativity and critical thinking will be our saving grace.
Taking The Driver’s Seat in Your Own Development
In Netflix’s infamous Culture Deck, it is heavily espoused that corporate talent development planning is rarely effective - Instead, they find that talents tend to be inflective individuals, who, through a mixture of introspection, observation and reading, would know how and what they can do to improve themselves continuously. Therefore, for PMEs that are looking to stay relevant in the new talent economy, PMEs should take the onus and take charge of their own career development.
About Industry Guru T-Connect Series
The People’s Association Industry Guru Series is a customised professional networking programme. It is developed to inspire youths and working professionals to network, exchange ideas, and gain insights through sharing sessions by esteemed speakers and industry leaders. PMEs can share concerns and views with industry experts, build stronger rapport with fellow PMEs, and gain in-depth insights into various industry subjects.
About Singapore Human Resources Institute
Established in 1965, Singapore Human Resources Institute (SHRI) is a leading, not-for-profit, professional HR body, which represents over 3,000 members, comprising individuals and organisations across various industries. SHRI comprises different core products and services; SHRI Academy, SHRI Corporate Learning & Consultancy Hub, SHRI Capability Development Centre and The Singapore Professionals’ & Executives’ Co-operative (SPEC). These services aim to promote continuous learning, upgrading and professional development.
The War for Talent
PwC’s Global Artificial Intelligence Study: Exploiting the AI Revolution
Netflix Culture Deck