Today’s era is characterized by workforce heterogeneity and changing environments. It has now become imperative to manage people even more effectively. In the current scenario, people’s knowledge, skills, and relationships are an organization’s biggest asset and main source of competitive advantage.
Global organizations are awakening to the alarming realization that significant demographic, economic, sociopolitical, and technological changes are dramatically altering the workforce, and this has its implications on talent management. The workforce is in the midst of an unstoppable and radical transformation. It is becoming small and less sufficiently skilled; increasingly global; highly virtual; vastly diverse and becoming autonomous and empowered. Understanding the intricacies of these five workforce trends is critical, as these changes characterize talent management going forward.
There has been a paradigm shift in employee expectations and aspirations over the last few decades. Today, employees expect qualitative value-addition through work; look for the thrill associated with their role; are ambitious and expect high degrees of learning & development and empowerment. While employees want to take high risks, at the same time, they also want high recognition and appreciation in return.
And this is creating the need for the people strategy to get updated continuously to meet the evolving workforce expectations. The most important addition to people strategy is the emphasis on entrepreneurship that will emerge as the new face of talent management – this will urge the talent strategy to emphasize on managing people in a flat organization devoid of many managers.