Navigating the talent landscape of today and tomorrow

Navigating the talent landscape of today and tomorrow WHITEPAPER Talent – the ultimate driver of growth, and the biggest threat too?

Are we ready for a new talent equation?

Are Employers Heading For A Talent Shortage Perfect Storm? 77% of executives say hiring and retaining talent is their most critical growth driver in 2022 55% of financial services executives cited talent acquisition and retention challenges; only 26% expect shortages to ease by the end of 2022 — PWC

The leaders of Fortune 500 companies view the talent shortage as the No.1 threat to business

What to Do When You Can’t Make All Your Employees Happy

People Keep Quitting Their Jobs Even as Recession Fears Mount Great Resignation hasn’t really slowed down with confident employees still leaving the labor market in record numbers, even as fears grow about a looming economic slowdown

https://www.pwc.com/gx/en/issues/workforce/hopes-and-fears-2022.html

Employees are more frequently asking the “Is this worth it?” question – actively redefining the role and place of work, updating their definition of success, and expecting an experiential, community-oriented, destination workplace with deeper empathetic relationships reflected in and beyond policies. If people are steadily quitting, even with a looming fear of another recession, it’s time to pay attention.

Global disruptions in the past few years have irrevocably altered the perception of work for companies and individuals. This pace of change has accelerated the reshaping of priorities, identities, and worldviews. This has created a hypercompetitive high-performance market, especially for tech talent.

Globally, across sectors, control is shifting: from corporates to community, from profit to planet, from me to we.

What is shaping the current talent landscape?

A desire for positive experiences and a sense of purpose A need for work that fits around people’s lives — not the other way round Attitude

Purpose-driven roles DE&I, gender equity, governance, and sustainability Meaningful structures (not arbitrary, traditional ones) Values

Learning with earning Holistic well-being and growth Empowerment

Coaching, upskilling, reskilling Curiosity reinforced and encouraged Self-Improvement

Flexibility

To have more dedicated personal and family time To aim at getting work done, not working more/longer

Employee Lens

Of today’s workforce:

Next-gen talent looks for psychological safety and intellectual validation : net positive experiences, a sense of purpose, and current, curated policies catering to emerging circumstances and contexts. That said, the current skills gap can also significantly be attributed to several structural factors , such as a shortfall in the number of graduates in specialty fields, insufficient training and development structures, and irrelevance of incentives offered by some legacies.

said they would quit a job if it prevented them from enjoying life.

56 %

wouldn’t mind earning less money if the job was contributing something to society.

34 %

wouldn’t accept a job if it didn’t provide flexibility around working hours.

42 %

Sources: PWC Pulse survey, 2022, Insurance Business Magazine, 2022

Challenges faced by legacy organizations Managing Talent:

Lack of emerging tech: A lack of advanced tech adoption and underleveraged digital transformation of business solutions can make attracting and retaining tech talent difficult.

Defined boundaries: Legacy organizations sometimes need more openness to partial skill fit, even if the right mindset or potential for cross-functionality exists.

Lack of learning: Individuals might be keen to reskill and upskill, but there are often disparities in access to and ease of navigation of relevant training.

Unclear career trajectories and a missing sense of purpose: There may be a need for clear career paths, representation, programs, and development opportunities.

Overreliance on manual solutions: Legacy organizations often need to improve their automation, leading to laborious administrative processes that require much effort and cognitive load.

Irrelevant investment: Investing in irrelevant programs/policies that are not employ - ee-centric can make an organization unattractive to current and new talent; compensation and benefits must be aligned with what job seekers want and expect.

Human bias: Recruitment, onboarding, and employee journey tracking can often be inconsistent and intuition-driven; this presents an opportunity to use AI for prediction and alerts of disengagement.

“As much of the world scramble for top talent, it is becoming increasingly clear that the workplace everywhere will continue to evolve to meet the technological expectations of employees. Creating a great place to work isn’t about a ping pong table or fully stocked breakroom anymore; employees need the right tools to be their most productive and secure no matter where they work.”

CEO, leading IT company

Brand stories, policies, practices Inspiration Scan:

Bold commitments to diversity and inclusivity are reflected as a brand identity

Leading with experience and autonomy

Instilling trust in employees to inspire them to do better Highly competitive salaries 12 months of paid maternity leave Open working hours Flexible working hours, which show that they encourage and celebrate adult life

Great emphasis on diversity and inclusion Public promotions of their employer brand on social media channels Providing stock options, healthcare plans, and tuition reimbursement opportunities to attract and retain employees as they grow

Recognition-rich culture candidates want to be a part of

Created a 70/20/10 model for the growth of its employees

Campaigns to shape the perception of potential candidates Appreciating and motivating employees to act as social advocates Generous parental leave policies and retirement savings plans Commitment to employee learning and growth

Diversity and inclusion at prime Community involvement at the core

Generous employee discounts on major purchases Helping employees build their personal brands Collaboration between employees and the executive leadership to uplift company culture

An environment focused on equality, inclusion, empowerment, and respect Treats its employees as a family of athletes Allows team members to identify themselves with inspirational characters Flexible working hours A shared sense of purpose Work-life integration awareness programs

Elevated culture of sharing and a sense of purpose

Builds trust and autonomy through teamwork Values that tie with the travel community of guests and hosts that the platform empowers Offers a series of travel-friendly benefits, such as annual travel and experiences credit and paid volunteer time

Aligning perks with company culture and environment

Putting community service at the heart of the culture

People-first foundation Encouraging honest, transparent conversations during tough times Not just looking to see employees find success, but to help them thrive Diversity and inclusion priorities

Pet-friendly office Free gym memberships Work-from-home flexibility

Culture to make an impact beyond work — 5 million volunteer hours recorded during the height of the pandemic

This paper is focused on outlaying a composition of a workforce and workplace to integrate high-performing digital and analytics capabilities into the core of the business. These shifts are oriented to bridge the talent gap between the current and next-generation workforces, along with the adoption of technical acumen/infrastructure in the organization. How to attract and retain talent for knowledge-driven technical functions

Codify individual traits:

Opportunities for positively challenging the team:

High autonomy, high accountability Connecting the relevance of one’s role and work to the core of the business Visibility into (different) career trajectories in the organization Growth and Builder mindset Build adaptive ops and systems: Flexibility in work structures with curated in-person touchpoints Shared, transparent standard for quality and pace of work An aim to build action-readiness in new hires for inevitable challenges, and contexts particular to the organization

Developing employee-focused metrics, such as a metric each for intellectual engagement and well-being Positive challenge vs. burnout/stagnation Meaningful stress and friction Environment that is open to challenges and critiques of each other (even leadership), with radical trust High trust, openness to risk, and appetite for the unfamiliar Context for the solutions, as well as the people the solutions are being built for Opportunities for idea exchanges, leadership across levels, and corporate functions

Strides by Employers

Strides by Fractal

Continuous motivation and support for women in tech — additional referral bonuses for hiring women, dedicated quiet rooms for feeding mothers, and talent acquisition from women-only campuses Fractal’s ReBoot program, which provides opportunities to people on a career break A Global Diversity Director who aids in bolstering gender equity in the workplace Proactively working on feedback to create a high trust culture

Hybrid work policies and infrastructure Enabling internal mobility with programs Hiring with career trajectories in mind Articulating purpose beyond compensation Promise of stability during times of uncertainty Focus on mental health and overall well-being Digital presence for the workforce of today Recognizing the need for cross-functional capabilities to drive success in the shifting landscape of tech, business, channels, and customers

“It’s essential in today’s fast-moving world to see change not as a threat but as an opportunity to be courageous and open to new topics.”

Head of Human Resources, Multinational Company

Outcomes of a Tailored Talent Strategy Talent management requires a curated, contextual strategy, new metrics, and ongoing adaptation.

Deconstructing mindsets to plot needs and expectations of next-gen high-performing talent

Contextualizing best practices, technologies, and skills for a future model of the workforce Performing a behavioral audit to map competitive branding scenarios, providing a 360-degree branding strategy to hype and build excitement about work Using predictive models with a dashboard and alerts for engaged and disengaged employees Highlighting features of rebranding activities through various social media channels to reach out to the next-gen workforce Building a future roadmap for branding opportunities and related interventions across employee touchpoints: recruitment, immediate engagement, long-term retention, upskilling, and redefinition

Retention is an outcome; engagement is a behavior over time.

Identify inflection points for employee

First 18 months

Long-term retention

Recruiting

Have we identified traits of top performers that have stayed at the organization long-term?

How might we create opportunities / touchpoints that have high visibility with organizational leadership? Are we providing incoming talent with in-person work-focused and non-project touchpoints?

Are we providing opportunities to mentor/connect tenured employees at the organization? With analytics everywhere in the organization, are we encouraging and enabling movement across teams?

Is the recruitment process designed to reveal these traits?

How are we setting expectations for incoming talent? Is their perception of the role aligned with the organization?

Our Model for Next-Gen Talent Management

Activate the three imperatives of capturing attention, embracing connection, and instituting an action to balance the four pillars of talent management: purpose, people, planet, and profit.

PURPOSE

PEOPLE

CAPTURE ATTENTION

EMBRACE CONNECTION

INSTITUTE ACTION

PLANET

PROFIT

We're proposing this adaptable model for talent management that acknowledges the need for a value proposition — not just for customers but also for employees. This model helps predict and measure factors of employer retention success and, consequently, short-and long-term business success and resilience. This is the totality of the organization's culture, manifested in growth frameworks, incentive structures (explicit and implicit), policies, hiring processes (from the wording of job descriptions to the post-exit relationship with employees), and more. After all, navigating the talent landscape of today and tomorrow holistically calls for ample room for continuous organizational reinvention towards future-forward, culture-driven, and employee-centric talent management and practices across industries.

Conclusion: Drivers for high-performance tech teams

Investing and experimenting with future-focused tech challenges (e.g., Blockchain, responsible AI, privacy, etc.) Highlighting brand value of disruptive, tech-forward, and cutting-edge enterprises Emerging Tech Readiness

Empower with Pride

Diversity, which helps instill pride (Gender, skill sets, culture, identity) Inculcate a sense of belonging, fairness, and psychological well-being Trusting employees with responsibility to help develop can-do attitudes and high self-esteem

Approaching complex problems as an opportunity to learn in various new ways Instilling the belief that anything can be learned, and that intelligence is dynamic Making it clear that deep expertise is not a prerequisite for experimentation Reward Growth Mindset

Clear Structures, No Boundaries

Removing boundaries, hierarchies, and designations in project thinking and execution Fostering a shared identity of individuals in the group across levels

Personal values and priorities, in brand values and organizational policies (e.g., mental health, sustainability, inclusion) Vibrant and distinct digital/social media presence of the organization Align Brand Values

Curated dynamism in work (gaming analogy, reinterpreting work as play to strike the right balance between challenges and growth) Relevance – Connecting employee roles and work to the core of the business Transparency – Visibility into (different) career trajectories in the organization Adaptive Work Culture

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We believe complex problems need to be looked at through multiple lenses simultaneously to be grasped. With the new lens new dimensions emerge, thus making complexity more evident and solvable. How is Fractal Dimension set up to do it?

We identify complex and unstructured problem themes in the industry that are relevant. We invest in building expertise and a dimensionalized point of view around it. We engage clients via ‘slow-thinking’ workshops and co-creation jams to curate our perspective for their problem. We invest in architecting an end-to-end state-change program. We partner with client teams at Fractal to deploy cross-functional solutions and support them in helping clients realize value ROI.

Want to find out more on how our approach can help your business? Reach out today at dimension@fractal.ai

Our experts

Angkeeta Goswami Design Consultant, Strategic Center

Shivani Gupta Engagement Manager, Strategic Center

Enable better decisions with Fractal Fractal is one of the most prominent providers of Artificial Intelligence to Fortune 500® companies. Fractal's vision is to power every human decision in the enterprise, and bring AI, engineering, and design to help the world's most admired companies. Fractal's businesses include Crux Intelligence (AI driven business intelligence), Eugenie.ai (AI for sustainability), Asper.ai (AI for revenue growth management) and Senseforth.ai (conversational AI for sales and customer service). Fractal incubated Qure.ai, a leading player in healthcare AI for detecting Tuberculosis and Lung cancer. Fractal currently has 4000+ employees across 16 global locations, including the United States, UK, Ukraine, India, Singapore, and Australia. Fractal has been recognized as 'Great Workplace' and 'India's Best Workplaces for Women' in the top 100 (large) category by The Great Place to Work® Institute; featured as a leader in Customer Analytics Service Providers Wave™ 2021, Computer Vision Consultancies Wave™ 2020 & Specialized Insights Service Providers Wave™ 2020 by Forrester Research Inc., a leader in Analytics & AI Services Specialists Peak Matrix 2022 by Everest Group and recognized as an 'Honorable Vendor' in 2022 Magic Quadrant™ for data & analytics by Gartner Inc. For more information, visit fractal.ai

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