A comprehensive meeting summary, along with all slides and presentations is available to EN Chief Talent Officer members only. Don’t forget to fill out the form at the end to learn more.
Talent 4.0 and the Future of HR
Our 2020 Spring CTO250 Virtual Network meeting brought 23 global heads of talent together for two days to discuss Talent 4.0 and the impacts of COVID-19. Companies included American Express, AXA, BP, Cargill, Cofra, Comcast, DHL, Dow, ENI, Ericsson, General Electric, IBM, ING, Jardine Matheson, Johnson & Johnson, Novartis, Proctor & Gamble, Raytheon Technologies, Société Générale, Swiss Re, Target, TOTAL and UPS.
Talent 4.0 -OK but How? Angel Hoover, Head of Talent Line of Business Western Europe | Talent & Rewards Business Leader Benelux Willis Towers Watson
Employees are now being asked to exist in new environments, think in new ways and act differently. The crisis is re-writing the rules for Employee Experience (EX) and the Employee Value Proposition (EVP). While many pulse surveys show positive engagement, employees are beginning to feel crisis fatigue and grieving the loss of connection while balancing stresses at home. Companies have an opportunity to accelerate positive EX and EVP changes. A high performing EX/EVP has three stages:
- Essentials: understand their job, know where to find resources, assured of fair pay, and feel supported.
- Emphasis: feel a sense of connection, have a voice, can gain needed skills, and collaborate with their team.
- Excellence: inspired by corporate values, feel a sense of drive, see room to grow, and trust the leaders.
Organizations that focus on Emphasis and Excellence will come out of the pandemic in good shape. Leaders must take a team-oriented view and empathize with the changes people are experiencing. CTO250 member companies are providing resources and putting more emphasis on Wellbeing and Resilience Training including expanded mindfulness, meditation and online fitness benefits to employees.
Back2Better Initiative Mike Dulworth, CEO, Executive Networks
Members noted several positive outcomes from the pandemic (see the Word Cloud). Among those were faster decision making, accessibility to people, IT upskilling, enhanced digital and virtual skills, and agility. The question looming is how sustainable are these positive outcomes? Mike shared Executive Networks’ Back2Better Initiative which focuses on gathering the best practices and exploring how to rethink organizations in the post-COVID world. Working with Dr. John Boudreau, The Harvard Flourishing Program, and Thinkers50, Executive Networks will harness the collective wisdom of over 1000 global companies and use rigorous Delphi and survey research methodologies to forecast trends.
The State of Talent Post COVID: Why HR Matters Even More Now Dr. Anna Tavis, NYU Professor and Academic-in-Residence at Executive Networks
As remote work becomes the new normal, we have no way to measure the impact of the new work ecosystem on the lives of employees. However, according to Dr. Anna Tavis, EX matters now more than ever. It is how your organization’s brand lives or dies. She shared the following insights:
- The Chief People Officer can make or break a company in a crisis
- HR must make a critical pivot from Talent Management to Employee Experience to Flourishing
- Talent markets will shift from scarcity to overabundance allowing organizations to select the best talent
- Employees will trust organizations and employers more than governments
- Managing the explosion of data gathered through tracking, health monitoring, and surveillance is critical
- New employee segmentation may arise with those who have antibodies being privileged
- Gender divide may widen as women remain home due to lack of childcare and schooling
Member-Led Discussion Takeaways
Here are a few takeaways from the member-driven conversations, questions, and best practice sharing:
- Mental health is a looming crisis.
- Performance Management in the COVID environment is tricky. How and what do we assess against when most 2020 initiatives and goals have likely shifted.
- Corporate Communications during COVID are critical.
- We must capitalize on COVID successes and find ways to maintain them post-COVID.
- The future of travel and foreign assignments will soon be critical questions.
- The TA function changes when recruiting has slowed or ceased. Most TA Specialists have been redeployed to other projects with some companies furloughing in-house TA teams.
- Retention still matters! Some have seen talent grabs from stable or thriving organizations like Amazon.
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