BPM's Future of HR event
Michael Illert had the pleasure to speak at the BPM`s Future of HR event in Cologne, Germany in May. BPM is the German Association of HR Managers. The focus of his key note was how HR will excel in the future.
Please note - Due to the location of the speech the video is in German.
Some key points from the discussion include:
At an ever increasing speed the world, society and the needs of our current and future employees and clients are changing. This requires the organisation of the future to be reality now. Corporate value depends more and more on the talent businesses are able to hire and to retain. Organisation need to be fit for purpose to make these rare, highly regarded talent work together in the most effective and efficient way. This requires a total re-think on how we structure and organise our businesses and most importantly how we lead them.
The war for talent is not a new topic, but the fight for the best has intensified and went global. We are all not only competing with the business next door but with all our competitors around the globe. Traditional ways of attracting talent have stopped working and so have standard assessment tools. Often the question is, who is assessing whom - the candidate the employer or the other way around. Is
candidate as a word still up to date with the development? Also, retention is declining as talent is less likely to stay for extended timeframes. One could argue that businesses should embrace this trend to have a constant inflow of new experience and knowledge. This requires new ways of onboarding, knowledge management and leadership. I wonder whether the employee life cycle should be Attraction, Development, Alumni Management, Re-Attraction. Serious, well thought through alumni management should be an integral part of our talent processes.
Businesses, society and government bodies struggles and often fail to keep up with the technological development. With Artificial Intelligence on the horizon, is there a new role for HR to take lead for innovation and close the gap between technology and business? Technology and analytics does not mean to identify standard KPIs such as retention rates. It clearly means to analyse all available data to spot trends and to ultimately aim to predict the future. To be able to identify trends earlier then competition is vital. How can we use technology to build organisation of the future and how will A.I. integrate into businesses?
What is the future of HR
Very broadly put, we are in a knowledge culture and the one key corporate asset is talent. This puts HR at the forefront of corporate strategy: people strategy = corporate strategy. HR has a major opportunity to gain a major seat on the table but needs to own up to it. Technology is the second largest trend going forward which can be divided into two sub-areas. First of all there is the focus on the gap between technology, individuals, business, society and government. Second of all there is analytics of people data to identify (talent) market trends and the future for talent in general and in specific cases.