Deloitte Ukraine presented results of the 10th Global Human Capital Trends report to the representatives of business and public organizations
How to combine the sense of belonging and individuality? How to achieve a much-needed synergy between technology and humanity in the world of remote work? How to develop a sustainable leadership at a time of persistent change?
We tried to answer these questions during the presentation of the 10th Global Human Capital Trends report held on 2 July. The event was held online and brought together around 200 participants – executives, HR directors and specialists of the leading Ukrainian companies. Together with market leaders, we discussed the global and domestic HR trends and shared experience in responding to challenges as well as plans for building HR strategies of the future.
“Today, we have found ourselves in a new reality where we work, study and entertain online. As a result of the COVID-19 pandemic, the world that was pictured in the distant future predictions has suddenly become our ‘new normal’. Preparation of the 10th Global Human Capital Trends report began in early 2020, but we are firmly convinced that, despite the crisis caused by COVID-19, these trends not only have not lost their relevance, but have become more important. We started to understand them more deeply, as we have experienced ourselves the importance of ethics and leadership in a new reality,” said Olena Boichenko, Director of Human Capital Advisory Services at Deloitte Ukraine.
We live in the world of paradoxes and high uncertainty. The coronavirus pandemic has affected both the developed economies and developing countries. In contrast to the studies of previous years where the global unemployment rate stood at 2-3%, today this figure has reached 5-10% in Europe alone. It seems like we have moved from the overheated labor market to the employer’s marketplace with companies dictating their rules of the game due to an abundance of workforce resources in terms of their quantity and quality. Furthermore, by 2030, more than 85 million jobs may remain vacant due to a shortage of qualified specialists. In particular, this relates to the so-called deskless professions in healthcare, retail, transport, logistics, leisure and tourism sectors, software and IT services.
The 2020 Global Human Capital Trends report is designed to help companies to prepare for key changes and rethink the traditional approaches to engaging employees. This year’s report is dedicated to the phenomenon of social enterprise, in the DNA of which people and technology are intertwined, forming the three key components – purpose, potential, and perspective.
Belonging is at the top of this year’s report as one of the most important trends. Eighty percent of Ukrainian respondents believe that fostering a sense of belonging in the workforce is important or very important for their organization’s success over the next 12–18 months.
A sense of belonging is the main driver of employee involvement and the basic human need. It is even more important for employees than being treated with respect at work or being satisfied with the decision-making approaches used by their companies. When a sense of belonging is lost, employees become less productive, they are more likely to leave the company and are less likely to recommend their organization as a good place to work.
This year’s Global Human Capital Trends report suggests that the organizational culture, leadership behaviors and personal relationships are the three main factors affecting an organization’s ability to foster a sense of belonging in the workforce.
Integrating well-being into the design of work was recognized as another important trend both in Ukraine and across the globe. Eighty percent of respondents identified employee well-being as an important or very important priority for their organization’s success over the next 12–18 months. This is explained by the fact that burnout at work has become a major challenge. At the same time, the respondents believe that employee well-being is an organizational responsibility. However, this year’s survey results show that this trend has the largest gap between the companies’ understanding of its importance and their readiness to foster the culture of well-being.
“The great news is that about half of Ukrainian respondents understand that employee well-being affects employee experience, market reputation, and financial performance. This year, we are moving away from the traditional perception of well-being and view it as an important element that needs to be integrated into the design of work,” said Natalia Tymchenko, Manager of Human Capital Advisory Services at Deloitte Ukraine.
Uncertainty, human-technology interaction, blurring of age limits, new market demands and the search for solutions to bring stability at work – these are the top human capital trends for 2020. Other important trends covered by Olena Boichenko, Director of Human Capital Advisory Services, and Natalia Tymchenko, Manager of Human Capital Advisory Services at Deloitte Ukraine, include:
- Postgenerational workforce
- Knowledge management
- Beyond reskilling
- Compensation conundrum
- Governing HR strategies
- Ethics and the future of work
During the presentation of this year’s Global Human Capital Trends report, we had an opportunity to talk to Yevhen Shevchenko, CEO of Carlsberg Ukraine, who shared his vision on major challenges facing executives today and how the role of HR Director has changed. Yevhen believes that a strategic task of HR Director is to support a company in various strategic areas, as well as to mobilize available knowledge and technology to provide reliable tools to maintain employee motivation and involvement in the times of crisis.
The 10th annual Global Human Capital Trends report is the largest longitudinal study of its kind that explores key trends and challenges in both the global and domestic labor markets. This year’s survey attracted a record number of both HR directors and senior executives, with Ukraine ranking 4th among 119 countries by the number of respondents. To read the report, please follow the link.