As we prepare for the New Year 2022, various industry leaders shared their insights and thoughts on the top HR Tech trends with Ali Knapp, president at Wisetail.
Ali Knapp chose HR Tech Series to feature his recent conversations with several industry leaders.
Ali said, “One of the biggest topics of conversation in 2021 was the “Great Resignation.” Although we’ve heard a lot regarding masses of people fleeing their jobs for new opportunities, this is far from over. In 2022, unless companies are able to build a comprehensive people strategy, they can risk having a second wave.
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Multiple HR tech executives have shared their advice with me for helping companies overcome those challenges and stay ahead of other trends expected in 2022.
The discussion involved:
- Diane Albano, CRO, Globalization Partners
- Nicole Sahin, CEO and founder, Globalization Partners
- Alex Pezold, founder and CEO at TokenEx
- Lex Boost (CEO) and Svenja de Vos, CTO, Leaseweb Global
- Jennifer Palecki, chief people officer, Imply
Here’s a snapshot of what leaders had to say about the top HR Tech trends everyone should watch out for, in 2022.
Technology Platforms Help Organizations Adopt an Inclusive, Global Mindset
Diane Albano, CRO, Globalization Partners
“Equality and diversity have become key objectives for every forward-thinking company, and in 2022, companies must continue to ensure they eliminate bias and deliver on the opportunity for all. In focusing on these goals, it’s absolutely vital to understand that ensuring the reflection of a fair and equitable society also makes very good business sense.
For example, companies that build diverse management teams can boost revenue by as much as 19%. When focusing on commercial imperatives, therefore, expansion and growth might be about delivering increased market share, but to get there, leaders should build more diverse talent pools positioned for growth.
Since talent has gone global, ambitious companies will take advantage of developing new markets and investing internationally in 2022. In doing so, many will fare significantly better than those who have acted defensively in recent economic downturns.
Looking even further ahead, long-term prospects are remarkably improved by global expansion. A McKinsey Study recently revealed that companies that expanded globally experienced 60% growth to as much as $100 million. These companies also have an 8X-better chance of reaching $1 billion than companies growing less than 20%.
All this is not without its challenges, but companies that access platforms like ours which provide a way to navigate the legal, HR, and tax compliance challenges with hiring teams around the world, are primed to win. 2022 will be a year for growth and the success stories we’ll be reading about 12 months from now are those organizations that have adopted an inclusive, global mindset.”
Digital Nomads Will Continue to Influence the Working World
Nicole Sahin, CEO and founder, Globalization Partners
“In 2022, the competition to attract and retain top talent will get even more intense. If the ‘Great Resignation’ seen this year has taught us anything, it’s that power has shifted from employers to employees – millions of whom feel energized by the major trends impacting the world of work.
For example, the rise of the Digital Nomad (people who can work from anywhere) will continue to influence the working world. Representing just 7% of the workforce in 2019, by 2020,, this group expanded six-fold to 42%. As a result, legacy job titles and siloed roles will be replaced by functions, mindsets, and skills which can be sourced from any country in the world. In addition, “remote-only” teams will continue to become more common, and hierarchies will flatten.
This creates a huge opportunity but also a serious challenge to companies everywhere. A company’s foundation is based on the people it employs; those that want to survive and thrive in 2022 will need to respond to this new world dynamic.
Two skillsets will become more important: an understanding of global markets and the ability to manage diverse employees. In the Oxford Economic 2021 Global Talent Survey, these were rated as two of the highest in demand – a trend that underlines the importance businesses now attach to the acquisition of talent, irrespective of where people are based.
Companies that can build the processes, partnerships and technologies required to attract talent on the global stage will be ideally placed to meet the needs of employees – and by definition – those of their businesses as a whole.”
Tangible Changes Will Have to Be Enforced to Retain and Recruit the Best Talent
Krishna Desai, global Marketing Manager, Cubic Transportation Systems
“The way we design, build and execute will change next year. A lot more companies will be designing transit solutions with accessibility at the forefront, not an afterthought.
Why?
Some because it’s the right thing to do, others because they’ll realize there is more profit in it for them. With the great year of resignation, people are valuing companies that offer better opportunities for growth and inclusion, to bring their authentic selves to work. No more will empty promises be enough to recruit. Tangible changes will have to be enforced within organizations to retain and then recruit the best talent.”
Workforce Culture and Recruitment Is Going to Be an Interesting Balance Moving Into 2022
Alex Pezold, founder and CEO at TokenEx
“Workforce culture and recruitment is going to be an interesting balance moving into 2022, because companies and business leaders have to stay true to how they want to operate and ultimately, to their business goals. At the same time, they can’t help but recognize that there is a new generation of workers and a new style of the workforce that the pandemic has introduced us to.
To some degree, remote or hybrid working provides people with a better quality of life.
So, striking a balance between the needs of the business and the needs of the workforce is going to be interesting as we move forward.
I don’t believe ‘the great resignation’ will last long because eventually, people need to be productive and they also need to earn money, and that will draw them back to the workforce. Employers will be better able to attract the best talent when people have more opportunities to find a job that aligns with how they want to live. As long as those values and desires are aligned with how a business needs to operate, the partnership can be successful.”
Leadership Style Key to Combat What Is Now Known as “The Great Resignation”
Lex Boost, CEO, Leaseweb USA
Gen Z is entering the business world at a rapid pace and beginning to outnumber millennials. It is estimated by 2030, 51 million Gen Z members will have entered the workforce. As a result, company leaders must take a step back and evaluate their culture to fit the newest generation of employees.
According to a recent survey by Bankrate, approximately 55% of American adults are planning to switch jobs, with twice as many Gen Z and millennial workers saying they’re looking to replace employers. To combat what is now known as “the great resignation,” leaders must look to remain connected to their employees and be engaged in order to retain top talent.
Co-founder and CEO of AirBnB Brian Chesky once said that “Culture is simply a shared way of doing something with a passion.’ Take the time to get to know your employees personally in order to foster an environment that caters to the talent of each individual.”
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War on Talent: Organizational Leaders Have to Truly Evaluate Their Business Practices to Attract Great Talent
Svenja de Vos, CTO, Leaseweb Global
“For the past 20 months or so, the world has adapted to the constant changes COVID-19 has brought our way. Throughout 2021, we saw business leaders continue to operate remotely or begin to adopt a hybrid approach to working. In 2022, business leaders are going to face a split: continue working remotely, return to the office or fully embrace the hybrid approach. The decision might influence which talent is attracted to your company.
At the end of the day, it should come down to what is best for employee work-life balance. Company leaders will need to examine work patterns over the past year and a half to determine the path forward. Look at activities that have kept team members engaged, what are individuals happy about and what historically has been shown to keep productivity up.
With the war on talent, organizational leaders have to do more than just throw money at qualified candidates and truly evaluate their business practices. Show that you truly care about your people. Whether that’s allowing some people to be fully remote, checking in with a phone call every now and then, it’s going to take trial and error and a concerted effort to navigate the best way to operate a business in 2022 and beyond.”
Importance of Diverse and Inclusive Workplaces Will Come Into Even Sharper Focus
Jennifer Palecki, Chief People Officer, Imply
“In 2022, the importance of diverse and inclusive workplaces and the value they bring to innovation will come into even sharper focus. This is especially true for the technology industry, where we recognize the necessity of innovation for success. When you think about innovation as a spectrum, you realize that the more people you have in the room who can look at problems from different angles or offer differing perspectives, the better the result will be for creating new products or systems. Broad diversity of thought, diversity of professional or life experiences, and diversity of leadership styles inform the most impactful collaborations in a workforce. Equally important is creating an environment and room at the table where all voices are heard and feel safe sharing ideas. At Imply, our core values strive to create a culture of openness where all employees feel empowered to share perspectives, opinions, and even disagree as we work together to innovate and build this company.”
Our Take
Organizations should rely more on data-driven retention strategies to attract and retain great talent. Leadership should cut across departments and regions to develop a coherent, collaborative and consistent strategy to succeed in 2022.
Thank you everyone for sharing your insights with us! We look forward to chatting with you all again.
[To share your insights with us, please write to sghosh@martechseries.com]