While the majority of businesses recognise which capabilities are important for their future success, many are failing to take the actions needed to build or even introduce them into their organisations, according to a PwC survey.
These actions include using data analytics to make workforce decisions and creating a compelling work experience for employees.
PwC’s latest Future of Work report, produced in collaboration with Lynda Gratton, Professor of Management Practice at London Business School is based on a survey of 1,246 business and HR leaders from 79 countries.
It focuses on 45 capabilities and identifies where organisations are most ‘at risk’ by looking at the number of respondents who say a capability is important to the future of their business but indicate that they are not yet taking action.
The survey finds that companies are struggling to use data and advanced analytics to make better decisions about the workforce.
According to the results, although more than 60% of respondents say using data analytics in workforce decisions is important, only 27% actually use it.
In addition, only 38% use data analytics to predict and monitor skills gaps in the workforce, while just 31% use sophisticated workforce planning and predictive analytics and only 28% use data analytics to help limit bias in hiring and to craft incentives tailored to individuals.
Moreover, six of the top ten ‘at risk’ capabilities relate to the people experience. One area organisations can do more is around managing workloads.
While 76% of respondents believe this is important, only 50% say they are doing something about it – making this the #6 ‘at risk’ capability globally.
Philippos Soseilos, Advisory Services Partner and Head of People at PwC Cyprus, noted that the challenge today is that jobs don’t reflect what people do.
He said many companies don’t have accurate data on who does what and where, and few have an inventory of their people’s skills for development purposes.
This is where using data and analytics can make a real difference.
“With all the talk about artificial intelligence, automation and robots replacing jobs, many people are anxious about their jobs,” said Soseilos.
“Organisations should take the lead and own the story, by creating and communicating a strong narrative that covers what the future of work means for the company, build trust and deliver a people experience that inspires commitment and ultimately maximises the organisation’s potential,” he added.
PwC’s 2018 Workforce of the Future report – Preparing for Tomorrow’s Workforce Today – is based on a survey of 1,246 business and HR leaders from 79 countries.
Some 59% of the respondents were HR professionals, and 41% were business executives, of which 13% were C-suite level leaders.
A copy of the report can be downloaded at: www.pwc.com/futureworksurvey
