KPMG International commissioned a study of executives across the globe to probe deeply into the challenges that the HR function face and to gain a deeper understanding of the opportunities that lie ahead. The study also explores how the HR function can transform itself to become a strategic partner to the business.
Rethinking Human Resources in a Changing World provides a fresh view of the path ahead for leaders of the HR function.
About eight in ten (81 percent) respondents say that putting in place the most effective talent management strategy will be key to competitive success.Fifty-five percent of survey respondents believe the metrics that define success in HR today will fundamentally change over the next 3 years.Powerful technologies, emerging in times of heightened financial constraints, present a rare opportunity for HR to enact long-overdue reinvention.
There are around 160 million workers in the US alone, and most companys’ largest expense is payroll. In fact in most businesses payroll is 40% or more of total revenue, meaning that total US payroll expense is many billions of dollars.
How well do organizations truly understand what drives performance among their workforce? The answer: not really very well. Do we know why one sales person outperforms his peers? Do we understand why certain leaders thrive and others flame out? Can we accurately predict whether a candidate will really perform well in our organization?
Who owns talent? Does it belong to the department that directs its daily activities? To the organization as a whole, to deploy and re-deploy as it sees fit? To the individuals themselves who can take it to a competitor? If your company's culture is mired in silo-think, it can sabotage the development of executives and impede profitable growth.
All the best companies share the characteristic of deeply transpersonal cultures. We are only made fully human by putting others before ourselves, a deeply affirming moral stance, grounded in social connection.
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