Finding right talent can often times be difficult! Decades of knowledge and experience gathered by the baby boomers are now starting to leave the workplace, which makes acquiring and retaining top talent extremely important to organizations. According to Forbes, 49 percent of surveyed millennial’s will quit their job in two years (Source). With many millennial’s being less loyal to organizations than their previous generations – the ability to attract the right talent for roles is closely aligned to the long-term success of the company. Leaders who don’t implement concrete plans to improve their talent acquisition strategy may quickly fall behind. Flipping the lens and viewing the talent acquisition experience through the candidates’ eyes considering their unique needs and Moments that Matter (MTM) is a key differentiator for setting organizations apart.Continue reading “Is your Organization’s Talent Acquisition Experience Driving Talent Away?”
When asked to reflect on a deal, something we often hear from clients is, “Culture is key.” If you’ve ever been involved in an M&A transaction, you’ve likely seen firsthand how critical culture is for the success of an integration. And studies support this view – culture clash is the number one cause of deal failure¹. At Deloitte, we define culture as a company’s shared system of values, beliefs, and behaviors that influence how work gets done. In the context of an M&A transaction, the need to manage culture is heightened the moment the deal is announced. Our clients that pay attention to culture are realizing more value than ever – and those that aren’t managing culture often lag behind. It isn’t enough to only manage culture post-Close either. Increasingly, clients are recognizing the value of learning as much as they can about culture during diligence to avoid any missteps from the start.
A Deloitte professional – Alejandra – reached out to her leader – Erin – to discuss her personal experiences in the current environment. Ale reflects on her experiences with uncertainty and unrest, and what she has learned over the course of the past few months. In response, Erin transparently shared similarities in her personal experiences and offered insight on ways to thrive amidst disruption. They have summarized their conversations in the illustrative format of the open letter below.
Professional Employer Organizations (PEOs) can be a valuable solution in Mergers, Acquisitions and Restructuring transactions.
Companies engaged in Mergers, Acquisitions, Divestitures or Restructuring (M&A) activities face highly complex strategic and operational challenges. To effectively navigate these challenges, back and front office functions should choreograph critical decisions with limited time and data. Such decisions are the cornerstone for the success of an M&A transaction, as they impact the overall risk profile for these corporate life events. Professional Employer Organizations (PEOs) can help businesses reduce the risk and accelerate the timeline.Continue reading “To PEO or not to PEO in M&A Transactions”
As organizations become more adaptable and innovative, so do their Shared Services. Shared Services Centers (SSCs) have evolved from being a “provider of what they ask for” to a generator of tangible business value.1 SSCs are increasingly global, multifunctional, digital, and supported by automation and analytics. Meanwhile, in the response to the COVID-19 crisis, many organizations are also looking for their SSCs to help drive low-cost options for service delivery.
The organizational structure supporting your SSC likely looks like what we’ve come to think of as the modern organizational model: Sticks and boxes forming a regimented, hierarchical, top-down structure. Yet, this model isn’t really that modern at all. It’s the exact same organizational structure used by General Marc Antony as he was leading Julius Caesar’s legions into battle.
This realization prompts the question: If we can agree that the work of SSCs has evolved, shouldn’t their organizational structures and operating models also mature to keep up with the customer-centric work that is being done? Continue reading “Adaptable and Efficient: Designing for Today’s Shared Services Center”
Harnessing the power of intelligent automation (IA) by effectively managing a mixed workforce of people and machines
While the idea of machines “taking over the world” makes for compelling science fiction, businesses are discovering that the most powerful use cases for intelligent automation (IA) involve people and machines working together as a team. Of course, managing a mixed workforce of human workers and “digital workers” presents its own unique challenges. Here’s a look at the critical challenges—and how to address them.
Capital H Blog Series – Blog #1 Cost Reduction Strategies: A Needed Paradigm Shift
While cost management and cost reduction are common business terms even in the best of economic times, the COVID-19 crisis has propelled them to the forefront of business discussions. Typical cost management efforts center on reducing overall costs by cutting labor costs. Initial responses to the COVID-19 crisis have largely followed suit. The speed and magnitude of the disruption caused by the pandemic propelled many business leaders to make quick, and at times, deep cuts to workforce spend. Preliminary COVID-19 research by Deloitte Consulting LLP indicates that business leaders’ early response to the pandemic was to trim costs through pay cuts, elimination of bonuses, furloughs, and layoffs. These actions largely impacted traditional full-time/part-time employees, who comprise a subset of total labor costs. It is difficult to evaluate the prudence of these cost reduction decisions without understanding whether other types of labor costs (e.g., alternative workers, real estate, technology) were considered for reduction and how each supports the bottom line.
Most organizations understand that to be competitive in the market, they need to invest in digital transformation. However, organizations often underestimate the importance of cultivating leaders who can drive the required change. Many digital transformations fail due to unprepared leaders. How can you better ensure that your organization has the right leaders with the skillset to successfully lead a digital transformation? How do you prepare and form teams that have the skills and problem solving to be successful in a transformation? There are four key principles to support executing a successful transformation: pick the right leaders, build high-performing teams, find new ways to solve new problems, and embrace a growth mindset.
In these unprecedented times, we are seeing clients taking stock of the short and long term effects of the “new normal.” We know that this new normal will be defined by more virtual work, more flexible work arrangements, and call for increased agility on the part of the organization and the individual. This is truly a fundamental shift. It means moving away from the tried and true hierarchical structure, profit-driven, and silo’d organization to one that is designed to enable agile, purpose-driven, network-based teams. We refer to this as an adaptable organization.
Posted by Chris Havrilla, on June 23, 2020.
The inspiration for our High-Impact Technology Strategy research was less about technology and more about solving a puzzle. Organizations spend big money on their HR technology and expect it to drive change and transform the HR function, the organization, and the overall workforce. But why weren’t they realizing the promise, outcomes, or value from their digital transformation? Why didn’t transformation occur? Our research shows the answer may be because organizations didn’t approach these factors like a puzzle.
Continue reading “Change your mindset about change”