While we live through this imagined “future” at present, it seems that no amount of crystal gazing could predict the state of the world that we operate in now.
Human capital has evolved significantly beyond initial expectations in recent years. Around 2019, as organizations were gearing up for substantial transformations in technology, the global economy, and consumer preferences, the unforeseen turbulence of the Covid-19 pandemic and the Russia-Ukraine war presented additional challenges.
The lockdown prompted a paradigm shift in the way the world operated on all fronts. CEOs, in response to pandemic disruptions and ongoing technological changes, reimagined the fundamentals of business strategies. This period also shed light on immediate adaptations and shifts in human capital, a crucial macroeconomic aspect that now plays a more individualized role.
This reality introduced a new set of strategic challenges for the workforce. To address these challenges, plans had to be tailored to more adaptable work frontiers. As CEOs shifted gears to reshape organizations and move away from traditional work models, they faced critical decisions on which areas to transform and which established ways of working to retain.
As business leaders and HR heads contemplate how to evaluate, attract, and retain talent while developing skills for a competitive edge in an unpredictable future, millions in the workforce are questioning their own career paths and choices. Discussions on workforce changes and optimal work approaches involve tough decisions.
Recognizing the importance of career moves for individuals, we conducted a study through surveys and interviews with CEOs and CHROs, whose findings are presented in this report. The goal was to analyze specific factors that would help organizations retain talent, promote upward mobility, and cultivate a more agile workforce.
Our research emphasized the role of organizations in maximizing the value of human capital. We engaged business leaders and organizations on topics related to transformative and cultural changes in workforce development, ethical considerations, and skill pool enhancement. Surveys covered aspects from digital transformation and organizational culture to reskilling and the nuances of hybrid work and work integrity. Throughout the study, key questions emerged, such as how organizations can leverage new technologies for transformation, invest in talent ecosystems for reskilling, and navigate the impact of demographics on the workforce.
This study was a collaborative effort between the Economic Times India Leadership Council (ETILC), with Deloitte India serving as its knowledge facilitator, in partnership with ET Edge Insights.
