Tuesday, 04 June 2019 06:21

Deloitte Reveals Value of the Social Enterprise

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According to Deloitte’s 2019 Global Human Capital Trends Report, the rise of the social enterprise has arrived.  Organizations need to go beyond merely fulfilling their stated corporate social responsibility goals, says the 2019 Deloitte Global Human Capital Trends report. While they remain focused on profits, organizations must also pay attention to the betterment of their employees, their customers, and the community in which they live.

There are four key elements that will shape the social enterprise. More>>

 “So much of what needs to change in organizations comes down to mindset, said David Mallon, Vice President, Bersin by Deloitte Consulting LLP.  And who better to take up the charge of shifting mindsets in organizations than the experts on the people side of business, HR.”

What Is the Power of a Social Enterprise?

 “The true social enterprises understand that there is tremendous value in growing social capital in their networks inside their workforce and outside the organization’s ecosystem,” explained Mallon. That social capital can be spent in service of creating strong ties with the communities and societies in which the organization operates, leading to benefits such as customer loyalty and an attractive employer brand. Internally, social capital can translate into higher operational and adaptive performance.”

How Can Organizations Become Social Enterprises?

Anand Shankar, Partner, Human Capital Consulting at Deloitte India LLP, called upon organizations to “do what is right, not just what is profitable.” These four key areas that will impact the future of HR.

1. Reinvent with a Human Focus: From Digitization to Digitalization


Digitization involves turning paperwork into digital data. Digitalization ensures that people are digitally empowered to do their jobs better. It involves using data to make sound across all disciplines and practices.

Data interpretation, gaining insights, and thinking creatively can ensure that this data is put to good use. Social enterprises will combine both purpose and profit.

Digitalization also involves reskilling the workforce to stay relevant. “Leaders must be careful not to simply replace old, out-of-date skills with other soon-to-be-out-of-date skills,” cited Mallon. They should be helping to ‘reframe’ as much as ‘reskill’ while also focusing on cultivating growth mindsets.”

2. Shift from Employee Experience to Human Experience


Employees outside the workplace are treated like royalty, with the convenience of lightning-fast internet to personalized recommendations from Amazon to real-time push notifications on flight delays even as they wait at the airport. Yet, when they come to work, they are forced to use outdated software and sometimes complete manual paperwork for certain HR processes shared Shankar.

This dissonance can leave them demotivated. It is upon organizations and HR to create a consumer-grade experience for employees.

Fifty-three percent of people surveyed in the report revealed that their organizations were willing to offer meaningful work to their employees. Shankar believes that HR must now evolve to include work in the flow of life as opposed to the traditional concept of life revolving around work.

In doing so, HR can help employees answer the questions, “How is my work impacting the bigger picture?” “Am I making a valuable contribution to my organization and society at large through my work?”

Mallon adds, “Put simply, if an organization’s workforce is now an ecosystem comprised of traditional employees, contingents, partners, customers, crowds and machines, the experience of those segments is material to the organization’s success, not just that of on-balance-sheet employees. With that said, organizations need to pull back the aperture and optimize the human-centered experience for all.”

3. Prepare for the Advent of the Superjob

Traditional jobs are evolving into superjobs that challenge our cognitive faculties as t4echnology assumes the repetitive tasks. These superjobs will force us to use creative thinking, innovation, sound communication, and judgment.

Everyone – organization leaders, their HR teams, and employees – need to take the onus to reinvent the traditional job. The responsibility is divided, and each player must guide the other in pursuing skills and education that will prepare them for the roles of the future – roles that simply don’t exist today.

A collaboration between HR, the C-suite, and leaders across IT and finance will result in the development of a strategy on how to reskill employees and redesign work to ensure that they augment the creative freedom that the advent of technology is offering them.

 “Organizations need to separate work design from role design,” shared Mallon. By doing so, leaders can then better identify which parts are best done by humans, which are best done by machines, and which are best done as part of human-machine collaboration. It’s that collaboration that will be of most importance.”

4. Advance Your Leadership Strategies

Twenty-first-century leaders are expected to have the following skills, according to Mallon:

  •          Creating followership and managing a workforce comprised equal parts of human and tech
  •          Having a growth mindset
  •          Recognizing opportunity in uncertainty and continuously improving from past situations
  •          Demonstrating comfort with risk and vulnerability
  •          Being transparent in decision-making
  •          Demonstrating stamina to see difficult long-term goals to fruition
  •          Creating space for others to contribute as their authentic selves
  •          Building networks and teams and working collaboratively with teams across the organization

 

 “These future of HR trends revolve around thinking differently about how we access the talent we need, leveraging learning in the flow of life, improving mobility as a means of meeting our own internal talent needs, continuing to build onto cloud as a technological foundation for the future evolution of HR, and providing a human-centered workforce experience,” summarized Mallon.

Source: 2019 Deloitte Global HR Trends Report https://www2.deloitte.com/insights/us/en/focus/human-capital-trends.html

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