What are global leaders worried about? And how can you respond effectively to emerging developments as a manager or HR professional?
On 31st October 2024, Sarah Goossens, Business Unit Director at Harvey Nash and Frederieke Schmidt Crans, Interim Director at Harvey Nash Netherlands joined ZIPconomy’s webinar week to discuss key labour market trends and share actionable insights.
As an international tech talent specialist, Harvey Nash has been following global workforce trends for over 25 years. In this webinar, Sarah and Frederieke presented insights from the Digital Leadership Report and Pulse Survey. “This year, we surveyed more than 2,000 CIOs, CTOs and Digital Leaders across 86 countries,” explained Sarah Goossens. “The findings highlighted some fascinating trends, which we are delighted to share.”
Integrated strategies for talent management
According to Sarah, growth remains the top priority for businesses over the next 12 months. “We’re seeing increases in budgets, technology investments, and workforce expansion globally,” she shared. A notable trend is the shift towards Total Talent Management – an integrated approach to managing both permanent and contingent staff.
“Total Talent Management helps businesses align their people strategy with broader organisational goals,” Frederieke explained. “This unified approach ensures greater agility in responding to market changes and secures the right talent at the right time.”
The key to achieving this? “Start by connecting your HR and hiring systems,” Sarah advised. “A centralised talent overview improves organisational agility and ensures efficient workforce planning.”
Leveraging data to drive workforce decisions
Another prominent trend is the increasing use of data in workforce planning. “Data is now a strategic tool for optimising workforce decisions,” noted Frederieke. “It offers valuable insights into skills availability, labour costs, and market trends.”
Sarah emphasised the importance of predictive analytics. “It’s not just about analysing historical data but also anticipating future needs. For instance, by identifying emerging skill demands or monitoring regional labour trends, businesses can stay ahead of the curve.”
The role of technology in talent management
Technologies like Vendor Management Systems (VMS)have transformed hiring processes. “These tools improve talent pool management, risk mitigation, and cost control,” Frederieke highlighted.
Looking ahead, advancements in artificial intelligence (AI) and machine learning promise to further enhance agility. “Investing in the right technologies, potentially with trusted partners, will be crucial for businesses to remain competitive,” she added.
Technology also enhances the candidate experience – a critical factor in today’s competitive market. “Candidates expect transparency and efficiency throughout the recruitment process,” Frederieke explained. “Slow communication or a lack of feedback can harm your employer brand. By streamlining recruitment workflows and automating communication, businesses can provide a seamless experience for candidates.”
Navigating compliance challenges
Compliance remains a top concern for global leaders. “Navigating local and international labour laws, particularly for flexible workers, can be challenging,” Sarah stated. “Failure to comply can lead to financial penalties and reputational damage.”
Businesses must prioritise compliance by implementing robust systems and collaborating with partners who specialise in regulations. “Technology can help here too,” Sarah noted. “Automated updates on legislative changes can reduce risks and ensure compliance.”
Moving beyond cost to value
A shift in pricing and award models is also underway. “While cost was historically the primary focus, organisations are now recognising the value added by service providers,” explained Frederieke. “However, achieving the right pricing model requires careful consideration of organisational needs, complexity, and the value each partner brings.”
To explore these labour market trends and strategies for success, you can watch the full webinar, read ZIPconomy’s article, or download the Digital Leadership Report.