The 2020 Human Resources Pulse Survey Report released by KPMG has unearthed some findings that will shake the workplace, even as the Covid-19 pandemic is still ravaging the world.
Highlighting some of the findings in a statement, KPMG’s Head of Global People and Change Center of Excellence, Robert Bolton noted that COVID-19 thrusts HR to the forefront of business productivity, workforce models and culture mobilization.
He urged HR must swiftly transition from putting out the fires of the immediate impact of COVID-19 and its aftermath and switch to playing the long game of shaping the workforce of the future for their enterprises.
This switch, according to him requires new mindsets, skills and priorities.
“Lasting impacts, including the fact that nearly 40 percent of employees will continue to work remotely and perhaps others in a hybrid model of attendance, means that a new reality has to be contended with. The pandemic has presented HR with a significant opportunity to transform not just the function, but the enterprise itself,” he noted.
In the survey, which sampled the opinion of nearly 1,300 Human Resources (HR) executives in July/August, more than two-thirds of HR executives (69 percent) believe the HR function needs to completely reinvent and transform itself to respond more effectively.
Key findings include:
- Four in ten employees will continue to work remotely.
- A third of employees will require reskilling or upskilling.
- Two-thirds of HR executives believe the HR function must be reinvented.
- The majority of organizations will see their workforce change ‘shape’ dramatically over the next two years,
- The survey revealed that more than three in 10 employees (35 percent) will need to be reskilled in the next two years.
- Talent risk is also top of mind for CEOs, rising eleven places as the largest threat to businesses
- More than three in 10 employees (35 percent) need to be reskilled.
- Building talent through upskilling and reskilling is seen as one of the important factors in shaping the future workforce (72 percent).
- Government and public sector organizations, educational institutions, and hospitality companies report the greatest reskilling needs.
Technology investments
- The largest investment is in new or updated learning and development platforms (54 percent).
- Collaboration tools to support remote working was a close second tech investment (53 percent).
Top three capabilities required by the HR function
- Delivering transformational change management (44 percent).
- Managing performance and productivity in a predominantly remote environment (40 percent).
- Delivering on the agenda for transformational learning and upskilling/reskilling the workforce (36 percent).
The HR Pulse 2020 survey covers 1,288 HR executives in 59 countries and territories (with the majority representing from the largest economies in the world) and 31 key industry sectors (such as asset management, automotive, banking, consumer and retail, energy, infrastructure, insurance, life sciences, manufacturing, technology, and telecommunications).
A third of the companies (33 percent) surveyed are C-suite and 29 percent are HR executives such as senior vice presidents. Approximately 32 percent of companies surveyed report annual revenue of US$1B+.