HR: bridging the divide between business expansion and talent challenges
This is another of the key insights. I took away from recent research released by the ADP Research Institute®, focusing on the human capital management needs of multinational companies.
HR leaders should take notice. The key to any successful new market expansion is having the right talent in place. From predicting workforce impact to identifying investment needs, HR can deliver valuable insights that will help inform decision-makers’ business expansion plans.
Unfortunately, there seems to be a hesitancy to execute against talent strategies. The study found that nearly two-thirds (62 percent) of North American HR executives say they plan to boost headcount outside their headquartered country in the next one to two years.
However, a recent PricewaterhouseCoopers Global CEO Survey revealed that while 93 percent of CEOs say their talent strategy must change to make their expansion successful, only a third plan to do so. This disconnect between need and action is an opportunity for HR leaders to demonstrate the value of their expertise in HCM strategy development and to help achieve expansion goals.
Findings from the ADP Research Institute study also reinforce the critical role that HR must play. When it comes to managing a global workforce, talent management is reported as the top challenge by half of respondents (49 percent). As companies look to grow across geographies, building a unified company culture and performance management ranked as the second and third biggest challenges, respectively.
[STAT] 62% of North American-based global firms plan to grow headcount outside their home country in next 1-2 years
It’s clear that HR has an important role to play in helping their companies overcome business challenges and achieve business goals. HR has the opportunity to take a stronger leadership role in bridging the gap between important workforce management objectives and company growth.
Keep an eye out for my next blog post with additional thoughts on interesting findings from this study. In the meantime, check out the study white paper and infographic for more workforce management insights.
As an HR decision-maker, what are your company’s top business objectives? What are the top challenges preventing you from attaining those goals? Share your story below.
Read the original blog post here.