Companies of the future need to become talent creators

SINGAPORE, recently hailed as the second-best global destination for attracting and nurturing skilled talent, faces a challenge. A whopping 83 per cent of employers in the country grapple to secure the expertise they crave.

Unpacking recent developments paints a clearer picture of this growing conundrum. Today, businesses are under growing pressure on multiple fronts, requiring a workforce that can adapt to a volatile external environment amid technology, consumer and climate change demands.

Despite advances in automation and artificial intelligence (AI), company leaders still require highly skilled talent to meet their business and environmental goals. One way to achieve this is for companies to transition from being talent consumers to becoming talent creators.

Access and create talent in innovative ways

Our study of over 1,000 CEOs and chief human resources officers across 12 industries globally delivers a resounding message: There is no business strategy without a talent strategy.

We found that CEOs worldwide are prioritising the harnessing of data, technology and people, placing it at the very top of their agenda to accelerate transformation and growth.

It is, in our view, the right priority. Successful talent creators recognise the pivotal role of their people in driving change and gaining a competitive edge. Their commitment begins with a fundamental question: Are people net better off working here?

For us, becoming net better off means:

• ensuring employees’ fundamental needs are met and they feel healthy and well (physically, emotionally and financially); 
• connected, with a sense of trust and belonging; 
• their work has purpose; and 
• they have marketable skills to pursue vibrant careers.

Talent creators also prioritise upskilling their workforce and investing in building the infrastructure required to deliver the right capabilities when needed throughout the business.

Technology plays a central role in this process. Talent creators employ data-driven, AI-powered insights to identify the most critical capabilities their organisations require, as well as how to attract individuals possessing these skills. Innovative tools are employed to revamp hiring and recruitment practices.

This approach broadens access to diverse talent sources, offering pathways based on skills rather than following the traditional college-to-job playbook.

For example, AI and machine learning have been deployed to better understand how bias may influence the screening process or how data can enhance candidate experiences. Technology can also be used to sieve through resumes and unearth “diamonds in the rough” – individuals with a unique skillset who may have been overlooked or under-represented due to non-traditional career paths or the recruiter’s unconscious bias.

Furthermore, talent creators maximise people-related data and bring insights that connect talent more directly to business outcomes and ultimately unlock people’s potential. They do this by spotting productivity trends, uncovering engagement drivers, and applying predictive insights from skills data to meet demand and help their people grow proactively.

A broad range of skills is needed for green jobs

Today’s sustainability challenges demand fresh, hybrid solutions. Companies need to bring different talent profiles into new types of teams to build these solutions faster. Expertise will be required in unusual combinations – for example, chemical engineering-plus-innovation and climate science-plus-AI.

Building this talent pool will not suffice – the most innovative companies will go one step further by offering employees the creative freedom to bring their ideas to life with the latest instruments and technologies, such as advanced data platforms and analytical tools.

Another Accenture report on how companies can achieve business outcomes by designing green jobs for young talent features Sustenir Agriculture, one of the first vertical farms created in highly urbanised Singapore. It uses a high-tech approach to produce the seemingly impossible: growing cold-weather crops such as kale and strawberries in a tropical environment.

In a market projected to grow from a little over US$2 billion in 2018 to almost US$13 billion in 2026, the company is blending technology and farming to create sustainable solutions and new jobs. Its founder, Benjamin Swan, was trained in construction and banking and applied those skills to hydroponics and robotics.

The desire for such blended skills extends to his employees. For example, even with no agricultural background, his nursery manager’s innate curiosity and passion have helped to advance experimentation in new indoor farming areas, such as cultivating edible flowers.

The way forward

Many young people say they are willing to seek new or deeper skills. This willingness to learn offers an opportunity for companies to transition into talent creators, capable of preparing today’s youth for the future and its ever-evolving demands.

This transformation includes, but is not limited to, investments in baseline training programmes to certify incoming semi-skilled or unskilled workers. It also involves establishing upskilling and specialisation pathways for employees within the workplace.

In addition, companies can increase entry-level opportunities by collaborating with educational institutions. They can also enhance their approach by offering exchange and rotation programmes for young employees to gain experience in different business areas.

At Accenture Singapore, we have introduced a unique “hire-to-train” approach to quickly onboard talent with the right skills, particularly in emerging areas such as AI, cloud computing, and data. This approach includes upskilling local polytechnic graduates to become future-ready technology professionals.

Ultimately, a transformative talent strategy hinges on how companies define talent and harness technology to facilitate talent acquisition and retention. The ability to foresee and create roles that are not yet in existence, but will be essential in the near future, sets leaders apart from the rest.

The writer is Singapore managing director at Accenture