Consulting and advisory firm Deloitte Cyprus on Thursday announced the release of the organisation’s Global Human Capital Trends report for 2024, which examines the most important issues for organisations, leaders and workers.
This year’s report, based on surveys from over 14,000 business and human resources leaders across many industries and sectors in 95 countries, including Cyprus, “Thriving Beyond Boundaries: Human Performance in a Boundaryless World,” identifies seven trends that present how a combination of business and human outcomes plays a role in organisational success, with trust and human sustainability identified as top issues.
Furthermore, this year’s research is enriched by worker- and executive-specific surveys, aiming to bridge the gap between leader perceptions and worker realities.
A trio of key takeaways from the report accentuates the importance of human performance—a symbiotic cycle of business and human outcomes.
It suggests that organisations should prioritise human outcomes alongside business issues through a human sustainability approach, enhancing outcomes for workers, customers, and society at large.
Despite most leaders recognising the critical role of focusing on human performance in fostering thriving organisations, a gap persists between acknowledging these issues and implementing sufficient measures to address them meaningfully.
Consequently, organisations are encouraged to evolve by leveraging diverse data sources and technology, such as Generative AI, to measure and boost human performance, thus augmenting human capabilities.
The concept of human sustainability is emphasised, advocating for the value creation for individuals beyond mere economic benefits to include well-being, employability, and equity.
Although 89 per cent of executives claim their organisations are advancing human sustainability, only 41 per cent of workers concur. Workers point out increasing work stress and the threat of technology replacing jobs as significant challenges to embracing human sustainability.
The necessity for defining new metrics for human performance emerges as traditional productivity measures become increasingly inadequate in capturing the dynamic and cross-functional nature of modern work. Advances in technology and data collection are paving the way for more meaningful metrics.
However, as data increases, organisations are faced with the dilemma of determining the extent of transparency regarding this information with their workers.
From the research, it becomes evident that a majority, 53 per cent, acknowledge their organisation’s initial steps towards identifying more effective ways to measure worker performance and value.
Yet, a mere 8 per cent believe their organisations are pioneers in this domain.
Moreover, the research highlights a crucial trust dynamic; workers who are confident in their organisation’s responsible use of data are 35 per cent more likely to trust the business. Nevertheless, only 37 per cent express high confidence in their organisation’s data usage practices.
The report also touches upon several trends focusing on how organisations can adapt their mindsets to tackle new challenges, such as the rapid advancements in artificial intelligence (AI) and Generative AI. These advancements underline the importance of enhancing human capabilities, like curiosity and empathy, to match the technological innovation pace.
Despite 73 per cent of respondents acknowledging the significance of keeping human imagination in step with technology, only 9 per cent report substantial progress in this area.
Additionally, the report reveals a desire among today’s workers for the freedom to cultivate microcultures that align with individual team needs while adhering to overarching company values. This necessitates a shift in HR’s approach, emphasising a more people-oriented strategy to support the autonomy and diversity of teams.
This is corroborated by 71 per cent of respondents who stress the importance of focusing on individual teams and workgroups to foster culture, fluidity, agility, and diversity. Furthermore, 31 per cent of C-suite respondents pinpoint changing the organisation’s HR approach as one of the most challenging trends identified in this year’s report.
“In an evolving market, being able to leverage technology and tools that enhance human performance is essential to businesses, as it allows them to be more agile, adaptable, and competitive,” said Joanna Artemis, Director of Consulting Services at Deloitte Cyprus.
“AI, and technology in general, can greatly complement HR functions, by automating repetitive tasks, providing data-driven insights, and enhancing the overall employee experience,” she added.
“When employees and technology are used together effectively, they can create a powerful force that drives organisational success and empowers employees to reach their full potential,” Artemis concluded. cyprus mail
