The Changing Nature of Work
The factors that comprise the changing nature of work continue to shift the way work is being done and by whom. The “future of work” is a topic that has been around since the ‘70’s, however, it was the events surrounding the COVID pandemic that created the most recent acceleration of changes. With the layoffs, furloughs, and remote work, many companies found themselves in a collective tailspin because they weren’t “future proof.” As the workplace continues to change rapidly, organizations are wondering how they can keep pace with the changing nature of work.
In order for organizations to prepare themselves, and create long term stability, they are moving towards sustainability using talent analytics—also known as people analytics—a data driven approach to improving people-related decisions. Talent analytics is a data-based approach to people management which allows an organization to hire based on metrics. These metrics are called competencies. Competencies are the collection of knowledge, skills, abilities, and other characteristics (KSAOs) like emotional intelligence.
In the early 2000’s companies began changing job descriptions to include degree requirements when jobs had not changed, a practice called degree inflation. It was after the 2008 recession that many organizations demanded a reset. Enter the skill- or competency-based approach to hiring.
Competency-based hiring continues to gain favorability for hiring due to its benefits. In an interview, recruiter Renee Adams, SPHR an early supporter of competency-based hiring commented that she “wanted to get beyond people’s credentials on paper to gauge which candidates were truly capable of doing the work the positions required.”
“Competencies can easily identify transferrable skills for new hires and existing employees,” this is especially true for military veterans who bring experience from previous military work despite not being their primary job function.
Other benefits in favor of competency-based hiring include diversity. According to Lee Michael Katz of SHRM,
“By focusing on behavior, competency-based selection can ensure that people of all ages and backgrounds receive consideration, regardless of the length of their formal experience or other factors.”
Since automation and AI are able to do a lot of the duties of people today, it is important that organizations find different ways to utilize their workforce and create opportunities for their valued employees. This is called upskilling—equipping employees with the competencies to adapt to new demands.
WHAT DOES THIS MEAN FOR YOU AS A JOB CANDIDATE?
The biggest opportunity you can offer yourself is discovering what types of development you could undertake to complement your existing skillset and your future role.
A word of caution: depending on your industry, it is not always the wisest move to achieve more certificates. I often see young, driven professionals obtaining certificates on top of their degree(s). The answer isn’t always more education, it’s augmenting education with experience (tacit knowledge) that ultimately creates value and your competitive advantage.
WHAT COMPANIES ARE SEEKING
Because the future of work is about adaptability in the long term, companies are looking for individuals who want to evolve and learn, remain competitive and thus become more valuable over time.
It is becoming more important that you understand the competencies that will help you be successful. Knowing what competencies are required allows you to better prepare for a job, and how to increase your workforce value in the long term.
We have our finger on the pulse of the changing nature of work. If you are looking for someone to help you define and differentiate yourself or prepare your workforce for the long term, contact Cornerstone.