Kelly Report reveals most talent strategies are ineffective; identifies workforce leaders who buck the trend
SINGAPORE, June 12, 2024 (GLOBE NEWSWIRE) — A global survey conducted by specialist workforce solutions provider Kerry has revealed that businesses are failing to unlock the full potential of their workforce, with poor workforce planning hindering the growth of most organisations. The 2024 Kerry Global Rework Report reveals that while executives are turning to artificial intelligence (AI) and automation to solve these challenges, they are struggling to effectively implement digital strategies and are not providing their employees with the right training.
Kerry's fourth annual Global Workforce Report Building a resilient workforce in the AI eraAccording to a recent study, 54% of senior executives say poor workforce planning is hindering business growth, and 47% say they are missing out on business opportunities due to a lack of talent. Four in 10 (42%) senior executives say they are not realizing the full potential of their employees.
Many organizations around the world are turning to technology to help solve these challenges. While the majority (64%) of organizations have invested or plan to invest in AI and automation to improve employee productivity, efficiency, and engagement, one in five executives admit that their digital strategies to empower the workforce are ineffective. Employees are frustrated by these changes and wary of the impact AI will have on their jobs and careers. While 73% of workers expect AI to impact their role, only 36% are positive about the technology and only 39% say they have received any AI-related training.
Kelly surveyed senior executives and talent across 13 countries. Key findings in Singapore include:
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Executives are the least confident about productivity gains. Just 38% of executives in Singapore expressed confidence in their company's ability to improve productivity, compared to 54% globally.
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Creativity and innovation are two key skills lacking in the workforce. More than a third (36%) of executives rate their teams’ creativity and innovation skills as low, and over 57% agree that closing the skills gap is a top priority.
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More can be done to improve organizational cultureOnly 23% of executives rated their companies as supportive of mental health initiatives. The good news is that 68% say they have already taken or are planning to take steps to address negative aspects of their company culture.
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Career development is a top concern for employees. Workers say their top three biggest frustrations are lack of career progression (33%), lack of skills development opportunities (31%) and lack of autonomy over how they do their work (30%). More than a third (36%) say they don't have a satisfactory work-life balance.
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Companies struggle to adopt AIMore than half (51%) see improved decision-making as the biggest benefit of AI, yet only 43% of executives surveyed say they have the technology in place to enable their employees to do their jobs effectively.
“Leaders today must grapple with high expectations for how AI will impact their workforce, from how work gets done to the skills employers need to how they build and manage their workforce,” said Pete Hamilton, vice president and managing director, APAC, KellyOCG. “But let's be clear: AI is not the end goal. It is a tool that can significantly accelerate business growth. AI has the potential to enhance our ability to build a great workforce and understand what it takes to succeed.”
The Re:work report provides insight into how the world's leading organisations are achieving this. For the first time, the report: Workforce Resilience IndexThe Index reveals how leading companies are building agile, capable, and inclusive teams to thrive in the AI era. Resilience Leaders Companies (7% of companies surveyed) report superior results across both core business and key people metrics compared to mid-market (85%) and laggards (8%).
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70% of Resilience Leaders report increased revenue over the past year, compared to 35% of Laggards.
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61% of Resilience Leaders report increased profitability compared to 35% of Laggards.
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74% of Resilient Leaders report improved customer satisfaction compared to 37% of Laggards.
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79% of resilient leaders report improved recruiting capabilities compared to 27% of laggards.
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72% of resilient leaders report improved retention, compared to 34% of laggards.
According to the report, workforce resilience leaders are most often based in Norway, Sweden and Germany. Singapore ranks 11th out of 13 countries surveyed. Australia ranks last. The study identifies four best practices for building workforce resilience:
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Partnering with a talent solutions provider builds more agile and capable teams. 71% of Resilience Leaders collaborate with a third party to develop their talent strategy, compared to 35% of Laggards.
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Leveraging new technologies can help you get a more accurate picture of your talent needs. 64% of Resilience Leaders have a clear strategy for how they will deploy AI to support human work, compared to 22% of Laggards, and 69% are using the technology to improve workforce analytics, monitor productivity and support hybrid work.
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Leveraging diverse perspectives and offering flexible work arrangements empowers employees to contribute. 77% of Resilience Leaders say their C-suite is responsible for DEI, compared to just 5% of Laggards. 53% of Resilience Leaders offer flexible or hybrid work arrangements to employees at all levels, compared to just 19% of Laggards.
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Being proactive about your health and mental health will improve your performance. 54% of Resilience Leaders provide mental health resources compared to 28% of Laggards.
For more information, read the full report here.
About the survey
Kerry surveyed 1,500 senior executives, including C-suite executives, directors, department heads, directors and managers, and 4,000 employees at all levels across 13 countries and eight industries in Q2 2024. The 13 countries include the U.S., Canada, Germany, Hungary, Ireland, Norway, Poland, Sweden, Switzerland, the U.K., Australia, India and Singapore. The eight industries include consumer retail, education, energy, engineering, financial services, life sciences, manufacturing and technology. Thirty-five percent of respondents came from organizations with more than 10,000 employees, 35% from organizations with 5,001-10,000 employees and 30% from organizations with 1,000-5,000 employees.
About Kelly®
Kelly (Nasdaq: KELYA, KELYB) helps companies recruit and manage skilled workers and job seekers find great jobs. Since founding the staffing industry in 1946, we've become experts in many industries and regional and global markets. With a network of suppliers and partners, we connect job seekers around the world to meaningful work. Our suite of outsourcing and consulting services helps companies get the talent they need, when and where they need it. Headquartered in Troy, Michigan, we help businesses and individuals access endless opportunities in industries including science, engineering, technology, education, manufacturing, retail, finance and energy. Visit kellyservices.com.
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