JULY 2019HR TECH OUTLOOK 19For the past decade or more, organizations have dedicated tremendous efforts in optimizing human capital strategies to win the war on talent--building out comprehensive talent management systems, designing the best possible leadership development programs and refining performance management. More recently, focus has shifted towards building out robust people analytics capabilities and organization network analysis (ONA). According to the 2017 Deloitte Global Human Capital Trends survey, 48 percent of companies are experimenting with ONA tools. Making what use to be invisible connections, visible. These shifts, along with the external demand to be more agile will act as a catalyst in creating more innovative talent approaches. A recent study conducted by Korn Ferry highlights organizational agility as a top strategic priority for organizations that made the Fortune list of the World's Most Admired Companies. According to the research, 95 percent of these companies say organizational agility is a "critical" or "very important" focus area. These organizations recognize the need to swiftly respond to changing customer needs and technological shifts. The problem is, most organizations are not very proficient at enabling agility. In another study, McKinsey conducted a comprehensive review of companies to determine which organizations were agile. They found that only 12 percent of these organizations were agile. Most of these organizations focus on human capital strategies such as hiring smart people, teaching creative practices and rewarding innovative behaviors to drive agility. However, it turns out that agility requires a shift towards social capital. Human capital can be thought of as what someone knows, while social capital is about how well someone is positioned to leverage what he or she knows. Social capital is the advantage that is created based on the way an individualis connected to others. The key to enabling agility is to tap into the power of social capital to open up connections for people, ideas, information, and resources to come together and interact. In particular, there are four types of connections: discovery, development, diffusion, and disruption that enable agility. CXOInsightsTalent 2.0 - Shifting from Human Capital to Social CapitalMichael Arena, EX - Chief Talent Officer, General MotorsBy
< Page 9 | Page 11 >