WEBVTT - 2021 Global Human Capital Trends

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<v Speaker 1>And many questions about what working looks like for employees

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<v Speaker 1>in one We've had a lot of discussions here, certainly

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<v Speaker 1>at Bloomberg what trends day with us post the pandemic,

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<v Speaker 1>tracking that as they do every year. Is the global

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<v Speaker 1>consulting company Deloitte back with what their annual survey and

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<v Speaker 1>global human capital shows US. Is Erica Vellini, global Human

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<v Speaker 1>Capital leader at Deloitte Consulting on the phone in Phoenix, Arizona. Hey, Erika,

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<v Speaker 1>nice to have you here. Amazing that we are getting

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<v Speaker 1>ready to wrap up another year. But it's a year

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<v Speaker 1>like no other. I can only imagine some of the

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<v Speaker 1>discussions that you guys have been having, UH, specifically there

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<v Speaker 1>at Deloitte UH and what has shown up in this survey. UH.

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<v Speaker 1>Talk to me a little bit about some of the highlights. Carol, great,

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<v Speaker 1>great to be back, and I agree it has been

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<v Speaker 1>an incredible year. I think many of us are happy

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<v Speaker 1>to see it. In UM. The survey we surveyed UM

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<v Speaker 1>over six thousand UH respondents around the world. We had

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<v Speaker 1>over thirty business executives and what they told us was

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<v Speaker 1>a few things. UM. Only of them said they were

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<v Speaker 1>actually prepared for the pandemic which maybe is not that surprising,

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<v Speaker 1>But what was surprising is that when we asked what

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<v Speaker 1>is the number one thing that you need to focus

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<v Speaker 1>on to be prepared for unknown futures moving forward, they

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<v Speaker 1>identified the ability of their workers to adapt, to reskill,

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<v Speaker 1>and to assume new roles. And that's against choices like

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<v Speaker 1>access to financial capital, access to technology investments. They anchored

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<v Speaker 1>on what we consider the human aspect at work, what

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<v Speaker 1>they need for their workers to be able to be

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<v Speaker 1>prepared for the future. So what happened that was it

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<v Speaker 1>just Erica that you know, we all realized that when

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<v Speaker 1>everything is shut down and we all had to work differently,

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<v Speaker 1>that unless your workers were equipped with the skills, the technology,

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<v Speaker 1>whatever they needed, you know, your business shutdown. Exactly. We

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<v Speaker 1>have seen during the pandemic. One of the things I

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<v Speaker 1>think we've seen as human potential in spades. We've seen

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<v Speaker 1>people in seconds adapt to remote and virtual working. We've

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<v Speaker 1>seen them take on new roles, new skills, new jobs,

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<v Speaker 1>work in new industries, and I think it's reminded us

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<v Speaker 1>all that it's worker potential and human potential that actually

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<v Speaker 1>is one of the biggest assets that executives have to

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<v Speaker 1>to really leverage as they try to move forward coming

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<v Speaker 1>out of the pandemic. Are there any companies that that's

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<v Speaker 1>really stand out. I mean, we've been talking to a

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<v Speaker 1>lot of CEOs at different companies and some of the strategies, techniques, technology,

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<v Speaker 1>how they kind of made sure their workers were taken

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<v Speaker 1>care of, had what they needed, and also just to

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<v Speaker 1>make sure that you know, you're checking in on your

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<v Speaker 1>employees in a good way and like just to make

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<v Speaker 1>sure that they're okay. I don't mean necessarily spying, but

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<v Speaker 1>also making sure that they're getting the jobs done. We

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<v Speaker 1>had a great interview with that Bastion, CEO of Delta Airlines,

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<v Speaker 1>and he talked about just that how they were caring

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<v Speaker 1>for their workers. They did some extraordinary things, including UM

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<v Speaker 1>giving leaves to over five thousand workers UM that were

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<v Speaker 1>older and that we're at risk, UM investing heavily in

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<v Speaker 1>rapid testing capabilities and helping their workers pivot. You know.

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<v Speaker 1>He talked about how some of their UM folks who

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<v Speaker 1>worked on the airlines had skills that were transferable to

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<v Speaker 1>healthcare and they helped them to do that and to pivot.

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<v Speaker 1>And I think it's those types of actions from organizations

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<v Speaker 1>and CEOs that are so important because they demonstrate not

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<v Speaker 1>just a responsibility to the workers, but a broader responsibility

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<v Speaker 1>to the communities and society overall. And I think that's

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<v Speaker 1>that's a big focus that we're going to see from

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<v Speaker 1>CEO is moving forward well. And I do wonder you

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<v Speaker 1>know what we're learning Rika just watching, you know, as

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<v Speaker 1>I keep kidding the sausage being made, the sausage being

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<v Speaker 1>the COVID nineteen vaccines specifically, I mean, there's been so

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<v Speaker 1>much transparency, but this whole idea of collaboration, a global

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<v Speaker 1>effort like it's it's a kind of reminder that when communities, countries,

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<v Speaker 1>the world work together on a problem, you can really

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<v Speaker 1>do something significant in a much shorter duration. Yeah, And

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<v Speaker 1>talking about vaccine development, we had a phenomenal discussion with

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<v Speaker 1>Astra Zenica and as they were developing their vaccine, what

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<v Speaker 1>they talked about is how they composed teams, and they

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<v Speaker 1>took a very non traditional approach. Um They when they

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<v Speaker 1>put together their teams, they not only um looked at

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<v Speaker 1>individuals who had expertise and drug development, but they brought

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<v Speaker 1>an individuals who just had a passion what they called

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<v Speaker 1>a passion and an excitement and energy for this effort

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<v Speaker 1>and they believe that that and including pulling in individuals

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<v Speaker 1>from outside their organization, from the broader ecosystem into their team,

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<v Speaker 1>is what helped them with the speed of getting that

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<v Speaker 1>drug out and developed. And they think that's the way

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<v Speaker 1>forward for work. And those are some of the changes

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<v Speaker 1>that we expect to see as work fundamentally get transformed, reimagined,

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<v Speaker 1>and what we call re architect and moving forward. Well,

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<v Speaker 1>push that a little further fundamentally work getting transformed, meaning

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<v Speaker 1>what specifically, because you know, we've obviously had the debate

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<v Speaker 1>and a lot of discussions around working from home hybrid

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<v Speaker 1>and I get lots of different opinions on them. How

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<v Speaker 1>does work transform really significantly? That's a lasting change, Yeah,

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<v Speaker 1>a lasting change. Let's start with it with the most obvious,

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<v Speaker 1>which is just what you just talked about, which is

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<v Speaker 1>remote virtual work. We believe that most organizations are going

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<v Speaker 1>to end up in some type of hybrid model. There

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<v Speaker 1>was a discussion on LinkedIn today about whether we're going

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<v Speaker 1>to move to uh a three to two model in

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<v Speaker 1>instead of a five day work week, and you know,

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<v Speaker 1>in the office and I think that we have learned

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<v Speaker 1>that virtual remote work can work. But beyond that, and

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<v Speaker 1>I think that's what's important. I think we're going to

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<v Speaker 1>see the breakdown of organizational hierarchies, and we're gonna start

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<v Speaker 1>to see many more organizations start to organize work in

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<v Speaker 1>teams that cross organizational lines. I think we're going to

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<v Speaker 1>see a lot of organizations change the way work is

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<v Speaker 1>designed to reflect well being. They're going to look at

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<v Speaker 1>how they're scheduling their work, how they're putting teams together,

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<v Speaker 1>how they're giving people breaks in their day, setting policies

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<v Speaker 1>on when people need to be on zoom um to

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<v Speaker 1>get moved past this always on culture. And these are

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<v Speaker 1>real changes to how work is getting done that I

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<v Speaker 1>think we can expect to see take hold um as

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<v Speaker 1>we enter into well was the biggest surprise in kind

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<v Speaker 1>of talking to companies pulling together your annual report this year.

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<v Speaker 1>The biggest surprise was, you know, I'll put in two things. One,

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<v Speaker 1>how many business executives responded. We've been running our Deloitt

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<v Speaker 1>Global Human Capital Trends Report for eleven years. This is

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<v Speaker 1>the first year we had more business respondents than HR respondents,

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<v Speaker 1>including two three CEOs and twelve hundred board and C

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<v Speaker 1>suite leaders. That shocked me, especially in the context of

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<v Speaker 1>a pandemic. Number two is that executives told us that

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<v Speaker 1>said they're now focused on work reimagination. That number was

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<v Speaker 1>pre pandemic, So we saw a doubling of executives saying

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<v Speaker 1>not only do we need to focus on work, but

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<v Speaker 1>we need to reimagine work. We need to take a

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<v Speaker 1>step back and fundamentally think about how work's going to

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<v Speaker 1>be done differently. That to me is a huge shift. Yeah,

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<v Speaker 1>I have to say that. One of the things that

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<v Speaker 1>I think have always stood out with me. I think

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<v Speaker 1>about Meg Whitman, you know formly of HP from ly

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<v Speaker 1>V Bay like, who said I've been working in the

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<v Speaker 1>office for forty years and now I'm pretty much just

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<v Speaker 1>working from home and getting as much stuff done. Like

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<v Speaker 1>it's just interesting the amount of CEOs who said I

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<v Speaker 1>can do six meetings who top leaders in a morning

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<v Speaker 1>versus I could do one you know before, and I

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<v Speaker 1>had to fly to you see them. It's that has

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<v Speaker 1>been a significant significant change, and they're thinking and how

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<v Speaker 1>it applies to workers, and that that's the whole point.

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<v Speaker 1>I mean, I view this as a moment of worker empowerment.

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<v Speaker 1>As we've learned that all the rules, the orthodoxies, the

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<v Speaker 1>procedures that we thought were necessary aren't necessary. That's what

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<v Speaker 1>we learned during the crisis. We can work without them

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<v Speaker 1>all of a sudden, in a world where rules are broken,

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<v Speaker 1>it's an opportunity for workers to take advantage of that,

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<v Speaker 1>and I think that's the most exciting thing. Well, really

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<v Speaker 1>cool stuff and looking forward to seeing how it all

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<v Speaker 1>plays out in Erica, thank you so much, Happy holidays,

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<v Speaker 1>have a safe holiday as well. Erica Vellini, Global Human

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<v Speaker 1>Capital Leader at Deloitte Consulting,