The report identifies key trends such as human sustainability; moving beyond productivity; the transparency paradox; imagination deficits; the digital playground; workplace microcultures; boundaryless HR; and leadership. The report finds organisations that effectively address these trends are twice as likely to achieve desired business and human outcomes.
Human sustainability, which focuses on enhancing value for individuals, is crucial. While 89% of executives claim their organisations prioritise human sustainability, only 41% of workers believe this is true. Challenges like work stress and technological displacement hinder progress. New Zealand and Australian respondents expressed they place high importance (78-80%) on human sustainability. HRNZ is an associate member of the Sustainable Business Council, recognising New Zealand’s commitment to human sustainability.
Redefining productivity metrics is essential due to the changing nature of work. Traditional metrics like hours worked fall short in capturing human performance. Organisations must embrace transparent data practices to build worker trust. Trust and transparency are deemed critical by 82% of the New Zealand workforce and 87% globally.
Challenges like AI advancements highlight the need for workers to continue their development of human traits like curiosity and empathy. Digital playgrounds are explained to foster innovation and bridge the imagination deficit. Encouragingly, 59% of New Zealand and Australia respondents support the importance of digital playgrounds.
To thrive, organisations must empower teams to cultivate microcultures aligned with broader values. HR needs to evolve into a supportive function providing expertise where needed rather than operating in silos. Seventy-one percent of respondents endorse focusing on individual teams for cultivating culture, agility, and diversity.
Leaders recognise the challenges in reshaping HR practices for a boundaryless world. Naseem emphasises the need for adaptable structures and processes to drive better outcomes, with human sustainability at the forefront. The HR Guide to Sustainability provides assistance to people leaders in how to begin to create these processes. HRNZ has made the commitment to meet the UN’s 17 Sustainable Development Goals; and through this is supporting other organisations in New Zealand to further their sustainability commitments.
In summary, Deloitte's report stresses the importance of adapting to a changing work landscape. Prioritising human sustainability and embracing new metrics for performance are vital. Organisations must foster trust, encourage innovation, and support diverse teams to thrive in a boundaryless world.
Read the full report here: 2024 Human Capital Trends.