The ‘Future of Talent’ report
LinkedIn launched its first edition of the Future of Talent report to find out how the future of work changed. The quantitative survey covered over 3,500 respondents from small, medium and large enterprises across the AsiaPacific region. The report discovered skills would continue to pave the way for economic recovery and growth and become the new currency for workers in the future workplace. More companies in the Philippines would prefer to hire candidates with skills over qualifications such as education or experience.
On top of hiring externally, firms in the Philippines were amenable to tap existing talent to occupy open roles. In order that their employees gain new skills, many companies conduct a dedicated training program. Another finding is human management resources (HR) played a significant part during the pandemic and taking the lead in training employees. With a post-Covid-19 era, HR will be at the forefront of company strategy.
In a previous column, I wrote about how employees were picking up new skills and organizations engaged in skills-based hiring. I expect this trend to continue. The report noted more companies in the Philippines prefer to hire candidates with technical skills (38 percent) and transferable skills (28 percent) over traditional qualifiers like education (12 percent) and minimum years of experience (16 percent). Three in five companies are open to hiring employees from another industry if they match the job requirements. External hiring is not the only way to acquire skills in demand. Companies are becoming more open to using their talent from within to occupy roles. Nearly nine in 10 companies in the country will employ internally as leverage to an existing employees’ insider’s perspective (65 percent), provide a sense of progress to employees (65 percent) and encourage loyalty (45 percent).
HR leaders are drawing on the power of data and insights to carry out a hiring process based on skills. Over 9 in 10 companies in the Philippines understand the relevance of using data-driven insights in their hiring decisions. The primary areas of data usage are in establishing skills required in the future (57 percent), getting information to measure employee performance (57 percent) and knowing the top technical skills required for a particular role (57 percent). Flexible working plans are the most effective activity in promoting engagement level and this is important with hybrid and remote work which is here to stay. On average, companies in the Philippines aim for a mix of 46 percent remote employees and 54 percent physical employees.
During Covid-19, the report saw an expansion of HR roles and responsibilities. On the local shore, 56 percent of companies said HR played an essential role in employee training and development. Around 60 percent cited employee engagement as another key area of HR role. During the pandemic, the relevance of HR was elevated in 65 percent of organizations, as many companies recognized the importance of having the right talent in reshaping business strategy. HR will continue to play an important role as the post-Covid-19 era moves on. Around four in five companies in the Philippines feel it will play a substantial part in integrating business and planning strategies.
Feon Ang, vice president for Talent and Learning Solutions of APAC, LinkedIn, said: “As a result of the pandemic, new roles have been created and existing ones have evolved. Hiring talent with the right skills set for these parts is very important to organizations. These days, it matters less that talent has the traditional qualifications or industry experience. Going forward, we can expect skills-based economies to take shape, with skills becoming the new currency for workers in the future world of work. I encourage all individuals to adopt progressive mindset and keep learning to stay relevant.”
This year, LinkedIn and Microsoft aim to help more people understand, develop, and connect their skills with opportunities. Free LinkedIn and Microsoft learning courses and low-cost certifications are offered which align with 10 of the most in-demand jobs through Dec. 31, 2021. New resources from LinkedIn, GitHub, and Microsoft will be provided to help everyone move to a skills-based future. Check out opportunity.linkedin.com.