Location selection and footprint optimization must shake historical norms around workforce composition and skillset profiles. They must consider a rapidly evolving landscape around the Future of Work: its implications on the nature of work (what is done by humans or machines), who does the work (drawing from an open talent continuum), and where the work is performed.
Location strategy has traditionally leveraged historical business norms and technical workforce profiles as a template for use in the selection of new sites, or optimization of existing sites. Exponential developments in technology are dictating that, prior to selecting new sites, business leaders must now ask themselves “what is the Future of Work for my organization, how will it affect how we work, and how will it impact where we work?”
Organizations are being pushed to reinvent how they think about work tasks, the geographic work location, and the work environment. To prepare their organizations for the future, CEOs need to nurture a workforce that strikes the balance between human and machine talent, and which expands the definition of the human workforce. CEOs and their leadership team should consider:
1. How to orchestrate workforce augmentation by integrating machines to increase productivity, automate routine tasks, and leverage human skills to drive unique competitive advantages. Business leaders need to determine the intersection between human activity and machine activity to elevate capabilities and increase productivity.
2. How to leverage the emerging continuum of talent. The workforce of the future will be made up of full-time employees, freelancers, gig workers, the crowd and robots working side-by-side. Simultaneously, the diversity of the workers in terms of experience and viewpoints is increasing as Millennials and Gen Z already make up almost 40% of the workforce and are demanding evidence of this diversity as they select employers. This complexity has implications for employee engagement, inclusion, talent development and productivity. Ultimately, it should lead to uniquely more interesting and challenging work.
The scarcity of STEM (Science, Technology, Engineering and Mathematics) talent, not only in the United States, but across the globe, is well publicized – however many companies are awakening to the reality that they should equally source the softer, human skills of which machines are currently incapable. These include:
• Customer centricity
• Problem solving
• Communication
• Agile thinking and growth mindset
• Cross-discipline collaboration and influence
As such, companies selecting new sites must seek evidence of an additional component to STEM – the “A”… “Art”, makes STEAM. The increasing pressure on companies to source a set of skills less technical in nature, and able to drive broader business acumen has led to a more complex profile of skills to recruit for and build within organizations. It will likely require seeking new talent pools, such as college graduates with liberal arts background, to complement recruits with analytical backgrounds.
The evolving nature of the workforce dictates that companies must seek locations that enable them to access talent with a diverse set of skills. This requires assessing both the talent supply and demand for those skills in a selected location. It requires not simply looking at the current workforce in a location but building a projection three to five years out on what the available talent will be with proficiency in critical skills, considering the desirability for population growth in that location. CEOs frequently share stories that site selection decisions made based on low cost eventually turn out more expensive, as the time to fill critical roles drags out beyond expectations since there is a lack of available talent needed to meet business need.
Preparing for the future of work means being prepared to continuously pivot to meet unknown workforce challenges. Location remains a critical lever for companies to use to their advantage as the type of skills needed tomorrow continues to evolve.
Learn more at www.deloitte.com/us/locationstrategy
About Deloitte: Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
