And in a session that addressed how organizations can move beyond the status quo in their belonging and diversity efforts, our Chief Diversity Officer Carin Taylor introduced a new acronym as a guide: PEACE (psychological safety, empathy, acceptance, connection, embrace). Keep reading to learn about these topics and more.
Professional Services: Competition for Customers and Talent Is Increasing
The quit rate for professional and business services in 2022 is double what it was in 2009—the year with the lowest quit rate for this industry in the last two decades. That stat, highlighted by Indy Bains, vice president of industry and oCFO solution marketing at Workday, kickstarted the industry keynote, “Future of Professional and Business Services: Adapt, Innovate, and Thrive.”
For people-based industries like professional services, a tighter labor market may hamper revenue growth. So what can professional services leaders do? Dan Priest, cloud and digital managing partner at PwC, explained that with the intense competition for talent, companies that offer differentiated employee experiences and “cool projects” that are matched with an employee’s skills will set themselves apart. To achieve this, organizations need the right combination of talent, technology, and data.
“Leveraging Workday’s technology will allow us to first get the basics right, which will simplify things for employees and put data into the fingertips of managers,” said Maryjo Charbonnier, Kyndryl CHRO. “That data will help Kyndryl with decision-making across the organization and more strategically managing its talent.”
And for successful transformation, collaboration is critical. “We’re bringing HR and finance together with IT to optimize services delivery,” said Joseph Fanutti, chief integration officer, Bill Gosling Outsourcing Corp. To help with this organizational collaboration, Fanutti is focused on “building the right people in the right skill sets to build a championship team.” He explained that this alignment will improve employee experience, which impacts revenue and helps ensure a thriving business in the long term.