Financial Trends
Phelps 2020 Finance Trend Check
Here are the top 3 trends that should be influencing your decision on who to work with when choosing your next human capital partner. Whether you are embarking on a search, seeking new ways to harness change management strategies or identifying and working with emerging talent, we have deep expertise to ensure your goals are not just met, but exceeded.
Trend #1
A greater emphasis on strategic leadership will fuel and accelerate decision-making.
Human Resource Implication:
Reshaping the operating model within financial domains will be required to bring this new decision-making to life.
Trend #2
Evidence-based decision making will grow in influence throughout organizations and will facilitate collaboration as finance partners with key divisions to implement strategies.
Human Resources Implication:
Financial leaders will need to proactively develop learning cultures that support evidence-based decision making. This will take time and effort on behalf of all team members.
Trend #3
Finance leaders will emerge more strongly as change agents and coaches, working alongside peers and colleagues to enhance processes, systems and ways of doing business.
Human Resource Implication:
Creating much closer alignment and engagement with the business will be required in order to effectively lead in ambiguity and develop more resiliency in the organization.
Infrastructure Trends
Trend #1
Energy: The pace of change in Canadian and global energy markets, policy, and technology trends suggests that the need for timely analysis is greater than ever.
Human Resource Implication:
In this environment of change, the sector will require leaders who can distill, analyze and interpret meaningful long-term projections in three areas: falling costs of renewables like wind and solar; determining the resilience of oil and gas under challenging market conditions and continuous improvement in energy efficiency that cause energy use and economic growth to decouple.
Source: https://www.neb-one.gc.ca/nrg/ntgrtd/ftr/2018/2018nrgftr-eng.pdf
Trend #2
Infrastructure: Canada’s infrastructure is about 70% through its useful life and is in need of a significant upgrade; it’s estimated an immediate investment of $250B is required.
Human Resources Implication:
The Canadian construction industry employs 1.2 million people, over 7% of all working Canadians. Larger firms have the advantage here as projects are now “bundled”. Small to medium size firms will have to become more competitive or risk being shut out of large construction projects. Contracts are more onerous and complicated requiring sophisticated negotiation and risk assessment skills. Skilled labour shortages will continue to jeopardize our ability to complete work, increase cost and put additional pressure on hiring more skilled workers.
Source: https://www.trisura.com/wp-content/uploads/2017/06/Trisura-Infrastructure-WP-English-Update.pdf
Trend #3
Resources: New technology, social license and regulation of natural resource development and management is becoming more complicated, creating more work for the private sector to both navigate and comply with regulation.
Human Resource Implication:
There is a growing demand for professionals with certifications and designations; more associations and educational institutions are now increasing their education in areas like Agronomy and Forestry.
Source: https://www.eco.ca/wp-content/uploads/ECO-Canada-Careers-in-Natural-Resource-Management.pdf
Education Trends
Phelps 2020 Post-Secondary Trend Check
Here are the top 3 trends that should be influencing your decision on who to work with when choosing your next human capital partner. Whether you are embarking on a search, seeking new ways to harness change management strategies or identifying and working with emerging talent, we have deep expertise to ensure your goals are not just met, but exceeded.
Trend #1
The growth of integrating emotional skill development is a key factor in higher education and later employment success.
Human Resource Implication:
Expect institutions to have dedicated programming and supports in this area
Trend #2
Enrolment demographics are changing. Generation Z is moving in large numbers overtaking Millennials in enrollment
Human Resources Implication:
Educational institutions will need to embrace advanced technology faster to inform pedagogy and develop future leadership.
Trend #3
The student body is aging as more 25+ year old students are returning to school to refresh their career
Human Resource Implication:
Bridging out of this a greater need to provide career prep and guidance to entering and mature students. Educational pathways will be table stakes into future institutional strategy. Administrative and academic leaders will need to exhibit greater flexibility and entrepreneurialism to support people obtaining certificates, badges and other qualifications; in fact, there’s been an 800% increase in the number of certificates awarded!
Source for trends
https://www.insidetrack.com/resources/part-two-top-ten-higher-ed-trends-to-watch-for-in-2019/
Cannabis Trends
Phelps 2020 Cannabis Trend Check
Here are the top 3 trends that should be influencing your decision on who to work with when choosing your next human capital partner. Whether you are embarking on a search, seeking new ways to harness change management strategies or identifying and working with emerging talent, we have deep expertise to ensure your goals are not just met, but exceeded.
Trend #1
A “brand new” industry with a little-to-no established workforce (think of the tech bubble before the crash in 2008 or the music industry experiencing digital disruption)
Human Resource Implication:
Identifying transferable skills will be important and recruiting may require convincing of more traditionally based candidates to make the move. Extra consideration will be required to determine if candidates will thrive in this business.
Trend #2
Cannabis industry organizational structures and positions are in their infancy. Many organizations are madly hiring without considering structure. Structures vary from traditional organizations.
Human Resources Implication:
Companies need a human resources partner who has knowledge of specialized functions to the industry and can define key leadership attributes that positively shape culture. It goes without saying heightened security implications means all staff will need to be aware of protocols and practices.
Trend #3
Most young companies are not cash rich; therefore, Board Governance is not as robust as it needs to be.
Human Resource Implication:
Instilling the need to create and disclose processes for Board stock ownership and self-evaluation will be vital as will moves to shift Board composition over time from investors to more independent directors. Developing culture, values and vision in organizations that are newly forming will also be a centerpiece of firms that rise to the top. Phelps Advisory services are rooted in understanding both the world of governance and the world of weed.