Trent Henry, Global Vice Chair, Talent at EY: Developing the Skills for EY and the Big 4 and Beyond

Name: Trent Henry, Global Vice Chair, Talent at EY: Developing the Skills for EY and the Big 4 and Beyond
Uploaded: 2023-08-30T09:00:15.000Z
Duration: 1 h 50 min 24 s

Introduction to Trent Henry and His Role

Overview of Trent Henry

Jack introduces Trent Henry, highlighting his extensive knowledge in the talent space.

Trent describes himself as the Global Vice Chair of Talent for EY, responsible for strategy development across 400,000 employees in 150 countries.

He shares his background as former Chairman and CEO of EY Canada and mentions his diverse career spanning 37 years across various cities.

Current Job Market Insights

Trends Affecting Hiring

Trent discusses the current job market's complexities influenced by COVID-19, geopolitical issues, and economic concerns in the U.S., particularly regarding banking.

He emphasizes that these challenges are cyclical and manageable while noting technology's growing role in productivity improvements.

The Impact of AI on Employment

The conversation shifts to generative AI's potential effects on jobs, referencing a Goldman Sachs study predicting significant job losses or degradation.

Trent acknowledges that while job impacts are real, labor scarcity remains a mega trend influencing workforce dynamics.

Skills Development and Lifelong Learning

Upskilling Necessity

He stresses the critical need for organizations to invest in upskilling their workforce more than ever before due to evolving market demands.

Acknowledges that leadership skills will become increasingly important; empathy is highlighted as a key trait needed post-COVID.

Leadership Behaviors Post-COVID

Discusses how planning for future work requires understanding individual needs within diverse teams rather than making assumptions about what people require.

Emphasizes designing value propositions that foster diversity, relationship-building opportunities, mentoring, and care for employees' well-being.

Creating Effective Teams in Hybrid and Virtual Environments

The Role of Organizations and Individuals in Skill Development

Discussion on the evolving nature of team dynamics in hybrid and virtual environments, emphasizing the need for both organizational support and individual initiative.

Importance of soft skills, such as communication, highlighted as essential for career advancement; individuals are encouraged to seek out learning opportunities proactively.

Organizations must engage in advanced workforce planning to anticipate necessary skills for future success, reflecting a shift towards more strategic skill development.

Changing Skill Requirements

Rapid changes in required skills noted; recent LinkedIn statistics show that generative AI skills have become top priorities within just three months.

Companies face challenges in workforce planning due to the fast-paced evolution of skill requirements; organizations must adapt by either hiring or developing talent internally.

Upskilling Initiatives

Emphasis on upskilling, particularly in high-demand areas like sustainability, where there is a significant gap between available jobs and qualified candidates.

Organizations are responsible for defining appropriate training programs while encouraging employees to take charge of their own learning paths.

Leadership's Role in Employee Development

Leaders should foster an environment that encourages curiosity and continuous learning among employees; this includes providing tools and resources for personal growth.

EY’s investment in micro-credentialing through its badges program aims to promote ongoing education; over 300,000 badges awarded signify commitment to skill enhancement.

Empowering Employees Through Education

Employees are urged to actively pursue educational opportunities such as EY's unique technology MBA program offered through Hult University.

Graduates from these programs contribute to a culture of curiosity within the organization, reinforcing the importance of self-driven professional development.

Future Vision: A Technology-Led Employee Marketplace

The ideal scenario involves creating a comprehensive employee marketplace that maps existing skills against client needs, facilitating better alignment between employee aspirations and organizational goals.

Encouragement for employees to communicate their career interests with management can lead to tailored development programs that enhance competitiveness within the industry.

Data Strategy and Workforce Management

Importance of Data Strategy

The speaker emphasizes the critical role of a data strategy for organizations, linking it to employee experience and necessary skills to effectively serve clients.

Managing Large Workforces

The challenge of tracking 400,000 employees is discussed, highlighting foundational investments in core HR systems that provide essential information about personnel.

Organizations should develop a skills ontology to understand their workforce's capabilities better, which is crucial for addressing skill gaps.

Addressing Skill Gaps

The speaker notes that many candidates may possess 80% of required skills but lack full qualifications; organizations need frameworks to bridge these gaps.

Initiatives like offering badges and accredited master's programs in sustainability are mentioned as ways to help employees upskill and close capability gaps.

Labor Trends and Retention Rates

Recent hiring statistics show significant growth, with over 120,000 hires year-to-date. Retention rates have also increased post-pandemic due to shifts in employee choices during the "Great Resignation."

Companies are now experiencing high retention rates as they analyze data on why employees made career changes during the pandemic.

Impact of Layoffs on Talent Acquisition

The discussion touches on recent layoffs in tech industries; despite this, many laid-off individuals find new opportunities quickly, indicating labor market resilience.

Employees are encouraged to invest in future skills while leveraging existing leadership abilities such as collaboration and communication.

Evolving Hiring Strategies Amid Economic Uncertainty

The speaker reflects on how economic uncertainty has led companies to be more cautious yet specific in their hiring practices.

Employers are focusing on differentiating areas where new skills are needed while considering options like renting or building talent internally.

Role of AI in Targeting Skills

AI is becoming instrumental for organizations aiming to define specific skill requirements more accurately during the hiring process.

How AI and Skills Development Shape Organizational Growth

Attracting Marketplace Skills with AI

The discussion revolves around identifying marketplace skills and attracting them using AI, emphasizing the importance of understanding technology, careers, and experiences within organizations.

Future-Focused Skilling Strategies

The speaker highlights a three-pronged strategy for skilling: it must be future-focused, accessible to all employees, and flexible to accommodate diverse learning needs.

Traditional skills are valued but there is a pressing need for future-oriented skills; a dedicated team meets monthly to identify emerging trends in skill requirements.

The initiative aims to democratize access to skills training for all EY employees, fostering a culture of curiosity and lifelong learning.

Personal Experiences in Upskilling

A young employee recently graduated from the EY Tech MBA program after 24 months, showcasing the commitment to personal development within the organization.

A 50-year-old partner completed her upskilling over four and a half years, highlighting the flexibility of the program that accommodates various life responsibilities.

Overview of Opportunities at EY

The speaker discusses various roles available at EY beyond traditional audit and accounting positions, indicating a broad spectrum of opportunities across different sectors.

EY operates four main businesses globally: Assurance (audit), Tax (compliance solutions), Consulting (business & technology), and Strategy & Transactions (transaction advisory).

Impact of Technology on Business Practices

The Assurance practice is undergoing significant transformation due to AI disruptions; new skill sets are being integrated into this long-standing business model.

The Tax business is also evolving rapidly due to external pressures from governments and technological advancements affecting compliance solutions.

Advancements in Consulting Services

With over 70,000 technology consultants, EY's consulting services are now involved in complex technological projects that leverage partnerships with major tech companies like Microsoft.

Skill Development Framework in Cybersecurity

Detailed career frameworks have been developed for technology consulting roles; particularly notable is the structured approach towards cybersecurity skill levels within the organization.

There are 11 distinct levels of cyber skills identified within EY’s framework, each supported by tailored development plans aimed at enhancing employee capabilities.

AI in Recruitment and Career Development

The Role of AI in Job Matching

EY utilizes AI tools to match applicants' CVs with open job positions, enhancing the recruitment process.

The system processes up to one million active applicants at any time, providing valuable data on skills and applicant inquiries.

This technology democratizes access to employment opportunities, allowing individuals from diverse backgrounds to connect with EY based on their skills.

Personal Journey and Insights

The speaker shares a personal background of growing up in a single-parent home, emphasizing the importance of education and curiosity.

Career progression is described as non-linear, akin to a "jungle gym," highlighting the value of diverse experiences over a strict upward trajectory.

Transitioning into HR Leadership

The speaker transitioned from leading a business unit to heading HR after insights gained during discussions with tech leaders about talent competition.

Eric Schmidt's comments on the intense competition for talent prompted the speaker's commitment to advancing EY's talent agenda.

Future Opportunities Amidst Disruption

The current landscape shaped by generative AI and COVID has created unprecedented opportunities for learning and growth within organizations.

There is optimism regarding AI's potential to transform jobs while also creating new opportunities; emphasis is placed on progressive skill development.

Education Access and Societal Responsibility

A call for ensuring equitable access to education is made, stressing that technology can aid rather than hinder this goal.

Discussion highlights how AI can reshape job applications by aligning candidates' skills with suitable roles beyond traditional expectations.

AI and Workforce Mobility: Transforming Recruitment

Leveraging AI for Skill Identification

The use of AI can help identify candidates' skills, allowing organizations to better understand where their strengths lie and how they can be utilized effectively.

AI enables internal promotions by revealing transferable skills within the workforce, moving away from traditional linear recruiting methods.

Fungibility of Skills in Recruitment

The concept of "fungibility" refers to recognizing that candidates may possess 70-80% of required skills, allowing for upskilling rather than strict adherence to full qualifications.

This approach opens new career paths for applicants, encouraging them to explore roles they might not have considered initially.

Internal Mobility Programs

EY's "Mobility for You" program allows employees to upload their CVs and discover other suitable roles within the organization based on current job advertisements.

The initiative aims to democratize access to opportunities and skill development across the firm, regardless of geographical location.

Continuous Learning and Improvement

The AI systems are continuously learning from data, improving workforce planning insights over time which enhances applicant experiences.

By focusing on creating the right skills and experiences for employees, organizations can ensure client satisfaction through improved service delivery.

Diversity and Inclusion Through Skills-Based Evaluation

Focusing solely on skills helps eliminate biases related to educational background or geographic location, leveling the playing field for all candidates.

With a large number of positions available in big organizations like EY, there are more opportunities for diverse talent compared to smaller companies.

Expanding Opportunities with AI Tools

AI tools are designed not to exclude candidates but rather expand their opportunities by broadening potential career paths based on individual capabilities.

Organizations must remain mindful of potential downsides associated with AI while ensuring it serves as a tool for inclusion rather than exclusion.

Measuring Candidate Experience

A recent survey indicated that 94%-95% of applicants found their experience exceptional when applying through these enhanced systems.

The Role of AI and Human Elements in Enhancing Employee Experience

Integration of Technology and Human Element

The evolving thesis emphasizes that neither technology nor people alone can drive productivity; a combination of user-friendly AI tools with human elements is essential for differentiation.

Enabling technology enhances employee experiences, particularly in recruitment, allowing recruiters to focus on meaningful interactions rather than mundane tasks.

Enhancing Meaningful Work

The goal is to allow employees and applicants to engage in meaningful work, moving away from repetitive tasks like database searches, which can be automated by AI.

Personal experience as a recruiter highlights the frustration of traditional hiring practices that overlook qualified candidates due to rigid matching criteria.

Changing Recruitment Dynamics

A new approach in recruitment could lead to better candidate experiences by recognizing transferable skills rather than strictly adhering to job descriptions.

Concerns about AI leading to job loss are countered with the idea that it can enhance job satisfaction and improve overall experiences for both candidates and companies.

Skills Over Traditional Metrics

Emphasizing a shift towards skill-based evaluations is crucial for creating a meaningful employee experience that strengthens employer branding over time.

Organizations must balance traditional skills with new technologies while focusing on workforce planning and career development.

Current Workforce Challenges

Many organizations face challenges related to skilling and career experiences amidst rapid technological changes, necessitating an integrated approach.

The discussion acknowledges the complexity of current geopolitical and economic issues affecting workplace dynamics, emphasizing the need for adaptability.

Mental Health and Leadership Challenges

There’s a growing concern about mental health issues within the workforce linked to overwork, lack of flexibility, and insufficient empathetic leadership.

Leaders' well-being directly impacts their ability to guide organizations through external pressures; decision-making often occurs without perfect data due to fast-paced changes.

This structured summary captures key insights from the transcript while providing timestamps for easy reference.

Career Opportunities and Mental Health in the Post-Pandemic Era

Evolving Job Skills and Opportunities

The search for the right skills and people continues, indicating a shift in job opportunities despite traditional roles diminishing.

There is an emphasis on mental health and emotional well-being, highlighting its growing importance in workplace culture post-pandemic.

Changing Attitudes Towards Mental Health

Discusses personal experiences with mental health stigma in lower socioeconomic areas, illustrating how societal views have evolved over time.

Acknowledges that discussions around mental health are now more prevalent in the workforce compared to previous years.

Psychological Safety and Workplace Culture

Highlights the significance of psychological safety at work, where employees feel supported by empathetic management without fear of bullying or micromanagement.

Recognizes the complexity of implementing mental health initiatives globally due to varying cultural attitudes and healthcare infrastructures.

Innovative Solutions for Mental Health Support

Introduces various solutions like apps and counseling services aimed at improving access to mental health resources for employees worldwide.

Encourages experimentation with different approaches tailored to specific regional needs regarding mental health support.

Rethinking Employee Success Metrics

Critiques traditional metrics of employee success based on hours worked, advocating for a focus on actual productivity and well-being instead.

Stresses the need to redefine key performance indicators (KPIs), ensuring they align with modern workforce expectations and recognition practices.

Engaging Younger Workforce Demands

Notes that younger employees actively communicate their needs, leading organizations to adapt benefits such as increased access to mental health resources.

Observes generational differences in job fulfillment desires, particularly among Gen Z who prioritize meaningful work over traditional career paths.

Understanding Purpose in the Workplace

The Shift in Employee Expectations

Gen X employees typically viewed work as a job without seeking deeper purpose, contrasting with current expectations for meaningful engagement.

EY's purpose, "building a better working world," resonates with employees and is a significant factor in recruitment, highlighting the importance of organizational mission.

Community Engagement Initiatives

The EY Ripples campaign allows employees to engage in community initiatives like sustainability and education access, fostering a sense of contribution.

Participation in these programs correlates with higher employee ratings, faster promotions, and enhanced overall experience within the company.

Activating Organizational Purpose

Organizations must activate their stated purpose by providing platforms for employees to engage meaningfully based on personal interests rather than top-down directives.

Employees passionate about causes such as sustainability tend to be more engaged and productive, leading to mutual benefits for both individuals and the organization.

Impact of Employee Engagement

Engaged employees are likely to invest extra effort into their roles due to genuine interest in their work, creating a positive feedback loop that enhances workplace culture.

Real-world examples show how communities rally around crises (e.g., floods), reflecting how employee engagement can lead to impactful collective action supported by organizations.

Future Outlook and Optimism

The speaker expresses optimism about leveraging technology for transformation while maintaining focus on meaningful work experiences and skill access.

Sustained growth is anticipated as client needs evolve; challenges are seen as temporary hurdles rather than long-term obstacles.

Navigating Career Paths: The Jungle Gym Analogy

Understanding Non-linear Career Progression

Many professionals experience non-linear career paths akin to navigating a jungle gym rather than climbing straight up; this perspective encourages resilience during challenging times.

Encouragement Amidst Challenges

Acknowledging that most people do not have straightforward success stories helps normalize struggles within career development.

Emphasizing iterative learning from failures fosters an understanding that setbacks are part of professional growth.

Career Development Insights and Personal Growth

Embracing Non-Linear Career Paths

The speaker reflects on their career journey, noting that experiences perceived as lateral or downward have ultimately contributed to their growth as a leader.

Success is not defined by a linear path; instead, it involves customizing a personal plan based on individual passions and acquiring relevant skills.

Importance of Diverse Experiences

The current job market demands individuals who can tackle problems that are yet to arise, utilizing emerging technologies.

While deep expertise remains valuable, the rapid evolution of technology necessitates a broad range of experiences for adaptability.

Engaging with Opportunities

For those interested in connecting with the organization or submitting resumes, visiting their website (ui.com) is encouraged. Users are invited to explore the platform and provide feedback on their experience.