Article
Three ways internal audit can outmaneuver the talent problem – and win
Feb. 24, 2023 · Authored by Anthony Casey
In recent years, countless studies and articles explored disruptive talent trends in the business community. The shift to hybrid and remote working environments has created complex issues that continue to challenge leaders across every industry sector and business function.
Additionally, generational changes have exacerbated these concerns, including an evolution in employee values. Organizations expecting employees to regularly work overtime are likely to be faced with resistance, as employees place more value on personal time. Pay increases, bonuses and additional benefits and perks may no longer be impactful motivators. In fact, they have simply become expected by many employees in a market where employers fiercely compete for a shortage of workers and skillsets.
While the recent layoffs in the technology sector could be interpreted as the talent market shifting, we anticipate the dynamics of the current talent market to continue longer term due to forecasted labor and skillset shortages. Put simply, the challenges companies have experienced recently will likely be sustained for the foreseeable future.
Complex issues require diversity in thought to solve. They require intellectual curiosity and demand better questions be asked. And oftentimes, they require outside thinking and fresh perspective. Progressive internal audit functions are well-positioned to help their organization address the challenges of today’s talent environment, and internal audit functions themselves can be leaders by being first movers to adapt and change.
Internal audit functions must seek to help the business understand and address the talent risks
If you were to review the internal audit plans of the vast majority of internal audit functions across every sector, you would be hard-pressed to find ones in which the audits themselves did not center predominantly around business processes or systems. Internal auditors are known for being well-versed and adept at auditing processes and systems, but people-focused topics are a different story. Many functions have steered clear of risks related to human resources in favor of financial risks, core operational risks and regulatory compliance, but times have changed, and so must internal audit’s focus.
