The ever-evolving workplace is a connected and vibrant space, especially with the diverse workforce. Changes at the macro level are never abrupt; rather, they are a gradual transition that evolves from real-time situations. Today’s fluidity in talent with diverse cultural backgrounds and virtual workplaces required a more flexible and adaptive approach. An indication of the future scene of the workplace, for the workforce to be motivated it is important that they be guided by a shared purpose rather than showing them the carrot of competitive wages and perks alone. Therefore, the importance of employee experience and the harmony of artificial intelligence and humans form the crux of the workforce trends in 2020.
When change is the only constant, the workforce would obviously be as agile and adaptable as it is talented. It’s a per minute challenge scenario from hiring to talent retention. In such a busy environment, determining a general trend applicable to various industries would go a long way toward controlling costs while closely monitoring mobility and talent engagement while maintaining realistic expectations.
Technology and talent would play a bigger role in 2020
– According to an estimate by Ernst and Young, in the decade 2017-2027 the global workforce will increase by 485 million.
– Regarding age, 82% of millennials admit that technology in the workplace would influence their choice when accepting a new job.
– By 2020, the workforce of one in four organizations is expected to be at least 30% contingent.
– It has long been said that technology plays an important role in employee retention. However, the past years have taught that disruption is not just limited to technology; it also extends to the political and economic arena.
– However, the 2018 Gartner Future of Human Resources Survey found that more than 60% of Chief Human Resources Officers (CHROs) worry about not being prepared to manage the next technology disruption.
– As PWC says, by 2020 a large part of routine transactional tasks will be automated.
Future Workplace and View surveyed 1,601 workers in North America regarding benefits offered by employers and found that employees want the basics first – natural light, adequate ventilation, and comfortable temperatures.
So relevant is this basic aspect that it can reduce absenteeism up to 4 days a year. In fact, unscheduled absenteeism costs companies an estimated $ 3,600 per hourly worker and $ 2,650 per employee each year.
The future-enabled workforce strategy with a radical approach can change the dynamics of human capital trends that have been analyzed beforehand. In ‘The Power to Perform: Human Capital 2020 and Beyond’, PWC charted the way forward and forward with 7 key suggestions, namely:
– Build trust and purpose: To attract and retain talent, employees must be able to trust the employer.
– Plan for the workforce of the future – Dynamic models of labor supply and demand are the need of the moment.
– Create digital ‘talent exchanges’: Enhancing a better match with the required skill sets and people, AI and machine learning (artificial intelligence and machine learning) would go a long way.
– Rethinking skills development – Thinking in terms of redesigning academics and modernizing corporate learning is necessary for the workforce to adapt.
– Digitize work: digital and productivity can be two sides of the same coin. However, those with jobs complain of having fewer hours or free time to improve, while the ‘newcomers’ are inundated with online courses that promise them the moon for a lot of money.
– Integrate human capital analysis: priority decisions in business require data analysis focused on human capital or talent.
– Redesign of compensation models – The values ​​of reward and motivation emerge even in the scenario of disruptive technologies when deliberating on the redesign of capabilities, roles and pay.