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The workforce in today’s world is changing. With an ageing population we now have multiple generations working together, we are seeing more remote and flexible working arrangements, less loyalty from our employees, and new skills being regarded as essential in the workplace.
Why are these challenges? Because if you are not considering what the current workplace looks like you will not be able to develop the most effective workforce strategies to propel your business and improve your business performance.
The workforce is changing and we need to change with it.
So, what do we see are the 5 challenges that you need to be aware of?
The ageing population
We are now at a time where we are living longer and therefore working longer. Where previously people would retire at an earlier age, people are now needing to financially support themselves and therefore staying in the workforce for longer.
The challenge with this is that there are multiple generations in one workplace with different perspectives, experiences, and methods of working. Leaders are having to adapt their leadership to be able to lead and manage the different styles, skills, and approaches to deliver results.
The benefit of this new environment is the level and depth of insight and experience. This is generating a greater level in diversity of thinking which in turn creates ideas and innovation. All of which drive growth. Where older generations offer guidance, experience, and mentorship the younger generations offer digital knowledge, technical skills, and social engagement.
Managing and leading such a diverse team provides so many benefits under the guidance of a strong leader.
Remote and flexible working arrangements
Before Covid19 flexible working arrangements were popular but not seen in every company. Through Covid19 employees and employers have seen first-hand that it is possible to work remotely, be productive, and deliver results. Although we need to be mindful that not all businesses can work remotely, the vast majority can.
The challenge in the future of your workforce is managing the expectations of employees when they have seen first-hand that working remotely and being flexible in the location does work. Achieving a balance that encourages the social interaction an office provides, and the flexibility that working remotely achieves a better work life balance.
The benefit if accepting a remote and flexible work environment opens the door to a greater reach of potential talent. Talent is global. With high-quality talent being scarce this widens the choice to attract and retain talent for your business.
The way we work has fundamentally changed. Accepting this is important for the future of your business. How you choose to structure your working arrangements in the future will be a testament to your leadership.
More competition in the job market
The job market is competitive. Companies have a better understanding of how to attract and retain talent more now than ever before. They also have a better understanding of exactly what talent they want in their company to drive growth.
Companies are actively considering their employer value proposition and employer brand to compete for the top talent and are utilising social media and other platforms to promote their company to that top talent.
The challenge is that you need to be acutely aware of whether you are above, inline, or below your competitors. If you are below you will find it hard to attract talent compared to your competitors. You will also start to find it hard to retain top talent as the attraction of other company offerings will outweigh your offering.
The benefit of a competitive market is that it forces you to look at your employer brand and employer value proposition. This will always benefit the way you interact and engage with your employees.
Times have changed. The times of sitting back and waiting for talent to come to you has gone. To attract the best, you need to compete in a busy market.
Less loyalty from your employees
There is more choice now for employees. With platforms such as LinkedIn and other social media sites, top talent is being headhunted for multiple job opportunities. These opportunities have highlighted what other companies are offering in terms of work environment, career progression, and benefits. The constant offerings communicated by social media have given employees more choice than ever before.
The challenges of less loyalty in your employees are that there could be a greater level of staff turnover, resulting in the potential loss of skills and experience that drive your business performance leaving and going to your competitors.
The benefit is the opportunity to employ new talent, gain fresh ideas, learn new skills, and encourage diversity of thinking. All of which drive innovation and improve your business performance.
If you have not already, consider your own company offering and how you are communicating your story to your current and future talent.
New skill requirements
The digitalisation of the workforce and the advancement of technology is vast and rapid. With this rapid advancement new skills are being developed and viewed as a necessity for companies to grow and outperform their competitors.
The challenge of the new skill requirements is the speed in which they develop, being able to identify the right skills for your business and being able to effectively train those skills within your business quickly and effectively.
The benefit of the development of these new skills is the advancements of products and services as the world we live in changes. This gives us opportunities to improve and innovate. Businesses need to constantly pivot, and these new skills will help us achieve this.
Learning is part of growing. Everyday we should be learning and developing our skills. With how the world is adapting and progressing we need to be acutely aware of what skills we need to focus on and improve on.
The world is changing. Understanding how this is impacting your workforce is important to be aware of. Being aware is the first step. It is up to you to decide whether it will enhance your business or disrupt your business. To be competitive and to progress, you need to act.
Hunton Executive can help you prepare your business for these 5 workforce challenges.
For a comprehensive guide to attracting, recruiting, and retaining your talent sign up to our Employer Guide online course.
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