Wednesday, January 29, 2020

Challenges in Today’s Workforces


Challenges in Today’s Workforces

 Today’s workforce have been making headlines. They want value, choice and a personalized approach to help advance their career. In this era of skills revolution, the youngsters want to learn more and be employable, without compromising on freedom and flexibility. They want to take care of their family as much! A holistically rewarding and fulfilling life, is what they want.

Technological progression has been driving rapid shifts in the labor market in terms of how the businesses and Gen Z workers want to get the work done. Organizations need skilled workers to fill the void caused by digital transformation and meet short term project goals. And Gen Z workers are using supplemental freelance contracts to meet their financial goals.

Flexible work style and gig economy are not just about boosting income, it’s about integrating priorities and deliverables.

Gig workers are a live example of the significance of flexibility to the young generation, as well as the older ones. Baby Boomers (older and younger), Gen X and now Gen Z are all equally participating in the gig economy. And enjoying the benefits like never before!

It’s true. Work has never been so flexible and employee centric as it is now. While technological disruption has been redefining job roles and requirements, Uberization of work has revamped the entire perspective of employers. Employers are now challenged with catering to the needs and desires of an increasingly in-demand workforce.

Talent Shortage Survey 2020 done by ManpowerGroup reveals how adaptability is critical for the Millennials and Gen Zs, especially the women as workforce becomes more and more diverse by the day.

What workers want is reality. How employers flex is a challenge.

Flexibility, unlike defined by many, as working remotely (working from home), is more about adjusting as and when situation demands. For example, when a millennial parent needs to attend a PTM on a Friday afternoon, they will value versatility that enables continuity of business rather than book a leave, stop work and push the deadline further. Similarly, a millennial won’t shy away from a working weekend, if work so demands.

Fluidity, according to today’s workforce, is customization of situations (at work and life) and reshaping the work model for a better work-life integration.  Professionalism is an obvious outcome of this integration. Just the way we customise our services for each customer ensuring the best customer experience. It’s time to invest in employee experience strategies to feed the Gen Z’s appetite for success in terms of learning and development and flexibility which will keep them moving ahead!

Therefore, to attract and retain these sharp and agile talents, companies must replace monetary perks with other benefits such as work from anywhere, autonomous working, parental leaves, tuition reimbursements, student loan repayments, etc. Although the Gen Z and millennials prioritize salary over other benefits, in general, almost 90% workers prefer additional benefits to a cash rich compensation plan.

Does your CTC include any of these?

To be successful, employers need to understand what workers want as part of their holistic talent strategy.