Workforce Trends of 2020May 5, 2023
The ever-evolving workplace is a connected, vibrant space especially with the diverse workforce. The changes at macro level are never abrupt; rather they are a gradual transition evolving out of real-time situations. In present times, fluidity in talent with diverse cultural background and virtual workplaces demand a more flexible and adaptive approach. An indicative of the future workplace scenario, for the workforce to be motivated, it is important for them to be driven by a shared purpose rather than show them the carrot of competitive salaries and perks alone. Hence, the import of employee experience and the harmony of AI and humans form the crux of workforce trends in 2020.
When change is the only constant, the workforce would obviously be as agile and adaptive as talented. It’s a-challenge-a-minute scenario from sourcing to retaining talent. In such a charged environ, ascertaining a general trend applicable to varied industries would contribute immensely in controlling costs while keeping a close watch on mobility and engagement of talent whilst keeping expectations real.
Technology and talent would play a more significant role in 2020
– According to an Ernst and Young estimate, the decade from 2017-2027 will see the global working population increase by 485 million.
– Age-wise, 82% millennials admit that workplace technology would influence their choice while accepting a new job.
– By 2020, it is expected that the workforce of one in four organizations will be at least 30% contingent.
– It has long been said that technology plays a substantial role in employee retention. However, the years gone by have taught that disruption is not limited to technology alone; it extends to political and economical arena as well.
– Yet, Gartner’s 2018 Future of HR survey yielded that above 60% of Chief Human Resource Officers (CHRO) worry about being unprepared for managing forthcoming technological disruptions.
– As PWC puts it, by 2020 a major part of routine transactional tasks would be automated.
Future Workplace and View surveyed 1,601 workers across North America regarding perks offered by employers and found out that employees want the basics first i.e. natural light, proper ventilation and comfortable temperatures.
So pertinent is this basic aspect that it can reduce absenteeism up to 4 days every year. In fact, unscheduled absenteeism costs companies an estimated USD 3600 per hourly worker and USD 2650 for salaried workers every year.
Future-enabled workforce strategy with a radical approach can change the dynamics of human capital trends that have been fore-analyzed. In ‘The Power to Perform: Human Capital 2020 and Beyond’ PWC laid out the path ahead and forward with 7 key pointers, namely:
– Build trust and purpose – In order to attract and retain talent, the employees should be able to trust the employer.
– Plan for the workforce of the future – Dynamic workforce supply and demand models are the need of the hour.
– Create digital ‘talent exchanges’ – Enhancing a better match with the required skill sets and people, AI and ML (Artificial Intelligence and Machine Learning) would contribute majorly.
– Rethink skill development – Thinking in terms of redesigning academics and modernizing corporate learning is necessary for workforce to adapt.
– Digitize work – Digital and productivity can be two sides of the same coin. However, those in job complain of fewer hours or free-time in hand to upgrade themselves whilst the ‘newcomers’ are inundated with online courses promising them the moon for a lot of moolah.
– Embed human capital analytics – Priority decisions in business require data analytics concentrated on human capital or talent.
– Redesign compensation models – Reward and motivation values surface even in disruptive technologies scenario when redesigning of capabilities, roles and pay is deliberated.