July 14, 2020
Transforming the workforce and workplace
Our partners Fuel50 and Mercer ran a webinar exploring the Mercer Global Talent Trends Report, with insights into a post-pandemic workplace. Using input from 7,300+ C-suite executives, HR leaders and employees across 34 countries, Mercer’s study shows how organisations are transforming the workforce and workplace.
Win with empathy
As they continue to innovate, disrupt and redesign, it is clear that existing approaches to workforce management are no longer sustainable. How do leading organisations seek to build an engaged, thriving and resilient workforce? It seems clear that HR will be front and centre in meeting current challenges.
The study identifies four trends that will enable companies to stay ahead in 2020.
Focus on futures – work together to ensure people thrive
The C-suite agrees more needs to be done: 68% of executives want to accelerate progress on environmental, social and governance metrics in 2020, and 69% believe HR should update its success models to reflect the experience economy. Much of an organisation’s success depends on employees trusting that their company is taking a holistic view of their careers, wealth and well-being.
An interesting finding in this year’s report is that employees who know the lifespan of their skills feel more positive about the future. Employees whose companies are transparent about which jobs will change are more likely to be thriving (72% versus 56%).
Race to reskill – transform the workforce
Leadership sees reskilling as the top talent investment capable of driving business success. Workforce capability and lack of future skills are primary reasons why transformations fail, and reskilling is an investments hope to maintain in a downturn.
Without redesigning roles and career options for those at risk of displacement, HR cannot address needs to fill new roles with reskilled internal talent. Long-term planning enables firms to imagine brighter futures for employees and boost their competitiveness once economic conditions improve.
Sense with science – look ahead by augmenting AI with human intuition
The use of predictive analytics has nearly quadrupled in five years, from 10% in 2016 to 39% today, and the use of metrics on pay inequities and total rewards usage has more than doubled. HR need to leverage structure analytics so as to answer key strategic questions, such as: in a downturn, which strategy offers the best chance of maintaining performance?
Leading organisations are sharing data-driven insights with employees to help them make health, wealth and career decisions: 38% of organisations apply intelligent “nudging” technology to help employees make better choices. Exploring relevant metrics and sharing them with employees shows how the new climate of remote working affects productivity.
Energise the experience – inspire and invigorate people
Delivering on the employee experience is a top priority for HR in 2020. Fifty-eight percent of organisations are redesigning their structures to become more people centric.
Employees who are energised by their job are essential to transformation agendas. Energised employees work in cultures that are empathetic, in environments they find enriching, and in work cultures that are both efficient and embracing. HR need to step out of traditional functional silos to facilitate integrated people strategies that meet their businesses’ escalating need for agility in responding to business priorities.
To watch the webinar and download the report click here.