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Home > Industry Insights > 6 Ways Companies Are Adapting to Today’s Changing Workforce
Today's workforce is unpredictable and ever-changing, and that could have a lasting impact on the way businesses operate. As Millennials continue to dominate the workforce, many companies are syncing with changing workforce trends by revamping their policies and procedures to accommodate a new generation. Thanks to technology, employees now have many smart options like remote or hybrid work style available. Workplaces across the globe have changed the way they operate to support this growing demographic of remote workers – and it isn't slowing down anytime soon. However, with mobile devices, tablets, and other tech innovations, companies are now facing different challenges to help their employees stay productive while they’re out of the office. With these things in mind, we’ve put together a list of ways that companies are adapting to today’s changing workforce -
Flexibility in the workplace is a top priority for companies today. Adaptable work options can mean a lot of things: remote working, job shares, flex time, and telecommuting. But the most important aspect is that employees have control over their schedule and how they spend their time.
Today, many companies are adapting to this new generation of workers by offering flexible work arrangements as an alternative to traditional office jobs to promote a good work-life balance. The number of employees who can work from home or remotely has increased significantly over the past few years—and it’s not just millennials who are opting for this.
Companies like Netflix and LinkedIn have already caught up with this trend by offering unlimited vacation days to their employees. Other companies like IBM and Adobe have emphasized flexibility by allowing their employees to work remotely at times when needed. IBM reports that 90 percent of its employees switched to remote working after the COVID-19 pandemic.
According to a recent Microsoft survey, 41 percent of workers said they would leave their jobs if they feel dissatisfied. This means that employers need to invest in their employees’ careers and help them grow professionally while staying motivated at work.
Investing in training programs that help employees upgrade their skill set isn’t just a great way to accommodate the changing workforce. It’s also a fine way to show that you care about their career. It can be as simple as offering online courses or providing more hands-on training opportunities. A good example would be a company offering an employee who has been with the company for two years access to free training on how to use a new software program if they want to move up in the company hierarchy. As per a recent survey conducted by Fortune, 10% of workers stated that their employers have introduced new coverage for opportunities to reskill.
Companies are taking their social responsibility seriously. They are realizing that they need to be responsible corporate citizens in order to attract top talent and retain employees who want to make a difference in the world around them.
90% of workers employed by companies with a significant sense of purpose stated that they feel motivated, inspired and loyal. Many companies have realized that giving back to the community has an impact on employee engagement and productivity, as well as public perception. Some companies have taken action by creating internal volunteer programs or partnerships with local nonprofits. Others have gone even further by incorporating social responsibility into their core business model!
The use of artificial intelligence (AI) and other technology solutions is on the rise. Today’s employers are using AI-based tools for talent acquisition and retention, applicant tracking systems and other areas of HR. A recent SHRM survey found that 45 percent of organizations use automated pre-screening.
In recent years, there has been an increase in interest in AI and machine learning due to their potential as cost-effective solutions for automating business processes. This has led some companies to introduce major technological changes in the workplace to improve efficiency and productivity while reducing costs. These technologies are being used to help with employee training, management, collaboration and communication between teams. In addition to that, automated technology is also helping reduce time spent on manual processes like time-consuming paperwork or data entry tasks thereby optimizing operational efficiency.
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Diversity and inclusion are hot topics for companies today. From the boardroom to the staff room, diversity and inclusion are being discussed at every level of the organization. The two terms are often used interchangeably, but they're not exactly the same thing. Diversity refers to differences in race, ethnicity, gender, religion, and more. Inclusion refers to whether someone feels accepted by those around them based on those differences. If someone feels welcomed at work it is because their coworkers embrace their differences instead of judging them.
New business practices are emerging to address the needs of a more diverse, inclusive and changing workforce and to help companies attract and retain top talent. This is being done by expanding opportunities for women, people of color, and members of the LGBTQ community through hiring practices and other initiatives aimed at improving workplace culture.
Employee stress can be a major cause of absenteeism, low productivity, and poor customer service. According to the American Psychological Association (APA), 59% of U.S. workers say they're facing negative consequences of work-related stress — a figure that hasn't changed much over the past decade despite an improving economy.
The increasing prevalence of mental health issues among workers has led employers to offer more robust mental health benefits than ever before. This includes providing free counseling services at the office or covering the cost of treatment at counseling centers. For example, Google offers free mental health counseling for all employees and encourages them to take time off if they need it. Furthermore, some companies have even added meditation rooms for employees who need a break from the fast-paced office environment.
The labor force is changing. It's becoming a more diverse, globalized, and internationally-educated workforce. In order for organizations to win big with the changing workforce, they need to reimagine their talent strategies and employ creative initiatives in order to cultivate a motivated, productive pool of workers. Organizations that do this will be well-positioned to gain an advantage over their competition in the long run.
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