3 Global Trends Affecting Your Employees

Gone are the days of a workplace that doesn’t correspond to reality. We expect work to develop in harmony with society and social norms, and we expect to be treated equally at work and outside of work. In addition, the convergence of three global trends confirms that work is becoming more integrated into our lives than ever before. Awareness of these trends will help organizations better understand their workforce to refine workplace strategies.

flexibility

From an employment perspective, we have already experienced the lack of flexibility as a major resignation. Employers need to be more flexible in supporting their employees to leave their normal job role and engage in dynamic teams supported by the concept of personalization through the “whole self model”, in which companies enable employees to do more than just skills and To share competences – but also individual working styles, demands, motivations and learning preferences.

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Another example is customized service packages such as SAP’s global “Pledge to Flex” program. According to Debbie Rigger, Head of Human Resources at SAP ANZ, SAP has always been about workplace flexibility.

“What we had to do was put this into a program that our employees could relate to and where everyone could do their best,” said Rigger. Our Pledge to Flex program has created a trust-based environment that allows our employees to make decisions about how, when and where to work based on individual choices.”

purpose

Brands recognize the importance and role they can play in helping people in uncertain times. In this context, employees are also re-evaluating their lives and work, and many now expect their work to be an important source of meaning in their lives.

A recent McKinsey report suggests that people who live their purpose at work are more productive than those who don’t; They are also healthier, more resilient, and more likely to stay with the organization and when employees feel their purpose aligns with that organization Purpose.

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The benefits expand to include greater employee engagement, greater loyalty and a greater willingness to recommend the company to others. Contribution. Processes that allow employees to document and track their contribution related to compensation processes should become a habit in your company.

McKinsey identified a gap in the “hierarchy of purpose” where executives are nearly eight times more likely to say their purpose is fulfilled through work and nearly three times more likely to say they rely on work for a purpose than others.

Examining this gap further, McKinsey found that managers and frontline workers are 10 times less likely than management-level colleagues to say they’ve had an opportunity to reflect on their purpose, and nine times less likely to say they’ve had an opportunity Managers nurture opportunities for them, to work on purposeful projects.

Underscore the importance of giving all employees time to reflect on their own purpose and connection to organizational purpose, and concluding that when given, employees are nearly three times more likely to feel that their purpose at work is fulfilled.

sustainability

Environmental, social and governance (ESG) regulation is no longer a question of “if” but of “when” and “how much”. Australian regulators, including APRA, are reviewing the evidence supporting corporate sustainability targets and published CPG 229, which affects banks, insurers and pension trustees, and are conducting a Climate Vulnerability Assessment (CVA) of Australian banks, the results of which are due to be published later this year.

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ASIC has identified greenwashing and has begun a review of ESG-focused financial products and will consider actions ranging from commitment to enforcement. ASIC continues to monitor net zero statements in both fundraising documents and in the market generally and will take regulatory action as appropriate.

Employers must be willing to be held accountable and prepared to produce key performance metrics related to the organization’s statement of purpose, including ethical efforts through sustainability reporting and ESG goals, diversity, equity and inclusion, and the employee appraisal process.

Deloitte Insight Research found that high-growth brands place a high value on accountability, with 93% saying they have established key performance metrics related to their purpose statement (vs. 72% of negative-growth companies). These metrics include those related to measuring product portfolio (50%); Diversity, Equity and Inclusion (47%); and the employee appraisal process (44%).

As we are encouraged to put our “whole selves” to work, understanding these key global trends and their applicability to the workplace provides employers with insights that help them refine their people strategies. Is your business ready?

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