The Future of Work – What Employers Need to Know Now
The workplace is changing. As one generation becomes entrenched in a seemingly stagnant work environment, another comes along to change the rules. Advances in technology and automation are already making careers of the past obsolete. Today’s forward-thinking employee recognizes the need to continue finding opportunities to improve skill sets, while planning and adapting for impending breakthroughs. Cutting-edge abilities are enabling employees to better dictate their career paths.
Employers often, to their detriment, remain content with the status quo. But as job candidates continue to gain leverage, organizations must become better equipped to provide employees with the growth and opportunities to satisfy career aspirations. Here are some of the key considerations for maintaining the growth of business and what employers need to know now to ensure fluid succession:
- Educate: Today’s workforce expects to find opportunities within the corporate umbrella to improve their skill sets, grow in responsibility, and advance their lifestyles. If a company can’t deliver, the employee will move on to the next opportunity. Organizations must find ways to provide employees with in-house prospects that meet growing ambition. The promise of a “good” job and relative security isn’t enough anymore. Employees want the promise of the future.
- Reward Value: The internet and social media, along with an inherent boldness not always found in prior generations, have enabled employees to become much savvier about their place in the workforce. A recent MBA with a role in one company is likely aware of what their friends and counterparts are earning elsewhere, as well as industry averages. If an employee is providing value and quantifiable positive outcomes for your company, and you can’t afford the increasing cost of replacing that person, you must find ways to reward them for their dedication and results.
- Plan for Transition: Roles that exist in your current corporate structure will disappear. While you may be content with natural attrition and focus on hiring new employees with these new skills, you can take steps to reduce bumpiness by implementing a transition plan. Begin training current employees on the skills they’ll need down the road. At the same time, provide them with incentives for meeting new company requirements so they don’t take their new skills and jump to a competitor. When you show your employees they’re not just a replaceable commodity and you care about their futures, they’re more likely to feel a sense of loyalty.
- Leverage Employee Interests and Skills: Though an employee may not be able to apply certain interests and skills in their daily roles, they may be interested in finding ways to incorporate those aspects into future company opportunities. An engineer, for example, may have an aptitude in marketing. A regulatory affairs expert may have an untapped capacity for high-level digital media. Companies that take time to learn about their employees’ deeper interests can find ways to maximize their value – and offer growth – within the organizational structure.
As the future of work gathers focus, employers must proactively plan for the adjustments to their workforce. Is your organization looking for the next wave of multidisciplinary experts? Connect with Key Corporate Services today to find out how we can help.
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