July 11, 2016/ News
Workplace culture is changing significantly and at a very fast pace. Harnessing tomorrows talent is becoming imperative for companies and organisations to move forward.
One major change is the composition of the workforce in terms of age groups. Globally we will see a diverse age pool of people in the workplace stretching across five generations by 2030.
The majority of the workforce will be Millennials but will also comprise of Gen Z, Baby Boomers and Generation X’s. All of these generations have different work needs and expectations. As an employer, long-term strategies need to be thought out and implemented to attract and retain workers and to also increase productivity.
From the way in which we employ staff to they way in which we get work done, these technologies are helping make work flow processes more efficient and effective.
As the ageing population increases, the emergence of a smaller but younger population starts to form. Older generations are more often using healthcare systems which is funded by the government. However, future trends show that this burden is increasingly being placed onto employers. Governments will also increase taxes of the younger populations to fund this shift.
Jeff Wiener, CEO of LinkedIn is a big believer in compassionate management whereby a staff member puts themselves in another persons shoes and understands their perspective to alleviate stress. This compassionate management technique helps in harnessing tomorrows talent and to also help in creating a positive workplace culture where employee turnover is low. This is important because the majority of Millennials are leaving an organisation within 15 months of employment due feelings of dissatisfaction through company values and management.
Wiener emphasises the fact that if a company has no staff that have been around for longer than two years, then the same mistakes will continue to occur. This turnover of brand knowledge becomes detrimental ultimately to bottom line profits.
Gradually there is a cultural workplace shift. Workplaces and employers are acknowledging the benefits of having a workplace that assists in the optimisation of the physical, psychological and social health of the employee.