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15 Megatrends shaping the World of Work- Part 1

Blog Post created by achyutaghosh on Jul 4, 2016

The workplace as we know it, is being rapidly reshaped by multiple game changing trends which is having a significant impact on business growth and access to skilled talent with HR at the epicenter. Today’s dramatically shifting business, increasing globalization, widening talent pools and complicated regulatory landscape is continuously throwing up new challenges for HR leaders. In light of these changing trends, the role of HR function is shaping into a more strategic role, with increasing focus on broader human capital issues.

So what are the chall15 megatrendsenges HR leaders face today? The inaugural issue of Randstad talent trends report which is based on a survey of 350 HR leaders, identifies 15 megatrends shaping the world of work and their implications on talent and business strategy.

Being written in a 3 part series, here are the first 5 megatrends-

Trend 1: The multi-generational workplace and growing influence of millenials

Ensuring a cohesive, multi-generational workforce is a top priority for HR leaders. Multiple generations constitute the workforce today- Baby Boomers, Gen Y, Gen X and Gen Z. Each generation is significantly different when it comes to communication, use of technology, and relationships with colleagues and coworkers. As a result, employee engagement presents a huge challenge. Managing a multi-generation workforce will involve having an organization wide view on age diversity, understand how each generation is motivated, to build a tailored engagement program for each group, the effectiveness of which can be measured and customized over time.

Trend 2: Diversification & diversity

In an increasingly competitive economy, companies are focusing on diversifying their teams across all levels to acquire access to a great talent pool. Today, a high-performing, inclusive workforce is about having the right people in the right roles at the right time — regardless of age, gender, race, physical disability, ethnicity, and sexual orientation. Successful companies are approaching diversity with C-level commitment, have assessed current hiring practices, provided their recruitment teams the necessary trainings to ensure diversification in hiring, have ensured compliant practices, and incentivized diversity to strengthen the business case for the same.

Trend 3: The freelance and contingent workforce

What will the workforce of tomorrow look like? No longer shackled to a traditional office desk living a life built on the 9-to-5 business day or a work day with shifts, many talented workers are opting to call the shots by becoming independent contractors — a trend that complements the desire of employers who want a more agile workforce. Organizations need to assess their internal talent strategies to determine preparedness for a structural change and decide whether they can fulfil their business needs internally or with the help of HR partners.

Trend 4: Remote working and device detox

The ease of staying connected has facilitated alternative work arrangements such as remote working, which has become more commonplace around the world. Not only does work-from-home enable employees to achieve a better work-life balance; it also means employers can access talent virtually anywhere around the world. The proliferation of high-speed internet and services such as Skype and Google Apps for online collaboration, at-home virtual meetings, and easy file sharing are making this a real possibility. Best in class companies have optimized remote working arrangements by gauging cultural fit of the concept with organizational priorities, communicated expectations, scheduled in-person meetings to strengthen team cohesion, supplied necessary tools and technologies to enable remote work, and monitor the entire engagement in a regular basis.

Trend 5- Critical talent scarcity

The way we work in every professional field is being transformed by the combined forces of globalization, technological advancement, and new generations of talent joining the workforce. Skilled knowledge workers are becoming more mobile, condensing the available talent pools individual countries have to choose from, while rapid technology innovation is changing the way we analyze business performance; market different brands; communicate with customers; and deliver products and services. This changing nature of work from resource intensive, transactional work to knowledge resource intensive and technology-enabled work is contributing to significant skills shortages of professional and technical talent. Successful companies have addressed talent scarcity by scoping out talent needs and availability, adjust expectations to realities, consider alternative work arrangements such as contractual hiring, look beyond local market given advanced mobility options, and also grow their own talent pool.

Stay tuned for Part 2 of this series!

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