Adapting a forward-thinking approach toward human capital management (HCM) means that now more than ever, company leaders need to consider their employees’ preferences. By 2020, industries will be looking to fill 85 million jobs and because of this, thinking now about how your company will attract and retain talent is crucial. Integrating adaptable and easy-to-learn technology can help prepare your company for the modern workforce and the future of work.
To provide an optimal employee experience, companies are increasingly focusing on building a workplace where workers want to show up to work, but not necessarily because they need to. It might appear at first glance that businesses will shoulder unnecessary costs associated with this transition; after all, work is work, play is play, right? However, investing more in company interior design and providing meals and employee wellness programs, for example, can actually provide returns in the long term. When people want to come into work, their productivity significantly increases and they tend to be more engaged.
In an experiment conducted by the Social Market Foundation and the University of Warwick’s Centre for Competitive Advantage in the Global Economy, researchers found that productivity increased by an average of 12%, and as high as 20% above the control group, when employees were happier.
The following HCM trends are worth considering when evaluating work policies.
Flexwork policies not only benefit workers, they benefit the company.
“Smart companies will understand that in order to both compete for and keep top talent in the years ahead, they’ll need to ramp up their flex work programs,” says Sara Sutton Fell, CEO and Founder of FlexJobs.
Flex policies benefit employees because they are able to work on a flexible schedule to fit their lifestyle, while cloud technology allows companies to keep track of their employees’ work and productivity. For example, employees can clock in from their phones using facial recognition software, without having to spend wasted hours commuting. Employees not only capitalize on their time, but companies can better utilize their human capital more efficiently. Adapting remote work options also means that companies can hire from a wider talent pool. If an employee’s location is not such an issue in the hiring process, then companies can save significantly on employee relocation and office expenses.
Creating a flexible work policy and inviting work atmosphere is essential not only for an individual employee, but also for fostering greater collaboration amongst workers. Investing in an office-space environment that facilitates and encourages collaboration improves engagement and encourages positivity. Investing in your employees’ needs and surroundings breeds trust between the organization and the employee and can ultimately result in improved team cohesiveness, engagement, and retention.
Jeff Haydn, a contributing editor from Inc., says: “Is collaboration essential to growth? Yes, now more than ever. The lack of recent hype merely suggests that the concept of collaboration has been absorbed into the philosophy of many organizations. And if yours hasn’t done it yet, make the change. It should be an integral part of every company’s DNA in order to survive and thrive”.
Adapting your company and policies now to the needs of the workforce of tomorrow will ensure relevance and the ability to compete in an increasingly competitive employment market. Companies’ ability to attract, retain, and optimize employee performance in the coming years will be the clear winners in the coming years.