84% of FTSE 250 and Fortune 500 HR chiefs agree that employers need to embrace new methods of engagement in order to succeed as a business, according to a new report issued by Hay Group. Despite this, only 25% have begun to implement strategies that will be relevant in the workforce of tomorrow.
In order for businesses to meet future demands on talent, they need to prepare for several transformative shifts coming to HR. Among the six “megatrends” are:
- Individualism – rated as the top concern among organisations, this refers to the idea that workers now expect their needs to be met on a personal level, and will be happy to switch employers if they are unfulfilled. As a result, a “one size fits all” approach to engagement is no longer sufficient to retain top talent.
“One-to-one dialogue is critical: it’s conversations between managers and their employees which allow us to start acting in a more personal way that’s appealing to them,” said Tom Plus, Lead Engagement Expert at KPN.
- Environmental crisis – climate change and the depletion of raw materials will present many challenges for business operations, requiring companies to find sustainable solutions. 50% of Millennials consider a company’s social causes before accepting a position, which further underscores the importance of committing to green practices.
- Technology convergence – emerging technologies such as cloud computing, portable devices, and nanotechnology is allowing for more collaborative environments and opportunities for partnerships.
“Smarter and more flexible ways of working means we can attract highly talented people who have something else in their life more important than work. We give people the flexibility to decide how, when and where they work,” said Amanda Revis, group executive, HR, Suncorp. “It’s all about making sure people can be their very best – both inside and outside work.”
