“People are our most important asset.” You’ve heard that a million times. And, it’s true. How long can you survive if that vital resource is inadvertently allowed to become detached, devalued, and departed? Answer: Not very long. Preventing that outcome requires monitoring critical workforce trends and responding accordingly.
Here are five common workforce trends and their implications for your business.
Trend #1: Rise of remote working
COVID has put remote working and collaborative technology at the forefront of business processes and planning. Although the day will come when companies can once again welcome their full staff back into the office, many experts expect remote working to remain more common than before.
Trend #2: Regulatory uncertainty
As the world deals with unprecedented changes brought on by COVID-19, regulatory uncertainty is at an all-time high. With the regulatory environment in a state of flux, employers have to take extra care to avoid running afoul of employment laws and incurring substantial penalties.
Trend #3: Multi-generation workforce
Members of each generation typically have different perspectives on work both because of their age and the formative experiences of their early adulthood. Distinct generational characteristics are often overstated but nevertheless result in age-based demographic diversity that must be considered to run a business optimally.
Trend #4: Reliance on contingent workers
The dynamic business climate has employers seeking greater workforce management flexibility, which is often achieved by hiring contingent or temporary workers. However, the practice is accompanied by different management, collaboration, and regulatory challenges compared to salaried workers.
Trend #5: Digital disruption in the workforce
As information technology grows ever more sophisticated, employees are forced to become computer technicians to hold down jobs that previously required a different set of skills. Such sweeping changes place new demands on workers and managers alike.
Responding to workforce trends
Consider the following HR functions: attendance and leave management, payroll, compensation, benefits, and talent acquisition. When the technology used to administer those HR functions is integrated, you’re better equipped to streamline workflows, make better decisions, improve compliance, and stay on top of workforce trends.
Looking to implement an integrated HR solution? Contact Yeo & Yeo Computer Consulting. Our Sage HRMS solution is a single source for flawless payroll processing, employee administration, registration, analysis, employee life-cycle management, and all other crucial employee-related information.
Information used in this article was provided by our partners at Sage.