2020 Workforce Trends
The ever-evolving workplace is a connected and vibrant space, especially with the diverse workforce. Changes at the macro level are never abrupt; rather they are a gradual transition that evolves from real-time situations. Today’s fluidity in talent from diverse cultural backgrounds and virtual workplaces demand a more flexible and adaptable approach. An indication of the future scenario of the workplace, for the workforce to be motivated, it is important that they are motivated by a shared purpose rather than just showing them the carrot of competitive wages and benefits. Thus, the importation of employee experience and the harmony of AI and humans form the crux of workforce trends in 2020.
When change is the only constant, the workforce would obviously be as agile and adaptable as it is talented. It’s a minute challenge scenario from sourcing to retaining talent. In such a busy environment, determining a general trend applicable to various industries would go a long way to control costs while keeping a close eye on talent mobility and engagement, keeping expectations realistic.
Technology and talent would play a bigger role in 2020
– According to an estimate by Ernst and Young, the decade from 2017 to 2027 will see the global workforce increase by 485 million.
– Regarding age, 82% of millennials admit that technology in the workplace would influence their choice when accepting a new job.
– By 2020, the workforce of one in four organizations is expected to be at least 30% casual.
– For a long time it has been said that technology plays an important role in employee retention. However, the past few years have taught that disruption is not just limited to technology; it extends to the political and economic arena as well.
– Yet Gartner’s 2018 Future of HR survey found that more than 60% of chief human resource officers (CHROs) worry that they won’t be prepared to manage the next technology disruption.
– As PWC says, by 2020 a large part of routine transactional tasks will be automated.
Future Workplace and View surveyed 1,601 workers in North America about the benefits employers offer and found that employees want the basics first—natural light, proper ventilation, and comfortable temperatures.
So relevant is this basic aspect that it can reduce absenteeism up to 4 days a year. In fact, unscheduled absenteeism costs businesses an estimated $3,600 per worker per hour and $2,650 for salaried workers each year.
The future-enabled workforce strategy with a radical approach can change the dynamics of the human capital trends that have been previously analyzed. In ‘The Power to Perform: Human Capital 2020 and Beyond’, PWC charted the way forward with 7 key indicators, namely:
– Build trust and purpose: To attract and retain talent, employees must be able to trust the employer.
– Blueprint for the workforce of the future – Dynamic models of workforce supply and demand are the need of the hour.
– Create digital ‘talent exchanges’ – Enhance a better match with required skill sets and people, AI and ML (Artificial Intelligence and Machine Learning) would go a long way.
– Rethinking Skills Development: Thinking in terms of academic redesign and modernizing corporate learning is necessary for the workforce to adapt.
– Digitize work – Digital and productivity can be two sides of the same coin. However, those with jobs complain of fewer hours or free time available to improve, while ‘newcomers’ are inundated with online courses that promise them the moon for big bucks.
– Incorporate human capital analysis: Priority business decisions require data analysis focused on human capital or talent.
– Redesign compensation models – Reward and motivation values emerge even in scenarios of disruptive technologies when the redesign of capabilities, roles and salaries is deliberated.