In the pursuit of achieving a people-centric workplace, leading organizations talk a lot about evolving their talent management strategies – from acquiring top talent, to developing and rewarding their people. A people-centric workplace is one that designs its employee experience – processes, programs, and systems – around its employees’ drivers and needs. But how are they making it possible?
To help you navigate the changing world of work, here are three workplace trends that are influencing how organizations are building their talent strategies today.
As many as 78% of full-time workers in the U.S. are living paycheck to paycheck, and workers are more financially stressed than ever. The related stress and anxiety for employees is impacting productivity in the workplace.
To support better business outcomes, companies are helping employees focus on work, not on finances, by reducing that stress and creating a culture where people don’t feel overwhelmed. They are especially mindful of their employees’ financial and mental well-being, and are seeking solutions that will enable people to be productive, engaged, and satisfied at work.
SHRM found that some organizations are ramping up their financial wellness benefits offerings, and the options will differ depending on how organizations define “financial wellness.” For example, some companies are making their advisory programs more personalized, to offer guidance for different employee demographic groups (e.g. helping younger workers start saving earlier for retirement).
Leading organizations are also looking to how technology can address employees’ desire to be more in control of their finances. For example, some companies are exploring flexible payment options, like on-demand pay, which lets employees request a payout based on their earnings at any time during their pay cycle.
Taking these steps will not only help attract and retain talent in a competitive market, but it can also help improve a company’s brand reputation as one that prioritizes employee wellness.
It’s undisputed that AI and other technologies are transforming the future of work. While it’s a common fear that human workers will be displaced by machines, the future of work will likely see humans and machines co-existing, with technologies like AI and machine learning elevating, rather than replacing, human actions.
According to Ceridian’s 2019 HCM trend report, which examines the forces driving the future of human capital management, AI has the potential to dramatically improve HR effectiveness, helping employees do their jobs easier and faster, helping managers make smarter decisions, and predicting and recommending future courses of action. In fact, in 2022, one in five workers will have virtual assistants/machines as their co-worker, to help drive efficiency, according to a Gartner report.
Virtual employees and tech advances are also fueling work-life blending – the employee experience no longer ends at work, but continues at home.
The applications of AI across the HCM spectrum are far-reaching, and can include providing smart decision support for employees as part of benefits administration; improving HR service delivery through smart chatbots or conversational user interfaces; or accomplishing workforce management functions such as approving/rejecting timesheets and leave requests without manager involvement.
McKinsey notes organizations are increasingly focused on “employee experience” – but why exactly is it so important?
Employee experience is not simply an HR function – crafting employee experience is a business initiative that impacts business outcomes. And it’s the differentiator that gives companies a competitive edge in the war for talent. In fact, 71% of CEOs say human capital is a key source of competitive advantage.
This means that leading companies are taking a holistic, bigger-picture view to build and enhance their employee experience – and investing in technology to make it possible will increasingly become a priority. Instead of a one-size-fits-all approach, they are more deeply understanding their employees’ needs and desires on an ongoing basis.
People analytics is a key component of this approach. Companies are also looking at how their processes and technologies can be more “consumerized” for employees – that is, providing an experience at work that is comparable to their experience as consumers. This spans everything from seamless onboarding to personalized learning recommendations to options for on-demand pay, all through an integrated and accessible system. This trend is only expected to accelerate in the coming years.