What is the future of the workforce in the new world? COVID-19 served as a wake-up call to many of us. We discovered the benefits of a life beyond the 9-5 and outside of the office. Many realized that they want to live and work on their terms – flexibly and according to their values, and not dictated by the corporate schedules.
What does this mean for the future of the workforce?
Now that more companies are adopting remote working policies, your best people have more options than ever. They can start their own business, become a freelancer, join a start-up or a competitor or become a digital nomad.
One truth about the post-COVID world is this: your most talented and ambitious people want to live life on their terms. If their needs in the new world are not met by your organization, they are likely going to search for purpose and flexibility somewhere else.
Employee engagement is not enough to retain talent
The topic of employee experience and employee engagement has been on the agenda of most forward-thinking organizations for years. Yet, the new world will require you to go beyond knowing your employee pain points and moments that matter.
To survive, and thrive in the new world, companies must embrace the purpose-led talent strategy, experiment with the new models, and re-think policies, structures, and ways of working.
Purpose vs Paycheck
In addition to seeking flexibility and work-life balance, millennials, and Gen Z’s are looking to make an impact, and not just get the paycheck. According to Amex study, Millennials want to make a positive difference in the world (68%) and said a successful business needs to have a genuine purpose (81%) and the values of their employer should match their own (75%).
More than one-third define success as doing work that has a positive impact on society.
This means that to retain your best talent, your company needs to go beyond traditional perks and financial compensation and really seek to create opportunities for your talent to connect to their purpose and make an impact.
A secret sauce for becoming a company no employee wants to leave
To prevent your best people from leaving in the new post-COVID world, you must help them reconnect with their purpose and make the most of who they are and their life while working as part of your company.
This means taking an individual approach to each and every one of your best employees to understand what really matters to them and jointly discover a way to nurture and develop their talent and potential while achieving your organizational goals.
HR teams must look beyond the employee pulse surveys and focus groups and strive to gain genuine deep insights into what truly matters to people and embed those insights into the new ways of managing your talent and business strategy.
Innovation & Growth in the post-COVID world
In the world of perpetual disruption, innovation is the only way to stay relevant. Your people are the defining asset to continuous innovation and sustainable growth.
To stay relevant, and grow in the new world, you must re-think your organization, adapt to the new expectations of your workforce and embrace the new models.
“The secret of change is to focus all of your energy, not on fighting the old, but on building the new.” - Socrates