Navigating the shift to employee-centric workforces
Key Insights from Our 360 Workplace Webinar where we were joined by special guests Nikita Khandawala, Head of Careers and Partnerships at LIS and Kate Bennett, Founder and Director of HR Hero.
In a rapidly evolving modern workplace, attracting and retaining talent has become the top priority for organisations worldwide. The dynamics of the workforce are changing, and understanding the needs and expectations of employees, especially the emerging Gen Z generation, is crucial.
Our recent 360 Workplace webinar delved into this topic, exploring the impact on employees and employers and highlighting the importance of creating a more inclusive and employee-centric environment.
Be sure to follow us on LinkedIn to stay up to date with our events!Here, we break down the key arguments from the webinar, focusing on how companies can navigate this transformation.
The Growing Importance of Attracting and Retaining Talent
Recent studies have emphasized the significance of attracting and retaining talent. An Aon study predicted that over the next five years, this would be the top priority for companies. A LinkedIn survey revealed that 92% of companies are concerned about their ability to attract and retain the right talent, and for a good reason. Failing to do so can lead to significant costs, with companies in the UK alone losing approximately £18 billion per year due to workforce retention issues.
Multigenerational Workforce Challenges
The workforce today comprises diverse generations, each with unique needs and expectations. The younger and older generations are increasingly seeking a work-life balance, and many of them are achieving it. However, the challenge lies in retaining the middle generations who want this balance but face more pressures due to factors like the cost of living and family responsibilities.
The Gen Z Perspective
With Gen Z set to represent 38% of the workforce by 2030, their unique characteristics need to be understood. Gen Z is the first generation of digital natives, growing up with technology at their fingertips. They are highly connected, value diversity, and prioritise flexibility and instant communication.
Creating an Inclusive Workplace
To address the needs and expectations of Gen Z and all employees, companies must create a more inclusive and employee-centric environment. This means not only attracting diverse talent but ensuring they feel a sense of belonging. The key is making the workplace welcoming to all, irrespective of their background, experience, or language.
Fostering a Sense of Belonging
Making diversity and inclusion initiatives meaningful involves fostering a sense of belonging and ensuring employees feel heard. Companies need to create an environment where people can speak up about inappropriate behaviour and see positive changes in the workplace. Fostering a culture of respect and open communication is crucial.
Balancing Flexibility and Skill Development
Gen Z and employees, in general, value flexibility and the opportunity for skill development. Companies need to reevaluate their HR processes and adapt them to the preferences of a generation that seeks quick, responsive feedback and instant gratification. Performance reviews, for instance, need to be more frequent and focused on skill development.
Embracing Hybrid Work
As employees, including Gen Z, embrace hybrid work, companies need to strike a balance between in-office collaboration and remote work. This shift impacts various aspects of work, such as how teams are managed, communication, and the design of workspaces.
Aligning Employee Needs and Company Strategy
To succeed in creating an employee-centric environment, companies must align their strategies with the needs of their workforce. A clear and open dialogue between employees and employers is crucial to understanding expectations and making necessary changes.
Key takeaways:
Gen Z's arrival in the workforce brings with it a set of unique characteristics and expectations that necessitate a shift toward more inclusive, employee-centric work environments.
Organisations must not only attract diverse talent but also ensure that all employees feel valued and included. This ongoing transformation will not only help companies thrive but also lead to a more engaged and satisfied workforce.
The war for talent continues, but by addressing these key insights, organisations can position themselves as employers of choice in the years to come.
