The Future of the Workforce: Three Strategies for Finance Leaders
Why organizational resilience should be part of your business strategy
The past two years has laid bare the uncertainties facing the future of work and business leaders are seeking to make better decisions to weather any storm ahead. By taking a thoughtful approach to the needs of the business and employees, leaders can enhance three key strategies: retention, wellbeing, and inclusion and diversity as a crucial step to build organizational resilience into their framework.
1. Focus on New Retention Strategies for Today’s Changing Workforce
The expectations of today’s workforce are changing rapidly.
A study from Angus Reid found 19% of Canadians polled would quit if required to return to the office, 25% would go back to the office but would start looking for a new position.
Employees Want and Expect Employer Support
In today’s tight talent market, employees are expecting much more from organizations.
Pay as a driver of engagement didn’t feature higher than the third position in any region — and failed to even make it into the top five in North America.
Training benefits the company as well as the employee
Source: Why Millennials Are Job Hopping, Gallup
2. Develop Wellbeing Strategies to Build Resilience
Aon’s 2021 Global Wellbeing Survey research found improving wellbeing leads to positive business outcomes in customer satisfaction and retention, employee satisfaction, profits, innovation, and employee turnover.
3. Use DEI Strategies to Strengthen Resilience and Growth
Diversity, equality, and inclusion (DEI) is not just a 2021 buzzword, it’s the right thing to do for the benefit of your employees and it can help your organization grow and thrive.
A recent McKinsey report, Diversity Matters, looked at proprietary data sets for 366 public companies across a range of industries in Canada, Latin America, the United Kingdom, and the United States. Honing in on metrics such as financial results and the composition of top management and boards. The findings were clear:
- Companies in the top quartile for racial and ethnic diversity are 35 percent more likely to have financial returns above their respective national industry medians.
- Companies in the top quartile for gender diversity are 15 percent more likely to have financial returns above their respective national industry medians.
Studies have shown that talented candidates seek out diverse work environments (Source: "When Gender Diversity Makes Firms More Productive." hbr.org). In a 2020 survey of 2,745 employees and job seekers conducted by Glassdoor, two-thirds of respondents said companies should be doing more to increase the diversity of their workforce.
Three-fourths reported that a diverse workforce is an important factor when evaluating companies and job offers.
Organizations Need to be Ready for Many Possible Futures
The good news is that there is not just one future but many possible futures. Organizations with strategic plans to build organizational resilience will be better equipped to navigate new forms of volatility.
Learn more about organizational resilience and how to create a wellness strategy.