It's no secret that COVID has significantly expedited the timescale for the future of work. It has thrown us out of an outmoded industrial-age model and into a dispersed approach tailored for the internet era. Human resource technology is no longer on the back burner; it is now front and center in the thoughts of employees, executives, and boards. This flash-flood transformation has sped up what we used to call the "future of work" into the "present of work."
This transformation has only been compounded by the plethora of talent concerns that CEOs are dealing with. The Great Departure, and the diminishing talent pool it has left in its wake, has forced today’s leaders into the most fierce fight for talent we have ever witnessed. Attracting and retaining top talent has never been more difficult or expensive. Consider this: the number of individuals quitting their employment reached a record high of 4.5 million in November. The epidemic may have caused a shift in priorities, prompting many to take a leap of faith and explore a fresh professional path, while others have called it quits on companies who failed to step up at one of the most trying moments in recent history.
Faced with these fundamental changes in the workforce, today`s leaders need to urgently rethink how they manage and measure the performance, productivity and wellbeing of their workforce. The good news is that HR technology has a renaissance to help leaders navigate these unprecedented times. Some companies, including Vibertron Digital, are supporting many of these innovative tools. With the introduction of new technologies, changing mindsets, and changing management strategies, many global organizations address three key areas of urgent need: human capital equations, employee sentiment, and workplace wellbeing.
RECONSIDERING HR AS MORE THAN A COST CENTER
First, we need to rethink our understanding of human capital. Traditionally, HR has been viewed as a cost center rather than a revenue stream, even though employees have been the most valuable resource in almost every company. But employees have a lot of work to do, not just spend, but also hire, train, and replace. Now we are looking at the other side of the human capital equation. This actually benefits the company and leads to higher results.
As a business owner, you should start looking at HR as a revenue calculation. In other words, if you can improve employee skills or increase employee engagement and efficiency, you can ultimately generate more revenue. At University of Oxford, an independent monitored study demonstrated that content employees are 13%-15% more productive, which, in other words, means investing in keeping staff happy isn’t just the right thing to do, it makes perfect business sense.
But how can businesses effectively measure the return on their investments in people? This has historically been a major issue. Fortunately, the new technology is changing the rules of the game by making people measurable and important. Workforce analytics tools help businesses streamline their ROI equations in a number of ways, including recognizing work patterns, measuring behavior, and comparing employees with peers and industry. With better measurement, improved performance, and visibility, it’s much easier for executives to be convinced that they need to invest in keeping their employees happy and engaged.
THE SENTIMENT OF EMPLOYEES AND LEADERSHIP PRIORITIES
To get the most out of all your employees in a distributed environment, remote measurement of employee activity is not enough. Companies need to start tracking employee emotions. In short, you need to understand how employees feel about their work, management, and the company. With some of global technology heavyweights like Apple and Salesforce committing to a complete hybrid work environment, while others like Twitter and Shopify declaring that workers never need to come back to the office, hybrid and distributed modes of working are likely to continue. In a workplace far from face-to-face meetings and water dispensers, an employee experience platform that conducts pulse surveys and provides insights into employee emotions is no longer just a nice touch. They have become an essential tool for leadership teams to worry about.
In our experience, it’s not uncommon in today’s companies to spend the first hours of their board of directors reviewing employee survey results. Today, people associate employee mood with real dollars. The realization of the importance of monitoring employee sentiment has led to a surge in analytics platforms dedicated to, among other things, employee research. Some platforms offer employees the opportunity to comment on leadership and career opportunities. Companies that prioritize leveraging employee sentiment are more likely to thrive beyond 2022.
MOST EMPHASIS IS NEEDED ON WORKPLACE WELLNESS NOW THAN EVER
Mental health needs to be open in the workplace and it needs better tools focused on prevention. For leaders, it means finding and implementing technologies that help employees prioritize their mental health. From a platform that enables people to actively measure and manage their mental health through clinically backed tools and training, companies can analyze aggregated and anonymized data into workplace welfare strategies. They range from platforms to help you provide enough information. Fortunately, the proliferation of mental health tools has made this possible for businesses of all sizes.
According to Gallup’s Meta-Analysis, corporations that rank worker engagement see a twenty third increase in gain. It’s no marvel that the organizations that rank measure of human capital, worker sentiment and geographic point wellbeing are going to be those who stand to thrive within the “now of labor.” We are watching the “future of work” evolve in real-time as the virtual and physical worlds co-exist, and most of the time collide. This shift marks a major turning point for corporate executives and SMB owners who need to rethink their HR philosophy and investments in new HR skills.