Our approach to work is perpetually evolving. The world of work has been significantly influenced by new technologies and trends that were implemented in 2019. 5G is already accelerating daily tasks, businesses are prioritizing employee wellness, workers are requesting increased flexibility, and a new generation has entered the workforce.
In the upcoming year, businesses that are seeking to establish a competitive advantage or win the battle for top talent may differentiate themselves by recognizing and capitalizing on these trends.
Employee well-being is no longer a desirable attribute.
Businesses have prioritized employee wellness in 2019. There has been a rise in the recognition of the negative impact of fatigue on both physical and mental health in the workplace.
According to a recent Levell study, 60% of employees experience performance declines as a consequence of chronic stress and burnout in the workplace. Meanwhile, Kronos research indicates that 95% of HR executives believe that stress is “sabotaging workforce retention.”
Therefore, how can organizations address fatigue and reactivate their workforce? A method that has garnered attention is the practice of mindfulness in the workplace. Companies such as Nike, Google, Apple, and McKinsey have all implemented programs that encompass cognitive behavioral training and meditation.
Neurological studies have demonstrated that meditation can enhance job performance and productivity, improve attention span, and refocus and soothe employees. Additionally, it can enhance job satisfaction.
The trial of a four-day week by New Zealand company Perpetual Guardian demonstrated that fundamental adjustments to the way we work can also have a profound impact on wellbeing. Staff reported increased happiness, lower tension, and higher engagement and job satisfaction as a result of working on the basis of productivity, rather than time in the office, and retaining full pay.
Flexibility is a requirement among employees
The Perpetual Guardian four-day week model is founded on flexibility, which is one of the most significant trends in the global workforce. Currently, the option of flexible working, whether it be flexible work locations or flexible hours, is not only desired by workers but also demanded. In fact, 45% of firms have implemented flexible working policies solely for this reason. Flexible working has become a global phenomenon, with 62% of businesses worldwide currently implementing a flexible working policy.
Over half of Kiwi employees have flexible hours, which enable them to begin and end their workdays at various times, and one-third have worked from home, according to Statistics New Zealand.
This movement has expanded as a result of the increasing globalization of the workplace and the rapid advancement of technology. Flexible working accommodates employees’ individuality and empowers them to operate in a manner that is conducive to their productivity, whether that entails commencing work at an earlier or later time or operating from a flexible workstation. Employee satisfaction, workforce retention, loyalty, and overall well-being are all enhanced when organizations grant their employees greater autonomy in their workdays.
The IWG global workspace survey revealed that the majority of business executives believe that flexible working policies enhance workplace efficiency, with over two-thirds asserting that they increase productivity by 20% or more. Additionally, employers benefit from these policies. In addition, employees who implement flexible work policies are observed to be absent less frequently, as they are able to adjust their work schedule to align with their personal life.
Generation Z enters the workforce.
Generation Z entered the workforce for the first time this year. Studies have demonstrated that 60% of Generation Z prefer to learn through YouTube tutorials and videos, making them the first wholly digital generation. This presents a novel challenge for HR, as they will need to modify their current training to include more visual methods in order to engage with these social media natives.
Additionally, Generation Z’s perspectives and objectives differ from those of their predecessors. According to a recent report by Deloitte, they prioritize diversity, particularly LGBT identity and religion, over their elders. Businesses must now demonstrate equality and compassion for their workforce in order to attract the most talented Gen Z employees, rather than relying solely on their favorable reputation and social responsibility.
The workplace is expedited by 5G.
The world was introduced to 5G networks this year, which are expected to provide firms with substantially faster connection speeds, quicker response times, and greater reliability than the older 4G networks. Almost no lag time will be observed with this new iteration of technology, as data will be exchanged in extremely close to real time. Businesses will have the ability to execute more intricate tasks with the speed and power that will create new, immersive opportunities. Additionally, 5G will facilitate the digitalization and automation of additional processes to facilitate increased productivity for businesses.
Although 5G is still in its infancy, those who are able to adapt and implement ahead of the competition will benefit in the future.
Workspaces that are adaptable
The term “flexibility” has been the talk of 2019, and businesses are increasingly recognizing the significance of flexible workspaces. They provide individuals with the opportunity to work from an environment that is conducive to their needs, whether that be in a building that they adore in their preferred city or in an office that is closer to their home to reduce their commute.
Increasing productivity has been demonstrated by providing employees with the opportunity to work from flexible workspaces. In fact, 54% of employees reported that remote work allows them to accomplish more. In addition, the annual Global Workspace Survey conducted by IWG revealed that 65% of respondents believe that the ability to customize their work environment enhances their productivity. A mutually beneficial opportunity for organizations in 2020.
Opportunities for 2020
New generations are able to maintain pace with the evolution of the modern workplace by utilizing technology, supporting wellbeing, and encouraging flexible working. This will enhance productivity, profitability, and employee well-being, thereby benefiting both enterprises and their employees.
In a world where 5G enabled instant connections, the velocity of change across all aspects of our lives can appear to be incredible. Businesses must be cognizant of these changes and consider how they can leverage them to attract the most talented individuals and increase their competitive advantage. Those who do not may not be present to observe the trends of the upcoming year.