We all know that the world of work is shifting. The impact of the COVID pandemic has significantly precipitated change, but many other factors contribute to the changes that we are seeing as well. Automation, globalization, and changes in the workforce contribute to bigger challenges for all of us.
Some data from the Bureau of Labor Statistics demonstrates how important it is to attract and retain talent from a shrinking pool. The Bureau measures labor force participation in 10-year increments and its 2012-22 summary shows a constant decline in US population participation in the workforce – projected to hit a low of just over 61% in 2022.
A recent look at workforce trends by FinancesOnline, lays out three trends that will continue to impact the economy and challenge HR and Staffing professionals:
Creating a healthy work environment
A bad work environment results in poor results. Employee absenteeism is just one outcome of an unhealthy work environment costing businesses $225 billion every year. Happy, healthy employees are the best cure for this ill. Just consider that highly engaged employees, especially those working remotely, create advantages like:
- 47% Increase in daily productivity
- 41% Decrease in employee absenteeism
- 21% Increase in profitability
Providing More Options for Remote Work:
Keeping employees motivated, healthy, and happy has to be everybody’s goal. The reasons people desire a remote work option include:
- Flexible schedule
- More family time
- Avoiding office politics
Those translate into Employer advantages like
- Better productivity and efficiency
- Improved morale
- Increased diversity
- More retention
- Better communication
Offering Benefits that Make a Difference:
People need benefits so that they can do their work well without having to worry about medical and other expenses that they cannot afford. Employers seeking to attract great people will be aware of and consider benefits like:
- Salary and traditional benefits
- Location
- Carrier potential
- Interesting job duties
- Flexible schedules
- Good training
- Strong management