World employment and social prospects - trends in 2020

The ever-evolving workplace may be a connected, vibrant space especially with the various workforce. The changes at macro level are never abrupt; rather they're a gradual transition evolving out of real-time situations. In present times, fluidity in talent with diverse cultural background and virtual workplaces demand a more flexible and adaptive approach. An indicative of the longer term workplace scenario, for the workforce to be motivated, it's important for them to be driven by a shared purpose instead of show them the carrot of competitive salaries and perks alone. Hence, the import of employee experience and therefore the harmony of AI and humans form the crux of workforce trends in 2020.
When change is that the only constant, the workforce would obviously be as agile and adaptive as talented. It's a-challenge-a-minute scenario from sourcing to retaining talent. In such a charged environ, ascertaining a general trend applicable to varied industries would contribute immensely in controlling costs while keeping an in depth watch on mobility and engagement of talent whilst keeping expectations real.
Technology and talent would play a more significant role in 2020
- consistent with an Ernst and Young estimate, the last decade from 2017-2027 will see the worldwide working population increase by 485 million.
- Age-wise, 82% millennials admit that workplace technology would influence their choice while accepting a replacement job.
- By 2020, it's expected that the workforce of 1 in four organizations are going to be a minimum of 30% contingent.
- it's long been said that technology plays a significant role in employee retention. However, the years gone have taught that disruption isn't limited to technology alone; it extends to political and economical arena also.
- Yet, Gartner's 2018 way forward for HR survey yielded that above 60% of Chief Human Resource Officers (CHRO) worry about being unprepared for managing forthcoming technological disruptions.
- As PWC puts it, by 2020 a serious a part of routine transactional tasks would be automated.
Future Workplace and consider surveyed 1,601 workers across North America regarding perks offered by employers and located out that employees want the fundamentals first i.e. natural light, proper ventilation and cozy temperatures.
So pertinent is that this basic aspect that it can reduce absenteeism up to 4 days per annum. In fact, unscheduled absenteeism costs companies an estimated USD 3600 per hourly worker and USD 2650 for salaried workers per annum.
Future-enabled workforce strategy with a radical approach can change the dynamics of human capital trends that are fore-analyzed. In 'The Power to Perform: Human Capital 2020 and Beyond' PWC laid out the trail ahead and forward with 7 key pointers, namely:
- Build trust and purpose - so as to draw in and retain talent, the workers should be ready to trust the employer.
- Plan for the workforce of the longer term - Dynamic workforce supply and demand models are the necessity of the hour.
- Create digital 'talent exchanges' - Enhancing a far better match with the specified skill sets and other people, AI and ML (Artificial Intelligence and Machine Learning) would contribute majorly.
- Rethink skill development - Thinking in terms of redesigning academics and modernizing corporate learning is important for workforce to adapt.
- Digitize work - Digital and productivity are often two sides of an equivalent coin. However, those in job complain of fewer hours or free-time in hand to upgrade themselves whilst the 'newcomers' are inundated with online courses promising them the moon for tons of moolah.
- Embed human capital analytics - Priority decisions in business require data analytics targeting human capital or talent.
- Redesign compensation models - Reward and motivation values ​​surface even in disruptive technologies scenario when redesigning of capabilities, roles and pay is deliberated.
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