For the first time ever, today’s workforce includes four generations working together: traditionalists, boomers, Gen X and millennials. As technology invades our lives, both at work and at home, employees are focused more on work-life integration over balance.
Technology, coupled with demographics and globalization, is also changing the definition and composition of our workforce. We are already seeing the workforce shift from a majority of full-time employees to include higher percentages of part-time, contract, freelance and offshore workers — all of whom are working alongside each other and robots.
The workplace is rapidly changing. Each generation in the new blended workforce requires a different style of working. Millennials expect to have their social and customer experiences replicated in the workplace: on their phones, on the go, responsive and agile.
Additionally, to make changes stick, the old ways – focused solely on key performance indicators (KPIs) – no longer work. Tomorrow’s workforce prioritizes a sense of “capital P Purpose.”
Companies that are planning to implement a large-scale transformation should strongly consider bringing their larger employee base, not just leadership, into the beginning stages of the journey. This will enable the larger employee base to have input into the “why” (the purpose), not just the “what” and the “how,” of the transformation effort. This will help ensure that the transformational changes needed will actually take effect and be executed against the long term.
Once purpose has been inculcated into the workforce, successful change management depends upon the capability of employees and related incentives. Capabilities will have to continuously evolve. This means not just bringing new talent in, but retraining the existing workforce as well. Simultaneously, companies have to make sure that the actions they want individuals to take and how they use the new technology are aligned in terms of rewards.
Read the full report here.
Multinational companies must constantly transform their business operations to compete on the world market and meet their strategic business objectives. The EY Labor and Employment Law Challenges in Business Transformation Guide focuses on matters of key strategic importance for multinational companies on a country-by-country by basis. It allows easy access to significant issues and hurdles that may be encountered around the world, providing practical answers to enable companies to anticipate and mitigate potential risks and show stoppers.
EY legal services contact:
Paula Hogéus, Global Labor and Employment Law Leader
Roselyn Sands, Global Labor and Employment Law Markets Leader