Business Trends: The Future of Work
Adapting to the Post-COVID Workplace will Determine a Company’s Survivability.
Summary
In order to stay relevant and competitive, companies are having to evolve rapidly. In this article, business consultant Beth Nordaune analyzes new business trends and advises business leaders where to direct their focus when moving forward.
Contents
The Current Business Landscape
The Great Resignation: The Shift of Power in Employment
Business Trends and Forecast
Compelling, Purpose-Driven Business
Adaptability Will Lead to Survivability
Home-Office Hybrid Work Models
Increase in Incentives
Key Takeaways for Corporate Leaders: Navigating the Future of Work
Have a Solid Short-Term Plan
Communicate Clearly
Lead Calmly and Confidently
(Re)Create Your Company Culture
The Current Business Landscape
When – if ever – should we go back to the office?
Should we enforce vaccinations for our employees?
These are the looming questions. But we’re missing one of the biggest questions of all:
How are our people, and how can we continue to lead them well through times of such uncertainty?
On its face, working remotely seemed like a dream to many:
• comfy work clothes • flexible hours • home multitasking • no commute •
One woman – Susan – especially found relief from a co-worker’s endless cat stories.
However, months into the pandemic and some of the novelty wore off. Comfy work clothes started to feel sloppy and lazy. Flexible hours turned into procrastination and evening work. Home multitasking caused an even larger gray area in the constant struggle for work-life balance.
Most telling for me though was Susan’s revelation months into the pandemic: “The cat. Can you believe it? I used to complain about this to my husband frequently, and now I find myself almost missing this cat and wondering what is happening.”
This highlights the biggest drawback for many people working from home since the pandemic: the loss of comradery and company culture.
The Great Resignation: The Shift of Power in Employment
Today’s workforce is reprioritizing work and life. Employees are assessing what they want work to look like long-term. Instability in the market and the workplace has shaken up the economy and led many to take risks they were previously unwilling to take.
Because of many big changes, people have left jobs in record numbers, leaving thousands of vacancies in every field. According to the Society for Human Resource Management, 32% of employers are currently reporting labor shortages, which is the greatest shortage reported in 15 years. This “Great Resignation” is largely a reflection of the workforce reprioritizing their lives as a whole.
Executives are finding it harder than ever to retain top talent because the power of the workforce has shifted over completely to the employee and job seekers. As a result, now is a great time to be recruiting for talent. More people than ever are open to change.
On the flip side of that, it’s critical for business leaders to retain and motivate their current employees. Quality talent has ample opportunities right now, and you want to make sure your company is the most appealing option.
Business Trends and Forecast
The uncertainty of the economy is unprecedented in the more than 20 years I’ve been consulting and training corporate executives. Now, with over a year of data to draw from, I’ve seen new trends unfold.
I recognize the way the pandemic has aggravated the existing problems of companies. It has accelerated the need for companies to address their insufficiencies. As we approach 2022, I see the following trends emerging:
Compelling, Purpose-Driven Businesses
The companies that will not only survive, but thrive, are those that move forward with clarity in their message and confidence in their decisions.
A company needs to be crystal clear in its purpose. Knowing why and what your company stands for gives it a purpose that can withstand the details of “how” being unclear. This is ultimately the anchor for the company’s employees when everything else seems ambiguous.
Forbes observed that one of the greatest characteristics job seekers look for in a company is its purpose, mission, and overall meaningfulness. Having an unshakable purpose in a company helps employees become brand ambassadors with deep loyalty to the company.
Adaptability Will Lead to Survivability
The companies that outlast this economic slump are those with the innovation, creativity, flexibility, and awareness to adapt. It’s a simple concept that is difficult to execute.
Companies will continue to decline and struggle in their hiring and retention of talent if they are not adapting to the world in which we are now operating.
Home-Office Hybrid Work Models
The hot-button issue has been the looming question about going back to the office. As highlighted above, the initial excitement about working from home has balanced out into a reality that has revealed a new set of challenges. While still appealing for many reasons, working from home has presented businesses with the issue of disconnectivity.
Even still, these same companies are having a hard time convincing employees to leave the comfort and ease of working from home to come back to the office.
Companies that thought exclusive remote work was the answer will realize the risk in losing talent if they choose just one or the other. This will result in the most successful companies seeking team input and likely moving to a hybrid model.
Increase in Incentives
When employees and job seekers have the upper hand in the marketplace, companies and executives must work harder to stay relevant and competitive. One of the most obvious ways to do this is with enticing compensation packages. The US Bureau of Labor and Statistics Economic News Release indicates that this trend is already underway. The report states that October saw an increase in average hourly wages by 11 cents. This was following 12 months of large increases in wages.
Obviously, increasing salary and benefits packages is not enough on its own. As already stated, an employee wants to feel purpose and meaning in the work done for the company. But adequate compensation is one indicator to employees that their time and work are valued.
Key Takeaways for Corporate Leaders: Navigating the Future of Work
There is never a one-size-fits-all solution for business. But some basic principles can be applied to all companies hoping to use this time of instability to bolster your company and its longevity.
Have a Solid Short-Term Plan
While there’s still plenty of uncertainty regarding the pandemic, companies can start to put in place plans to give employees clear direction. In times like these, focus on short-term plans. I don’t recommend planning beyond 90 days. Information is fluctuating too much, and a longer-term plan will likely result in more changes that add to the chaos. Your company’s purpose, mission, and vision will carry your company forward for the long term.
This plan should include the changes that will have the greatest impact for success. They can then be broken down into weekly or even daily goals that provide comfort and confidence to employees without overwhelming them about uncertainties of the more distant future.
Communicate Clearly
Communication is more important than ever. Assuring your employees of the stability of the company and its purpose – in spite of circumstances – will have a huge payback in employees’ confidence in the company and their roles within it.
This is also a good time to reestablish expectations and accountability in regards to performance. While the flexibility of working from home can be appealing, it can also lead employees to drift apart from the company and their role within it.
Discussing mutual expectations between leadership and employees leads to a common understanding and agreement. Putting in place accountability reassigns responsibility to all parties and puts everyone on track to work toward company goals.
Communication is the basis for the relationships within an organization. Removing or reducing the office setting from the equation requires leadership to set the stage for continued open, intentional communication.
Lead Calmly and Confidently
A company’s culture starts at the top of the organization. If a leader is managing by crisis – only focused on putting out day-to-day fires – the company falters.
A leader who can calmly react to problems while continuing to manage the company by its objectives sets the tone for the whole team. Employees will respond to this confidence with brand buy-in and confidence of their own.
As COVID-19 continues to affect the business landscape, a lot will be out of our hands. But managers, executives, and business leaders can be an example of how a company mission can transcend circumstances.
(Re)Create Your Company Culture
The pandemic has reshaped how people view work and careers. It has required that companies address issues previously put on the back burner. Everything has been shaken out of the status quo. As hard as it’s been, it’s also been good. Workers are finding jobs that are a better fit. Companies are reassessing why and how they operate. Leaders are forced to be more innovative and creative in their problem-solving.
I challenge you as a business leader to use this time for company culture transformation. You have a rare opportunity in front of you to redefine and create the culture you dream of for your organization.
Restructure your team’s hierarchy and communication. Model and live out what it looks like to truly care for the people of your company. Check in with them. Lead them by serving them. Ask them about their career goals, and see what you can do to help support them. Make necessary changes in the work environment to make every employee feel seen.
The effects of caring, quality, focused leadership will trickle down to every member of the team, building a brand reputation of intentionality and purpose.
The future of work is here. And we have the unique opportunity to define what that can look like. It won’t (and shouldn’t) look the same for every company. These decisions made jointly with leadership and employees will help structure a workplace with maximum commitment and motivation. In defining this new business landscape, this generation of workers will become people who wake up excited to do purposeful work.