Global economy is driven by constant changes and in order to get the
best benefits, organizations need to have different strategic capabilities. In
this context the workforce of the future needs to adapt new and different
approaches to talent. Sadly, most organizations today tend to maintain
undifferentiated brands of employee and value propositions. In addition, the
companies lack an understanding of the changing needs of their current and
potential employees. In order to create a winning strategy that makes their
business future proof, it is essential for the organizations to acknowledge and
address the below discussed five major workforce challenges in a timely and
effective manner.
·
Retaining Their Best And Brightest Talent
Despite the unique and specialized talent needs within each industry,
the demand for professionals with a wide range of technical and analytical
skills cuts across industries. This creates a major imbalance in the supply and
demand of such professionals, leading to a rise in the attrition and costs of
hiring them. That is why the consultants from ICF
coaching firm in China, stress on the need of organizations to minimize
the turnover of the best and brightest members of their workforce.
·
Opting For A Multigenerational Workforce
Business organizations can no longer afford to have an undifferentiated
talent approach. Rather they need to adapt themselves to the nuances of a new
and varied workforce comprising of professionals from different generations.
However, in order to get the best results from this multigenerational
workforce, it is important for to create a balanced work environment. This can
be ensured by focusing on factors other than compensation and benefits and
might include aspects such as flexible work arrangements, more varied career
opportunities, and recognition and appreciation of achievements.
·
Taking Advantage Of The Gig Economy
Most business organizations in China follow the tradition of relying on
a permanent workforce. However, such companies need to modify this traditional
approach and make a significant shift toward the gig economy. This is due to
the fact that modern day workers across all generations seek a more flexible
work environment. The growing preference for freelance careers, especially
amongst the millienials makes it imperative for the organization to adapt the
nuances of the gig economy to enjoy the benefits f enhanced productivity and
greater efficiency.
·
Embrace Diversity Within Workforce
With the world becoming a small place, it has become essential for
usiness organizations across the world, including China to have diverse work
force. The diversity should be in the form of age, gender and even ethnicity of
the employees. The inability of companies to adapt to this significant change
will make them lag behind their competitors and lose out on valuable talent.
·
Ensuring Continuous Evolution Of Company Culture
According to the firms offering executive
coaching in China, it has become imperative for business organizations
to create a work environment that encourages collaboration between the
management and employees. Such organizations are focused on employee well-being as
it plays a key role in improving their overall performance. This is even more
essential because modern employees are increasingly seeking inspirational
environments that enable them to lead balanced lives with greater satisfaction.
