BUSINESS
THE FUTURE WORKPLACE SHELLEY KENDRICK, MANAGING DIRECTOR OF EXECUTIVE RECRUITMENT SPECIALIST AND HR CONSULTANCY, KENDRICK ROSE REPORTS ON 'THE FUTURE WORKPLACE.' A new report released recently, commissioned by financial protection specialist Unum and authored by The Future Laboratory, reveals how the workplace is evolving and what employers need to do to successfully manage employee wellbeing over the next 15 years. Companies are set to become increasingly employee-centric in the future. Those employers who make changes now to shape their business around the needs of their staff are likely to achieve significant competitive advantage. Employees stay with companies that show they value their staff. One of the most tangible ways to show this is to provide a comprehensive employee benefits package. Supporting economic analysis reveals businesses in five key sectors (accountancy, legal, retail, IT and media & advertising) could face costs of between £29bn and £101bn if they fail to get to grips with this changing workplace. For a 100-strong company, these hiring costs and the impact on productivity equate to between £643,000 and £2.2m. The report – ‘The Future Workplace’ – reveals four areas in which the workplace will change, with British workers seeing the Ageless and Mindful trends as the most important ones for businesses to embrace. The four trends are:
Peter O’Donnell, CEO of Unum said: 'The workplace is changing, becoming increasingly people-centric, so organisations competing for talent will need to be more supportive of their staff than ever before. Employers need to start taking action now to adapt effectively to its evolution or they face significant financial repercussions. 'A balanced and comprehensive benefits package will be as, if not more, important in the future to fuel loyalty and improve staff retention to help a business thrive. Giving staff a financial back-up plan if they fall ill and can’t work is often overlooked, but Income Protection can complement and support a company’s wellbeing programme allowing businesses to show their employees they care.'
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Tom Savigar, Chief Strategy Officer at The Future Laboratory and author of the report said: 'Over the coming decades, British workers will be faced with an increasingly turbulent social, political and economic environment which employers must start preparing for now. An ageless and mindful workplace is what British workers truly want to see their employers embracing so there is a clear need for businesses to augment how they care for the mind as well as the body to enable their staff to work better and for longer.' Also commenting on the report, Mark Beatson, Chief Economist at the CIPD said: 'This report highlights some intriguing possibilities for the future that could potentially make work more productive and more meaningful. Employers keen to take advantage of new thinking need to ensure they take both the workforce and their managers with them when considering and implementing change.' For each trend, the report outlines the issues employers will face if they do not adopt them including cost implications, and suggestions of how to start incorporating the trend into the workplace now.
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1. Ageless: a workplace which allows ‘returnment’, encouraging older workers to remain or return to the workplace instead of retiring, and sees workers’ energised to continue to work until a later age because they want to, rather than have to 2. Mindful: a workplace which nurtures mental health and encourages workers to recharge mentally and achieve balance in their busy hyper-connected, digital lifestyles 3. Intuitive: a workplace that uses data and insight on its workers’ environment, mood, wants and needs to create an all-encompassing, intelligent and intuitive environment 4. Collaborative: a workplace that embraces the collapse of traditional structures to promote open and social exchange, operating a flat structure and embracing the impact of more women in the workplace ‘The Future Workplace’ combines a survey of 1,000 British workers with insights from a group of leading experts from The Future Laboratory’s Futures100 network, including representatives from The CIPD, Eversheds and Kings College London. The report found that failure to embrace these trends will cause a breakdown in adapting to employees’ changing needs causing stress and burnout, making them significantly more likely to leave their employer. With staff turnover costing on average £30,614 per employee for employees earning £25k+ per year across the five sectors, this could end up costing UK businesses up to £101bn.
The choices you make today could make all the difference tomorrow.
Kendrick Rose is an executive recruitment consultancy committed to resourcing excellence. Whether you are a client or candidate, Kendrick Rose meticulously focuses on matching an individual’s competency, goals and aspirations with an organisation’s culture and ethos. To find out more about how we can help you, contact Shelley Kendrick on 01534 715150 or 07797 744254 or email shelley.kendrick@kendrickrose.com
SHELLEY KENDRICK
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