…how will you manage?
“The workforce is changing rapidly—how will you manage?” That’s the million-dollar question posed in a new video we watched thanks to the Human Capital Institute. Produced by Kronos, an HR technology firm out of the U.K., it kicks off with some pretty bold facts and sizable numbers:
For the first time, four generations—which Kronos categorizes as Traditionalist, Boomer, Gen X and Millennial—are working side by side. And each grew up communicating very differently: via letter, phone call, email and text, respectively. That makes for a single workforce of some 3.1 billion people who see the world, and communicate, using very different methods and languages. And that’s a challenge that companies can’t brush under the rug … especially when you consider, as Kronos points out, that hiring is going to become increasingly more difficult.
For example, by 2030, in the U.K., more than 16 million Baby Boomers will have retired, leaving as many as 8 million jobs unfilled—who will replace them? And will they have the necessary skills? In the case of the U.K.’s 31 million–strong workforce, 7 million, or 23%, already work for multinational companies. And it’s a trend that’s only likely to continue there and around the world. That means the ability to communicate in the international language of business—English—will be key.
But hiring the most desirable and skilled employees will continue to become a more and more competitive endeavor. As the workplace evolves to have no boundaries and the talent pool goes global, talent management will be an even greater challenge and will require even more resources. And as more employees than ever are overworked—1 in 3 chronically—keeping the workforce you do have engaged and productive is crucial.