Companies that survive and thrive have strong business strategies that prioritize their workforce. The workforce is what allows companies to scale and grow over time and business leaders that do not see that will ultimately lose out as the tides of business shift. A recent PWC report suggests that four forces shape workforce strategy. And each of these forces points directly to one thing – talent management.
PWC has come to the conclusion that these four forces — specialization, scarcity, rivalry and humanity — are what separate a successful company from one that will not survive. Together, these forces create a framework between business and workforce strategy, culture and technology.
The Four Forces That Shape Workforce Strategy
- Specialization is understanding current and future talent needs and ensuring the acquisition and development needed to deliver.
- Scarcity is similar as it reflects the lack of, or the competition for, talent and opportunity.
- Rivalry reflects engaging and leveraging talent to increase performance and business success across the industry.
- Humanity is the earnest effort to connect with talent in a way that appeals to humanitarian interests and the greater good.
Understanding that these four forces are what companies must focus on with their workplace talent, what strategies can be used to make that workforce future-ready?
Five Strategies For Creating a Future-Ready Workforce
Put Employees First
The way you can put your employees first is by simply listening to them and learning what they value and want from their work experience. The best way to get this information is to simply ask your employees for their opinions, and to do so again and again. Ask candidates that are interviewing and again when an employee is going through the onboarding process. Being in constant dialgoue with your workforce shows that you care about making the job better and your employees will gain trust in you in return. Be open to honest feedback and earnestly consider everyones thoughts and ideas.
Make a Strong Investment in Talent
By being open with your workforce and opening a dialogue, you can get a sense of where each worker sees themselves in the company and also in the future of the company. Investing in your own talent is a way to strengthen your workforce from your existing team. If a job opens up, consider promoting from within instead of looking outside the company. Employees that feel there is opportunity for upward mobility are more likely to stay with a company for the long haul.
Diversity, Equity, and Inclusion
A diverse and inclusive workplace is an important asset, since it acknowledges the individual strengths of each employee and the potential they bring. Valuing the differences of others is what ultimately brings us all together and can be the secret to a successful, thriving workplace and a fair work culture. Having a diverse and multicultural workplace brings several advantages. Since today’s world is increasingly more globalised and interconnected, workplaces should take advantage of the diverse range of skills individuals from different backgrounds and languages can bring.
Make it Clear How Each Employees Work Leads to Business Success
When a company’s purpose resonates with people, and each member of your workforce can see clearly how they further it, not only are they more likely to stay, but they tend to be more engaged — and productive. Make sure each employee knows the value they bring to the team and they will naturally feel more attached to the company and do everything they can to make the company even better in the future.
Reward Performance, Innovation, Teamwork and Encourage Constructive Pushback
Being unable to handle pushback of any kind from employees is a surefire way for a company to fail. Constructive pushback from employees is a good thing and it shows that they are invested enough to find things in the workforce strategy that could be changed to increase productivity or benefit the company in other ways. Not every idea will be implemented, but keeping an open mind will benefit employees on every level. Good leaders should also know how to reward high quality performance to push employees to do their best work.
Understanding these five strategies, combined with authentic actions company leaders take to put employees first, will help circumvent the challenges presented by the four forces of specialization, scarcity, rivalry and humanity. Most importantly, doing so will position a company for a future-ready workforce.