Talent Management the Next Wave*
The end of the 9-5 workday
In today’s interconnected world, the model of working in the office, at our desks for eight hours a day is becoming quickly outdated.
Millennials are leading the charge for workplace flexibility; 89% surveyed for a recent study commissioned by Millennial Branding and oDesk indicated that they would prefer to work when and where they choose, rather than in a corporate nine-to-five job8.
Chartered Management Institute research shows that 59% of managers predict that the traditional 9-5 will disappear before 2020 and 54% expect the boundaries between home and work life to become entirely blurred.
Flexible work arrangements
Today’s employers who want to access the best talent possible will need to be willing to empower employees to work remotely. Increasingly, location challenges can be overcome more easily than talent shortages.
We know that staff from all generations seek a flexible work environment, however employers also need to ensure productivity is not compromised. Although three in four (76%) agree that flexible working arrangements provide a positive return on investment, employers are divided as to the impact of flexibility on productivity. One in three agree that there is an inverse relationship between flexible work arrangements and productivity, whereas 39% disagree with this.
Three in four (75%) organisations surveyed have staff who work offsite or remotely. The strategies used to motivate and engage the workers are vital to ensure a productive and successful workforce.
In terms of motivating employees, our research found that employers believe staff who work offsite are more motivated than their counterparts who work onsite (22% more motivated cf. 14% less motivated).
Self-reported levels of employee motivation more or less fit this pattern. Although a similar proportion rate themselves as very motivated or more (65% work offsite cf. 62% who do not), those who work offsite are more likely to describe themselves as very motivated (30% work offsite cf. 24% who do not).
Employers are more likely than employees to describe each management strategy as effective at managing staff who work remotely. In many cases, there are large gaps between employer and employee perceptions. For example, 28% of employers believe performance-based remuneration is an effective tool to manage staff, however just 6% of employees hold this belief. Furthermore, 13% of employers believe that automated performance metrics are effective compared with just 2% of staff.
Trans-Tasman Perspective
Australian organisations rely less on video conferencing (26%; cf. New Zealand organisations only 46%) and performance based remuneration (25%; cf. New Zealand organisations only 42%) than their New Zealand counterparts to manage their offsite workforce.
What is clear is that flexible working is here to stay: the desire for flexible work conditions spans all four generations, with each generation ranking it highest when it comes to the most effective talent management strategy for them. Workplaces will need to consider the possible advantages and disadvantages of implanting flexible working conditions and plan accordingly.
* Today’s workforce is more dynamic and more demanding than ever. Data is becoming a valuable currency. Employees are demanding more flexible, dynamic and diverse work arrangements. A multigenerational workforce – four generations working side by side - breakneck technological advances and increasing globalisation are forcing the business world to re-think previously successful people strategies.
This whitepaper explores emerging trends in talent management and examines how we are managing talent in an environment increasingly characterised by change.
For Talent Management – the next wavewe surveyed 233 senior managers, leaders and specialists and 287 employees across Australia and New Zealand to gain their insights into talent management.