Although still ongoing, PwC has recently published the findings of a long running survey drawing in feedback from CFO's on how they see companies having to adapt to working in the future.
What is telling, based on the fact that Collingwood recruit globally across a number of industries, is how in tune the headline responses are to how our clients are shaping their strategies.
In summary, these headline findings are:
- Flexibility and agility in todays conditions is key (72% of respondents citing these as the top two factors
- Hiring against short term goals is too blinkered - recruiting against the company's values and mission, together with diversity are required. Both productivity and profits are improved when concentrating on these factors
- Nurturing talent and building futureproof skillsets are key to retaining the strongest talent (55% of respondents stated they're not confident in their company's ability to retain top talent)
- Creating a learning culture should be a priority to combatting the above (only 45% of the CFO's who responded felt very confident that their company's can build the skills for the future)
- A company's ability to communicate the "why" is essential in creating a meaningful environment. The report outlines that one in three CFO's would be willing to take a drop in pay for this. Furthermore, an engaged workforce equates to a 41% reduction in absenteeism; a c.40% reduction in staff turnover; a 20% increase in sales and 17% in productivity
The good news is that none of the above are rocket science and, with a little planning and application, company's should be able to make inroads into these areas.
COVID-19 is ushering in an entirely different future in terms of working life. However, forces such as digitalization have been altering the workforce long before the pandemic. OECD research suggests that 31% of jobs could be radically transformed as a result of automation. At the same time, specialized jobs are being created elsewhere. These big picture trends mean that many organizations are already preparing for a now-accelerated future.