NEW YORK, NY, USA, 11 May 2022—The Great Resignation is a phenomenon taking the world by storm, as people globally leave their employers in search of new opportunities that better align with their wants, needs and values. A new Deloitte report explores this pivotal moment in time where organisations are either evolving to meet the latest demands and expectations of their people or failing to adapt and as a result, losing talent and missing out on delivering new value to their stakeholders.
Deloitte’s latest report, “From great resignation to great reimagination,” offers prescriptive advice for organisations on how they can leverage current trends in the marketplace to hit refresh challenging conventional notions on who makes up the workforce, where they conduct their work and the work itself. Tapping into proprietary data and business success stories, “From great resignation to great reimagination” is the latest in a series that demonstrates the need to capitalise on this turning point in the talent market and the benefits of doing so.
“Talent is an organisation’s most valuable asset and the Great Resignation represents a make-or-break moment for employers around the world,” says Steve Hatfield, Deloitte Global Future of Work Leader. “Making the choice to proactively reimagine work, the workforce and the workplace will not be easy, however, it will open the door to new possibilities and better business outcomes for every stakeholder long-term. Should business not adapt, significant value could be lost and organisations will face fierce competition in the marketplace.”
“The future of work not only entails who makes up the workforce and where they operate, but also the work itself,” says Hatfield. “Successfully reimagining work means not only improving existing processes but completely revisiting them elevating what humans do and how they collaborate with technology to achieve new and better business outcomes.”
Deloitte research suggests that emerging technologies can help to revamp how work is conducted from the way employees spend their time to the tasks they complete daily. For example, shifting to hybrid work has led to a surge in time spent on emails and in meetings a sign of inefficiency. Organisations can tap into the power of AI and machine learning technology to help reduce unnecessary tasks and shift workloads from routine to high-value which could ultimately boost organisational collaboration, free up time for strategic thinking and drive greater employee engagement. Embracing human-machine collaboration in this way may enable workers to unleash their full potential for themselves and the organisation.
Research tells us that workers are looking for greater fulfilment from their employers, which can be found in the form of new, unique opportunities and learning and development programmes. Organisations can help reenergise the workforce by questioning existing talent models to offer career paths that are focused on skills versus education.
Deloitte is seeing global organisations increasingly seek talent in unlikely places tapping into talent pools they have previously overlooked. This has led to a significant shift that is focused on collaboration across government, business and local institutions to form ecosystems that help ensure the workforce, including the next generation of leaders, has the skills needed to succeed in the future.
Employers are also offering new learning experiences, such as rotational programmes. Deloitte research shows most people look for the ability to learn while on the job an element not going away in the modern workforce. These opportunities allow for more expansive internal growth and greater mobility throughout an organisation, if leaders can effectively identify learning gaps and support dynamic solutions for reskilling the workforce benefitting not only the organisation itself but the employees as well.
The COVID-19 pandemic forever altered conventional notions of the workplace intertwining physical and digital workspaces to create the “phy-gital,” which encompasses everything from corporate real estate and office space to more abstract concepts like company structure, collaboration and culture.
Effectively reinventing the workplace requires consulting the workforce itself, ensuring that they have the tools and resources necessary to be productive, engaged and motivated while operating in a hybrid environment. Deloitte research prominently cautions against a disconnect between workers in the “phy-gital” workplace a top concern for leaders and workers alike. Organisations will need to take a human-centred approach to designing their workplace, focusing on cohesion and establishing guidelines that promote opportunities for collaboration with colleagues and clients alike, no matter where they are.
“Workers everywhere are leaving their employers for a host of reason whether it’s for a lack of money, growth and development, work/life balance or societal impact, to name a few,” said Nicole Scoble-Williams, APAC Market Activation Leader for the Future of Work, Deloitte Japan. “Business leaders should be using this shift as an opportunity to reset; take a step back and holistically reflect on operations to ensure that they’re meeting the expectations of every stakeholder, especially the employee.”
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