In today’s extremely competitive business environment, finding and retaining top talent is more challenging than ever. A large portion of this trial stems from a disparity between the skills that business leaders and workers have, which impacts their ability to effectively collaborate. Yet, workforce management companies are no longer in the business of just providing basic workforce management software services through their software platforms. They must be able to facilitate engagement at all levels of an organization while improving morale and retention rates while maintaining productivity.
Thus, the workforce management industry is a highly competitive space to be in. During this time when many factors need to be considered and addressed, you need to look at why the trends are what they are in your field. In this article, we will discuss the five latest trends in the workforce management industry:
- Virtual Team Building
According to research, the number of virtual teams has increased by 23% over the last three years. As a result, many businesses are looking at how they can improve their virtual team-building processes. The reason behind this is to provide an effective way of conducting team-building activities as well as to save money on travel, accommodation, and other costs that arise from it.
A virtual team building can be conducted through the internet or mobile phones. In the case of an in-person meeting, participants can be located at different locations and can even see each other through a video conference system provided by workforce management software. This helps in reducing the expenses incurred by organizing a traditional team-building event where all the employees have to travel to one place for the same purpose.
Moreover, it allows companies to manage their employees from remote locations without the need for long-distance travel or time off work. It also helps save money on office expenses such as rent and electricity bills. This process supports companies to save time and money by reducing the need for internal commuting costs, which is often high for remote workers. Thus, virtual teams allow companies to manage projects that involve more than one person, such as managing multiple accounts or working on multiple tasks at once.
- Ageless Recruitment
The age-old problem of finding good candidates for the job has been solved with the help of ageless recruitment. This is a new trend in the world of recruitment, where companies can find candidates who are young and mature at the same time.
The concept is simple, you find people who are currently young and work with them as they age. The best part about this concept is that it allows businesses to hire people who have different levels of experience and maturity levels, which makes it much easier to manage them. Such hiring has become a necessity in the modern era with the increasing use of workforce management software. More and more companies are adopting this method to fill their job vacancies.
Furthermore, companies are always looking for ways to get their employees back on board after they have left them for various reasons. This can be due to reasons like retirement, resignation, or even the death of a family member. Ageless recruitment helps in filling all vacant positions without any hassle or delay.
The process is simple and easy to follow. It does not require an investment on part of the company as it is completely free from cost as well as time wastage for recruitment agencies and candidates alike. It also provides an opportunity for companies to hire experienced people through staff vetting who have been out of the job market for some time now but still have relevant skills that can help them excel in their new roles within the organization.
- Gig Economy
The gig economy is made up of independent workers who are not directly employed by an employer but offer their services to clients as a freelancer or contractors. The gig economy has changed the way people work, as it allows them to work from home, have flexible hours, and on their terms. This way they can work wherever they want and when they want without having to deal with unnecessary bureaucracy.
Gig Economy has been growing steadily over the past few years, with millions of people now earning money through online platforms such as Uber and Deliveroo. More than half of all UK millennials are currently self-employed (source: Office for National Statistics).
It is a concept that has only recently become mainstream. Freelancers may work from home or in temporary office space and are often paid per task rather than an hourly wage. This trend can be a great way to save money, but it comes with its own set of challenges and risks.
For one thing, it can be difficult for workers to know what their rights are if they’re not employed by an employer with whom they have a formal relationship (such as an agency). Also, if you want insurance coverage for yourself or your employees, you need to find another source of coverage outside your normal benefits package at work.
- Employee Well-being
The concept of promoting employee well-being has been around for a while, but it has grown in popularity as companies have realized that it can help them to attract and retain top talent through staff vetting.
In fact, according to a recent survey by the Society for Human Resource Management, more than 70 percent of employers believe that an organization’s success is determined by how well it manages its employees’ physical, psychological and social needs.
Employee well-being is about more than just providing employees with a comfortable work environment. It also involves giving them the support they need to be able to deal with stressors at home or on the job and helping them develop skills such as communication, problem-solving, and leadership through workforce management software.
The importance of employee well-being cannot be overstated. It’s one of the most important factors that businesses should consider when hiring new employees or evaluating existing ones. This means that employers must take steps to understand their employees’ needs if they want to make sure that their employees are happy at work — or at least less likely to leave for another job opportunity.
- Talent Acquisition and Retention
It is an increasingly important factor for employers to consider as they attempt to attract top talent, retain existing employees and attract new ones. According to a recent study from The Conference Board, 43 percent of companies are using talent acquisition strategies to improve their business performance. This includes everything from employee referrals, to paid search and advertising campaigns.
It’s no surprise then, that many employers are now looking at how they can improve their talent acquisition practices by partnering with third-party vendors who can provide them with additional services such as workforce management software solutions, managed staff, and staff vetting.
Whereas to retain employees, companies should focus on their strengths. They must also encourage them to grow professionally. Companies must understand that there is no such thing as a bad employee, but rather an unhappy employee who is not being treated fairly by his or her company.
Thus, once you have a better idea of what motivates your employees, you can find ways to reward them for doing well or providing exceptional customer service. For example, if an employee makes a sale or completes a project on time but doesn’t get any recognition for it, he may become frustrated with his job. To fix this problem, consider giving him a raise or bonus for exceeding expectations at work.
Hence, the increasing demand for business growth, shrinking employee pool and the need to streamline core business processes are the major reason for this recent development. This helps to increase productivity and achieve better results from a smaller workforce with the help of workforce management software. To get more out of a smaller core team, organizations utilize technology for remote collaboration and communication.
The above-mentioned trends have become more prevalent in recent years as millennials have entered the workforce and companies have looked for ways to cut costs while still retaining a skilled workforce. Additionally, companies are focused on their employees and how they can improve their health, happiness, and overall quality of life.