Productivity in a Personalised Age of Employment

Overview

Employees and employers alike are adapting to the disruptions caused by the COVID-19 pandemic, rapid technological advancements and a changing workforce demographic, while also bracing for the shifts that will come as Gen Z surpasses Millennials in today’s workforce. An ageing workforce and increases in life expectancy will also affect business models and deepen the skills gap, and for all of its positive potential, Artificial Intelligence (AI) tools are sprinting ahead at a pace regulation, policy and ethics are struggling to catch up with. 

In the past, the strongest employer offerings were anchored around remuneration – competitive salaries, bonuses, shares, and generous leave balances. PwC’s What Workers Want: Winning the War for Talent 2021 report found that these offerings continue to rank amongst employees’ top employer preferences. This is understandable given the challenging economic conditions employees continue to face post the COVID-19 pandemic. Material aspects of a job are also incredibly easy to implement (sometimes as simple as a signature on the dotted line, or a click on an ‘approve’ button) and create an immediate response of appreciation and joy from the recipient. The impact of these factors are, however, often the least enduring on employee retention and does not stop competitors from outbidding one another for talent. A winning People Value Proposition is therefore needed to meet the dynamic needs of the workforce. 

A personalised People Value Proposition sets employees up to experience factors which significantly influence sustained engagement and motivation at work: conducive learning, psychological safety, a sense of individuality, and shared community. When employers try to meet employee needs, employees will try to meet employer needs.

Our research also found that employee expectations for organisation support has changed:

• There is an expectation of flexibility and autonomy – 33% of workers would not accept a new role that did not offer remote working.

• Nearly three in ten would consider a pay cut to work anywhere in the world.

• There is an expectation for the organisation to hold itself accountable for the creation of a fairer, more inclusive and equitable workplace.

• Employees are expecting organisations to be more agile and provide the enabling technologies to help them work when and where they want.

With demand for talent far outstripping supply across the globe, the modern employee knows that there is no shortage of available roles in the War for Talent. Only the most person-centric and purpose-driven organisations will attract, hire, grow and retain the skills and talent needed to go from ‘survive’ to ‘thrive’ in the future of work.