Talent mismatches, individual choice, customer sophistication and technological revolutions are increasing the velocity of change in the world of work.
Manpower Inc. has identified these four trends that should be top concerns for business leaders around the globe when planning their workforce management strategy throughout the recovery.
"In recent weeks, the status and significance of the rapidly expanding temporary workforce has been widely discussed - and woefully misunderstood," says Jeff Joerres, Manpower Inc. chairman and CEO. "Companies will increasingly look to temporary workers to gain the flexibility and agility required to appropriately and strategically adjust to consumer demand. At the same time, individuals are increasingly exercising more choice when it comes to pursuing employment that meets their expectations and taps their motivations."
More on these trends:
1. The Talent Mismatch is deepening as the working age population declines and the nature of work changes. These significant shifts in talent supply are transforming the global labor market.
2. Individual Choice will be exercised by those with the skills that are most in demand, requiring companies to think differently about how jobs are defined and how they will attract and retain scarce talent.
3. Rising Customer Sophistication requires businesses to work in a new way, driven by innovation and delivering greater value and efficiency.
4. Technological Revolutions have the power to change where, when and how we work, enabling organizations to be more agile and innovative - if they know how to leverage it.
Business leaders around the world will need to ask themselves what the trends mean for their organizations and what they will do to respond to them, according to Manpower research. Organizations need to carefully consider their people practices, a critical element to navigating the changing world of work.
"As the economy rebounds, companies will need to prepare for a new normal, carefully adjusting their business strategy and evaluating their workforce," says Joerres. "In the past, access to capital gave companies their edge; soon talent will become the competitive differentiator and companies will compete for talent as rigorously as individuals now compete for jobs.
"Given these trends, the temporary workforce will lead the way as the world recovers and companies are forced to do more with less and meet consumers' ever-rising expectations," Joerres adds. "To attract and retain these 'workforce accelerators' who offer highly specialized skills, smart companies will strive to create a workplace culture that is healthy, flexible and satisfying."
An executive summary of Manpower's World of Work Trends is available at www.manpower.com/worldofwork. A sample of the yearlong body of research providing context and background for the trends is available www.manpower.com/research/research.cfm.