Anticipated Post-Pandemic Insights Indicating a More Promising Workplace Ahead
In the wake of the global pandemic, the world of work is undergoing a significant transformation. This metamorphosis is driven by a combination of factors, including the adoption of new technologies, a shift towards hybrid and remote work, and a renewed focus on stakeholder capitalism.
Many corporations have pledged their commitment to the World Economic Forum's Stakeholder Capitalism Metrics, a set of environmental, social, and governance metrics that extend beyond the traditional focus on shareholders. This shift towards stakeholder capitalism reflects a recognition that the needs of all stakeholders - employees, customers, communities, and the environment - are interconnected and crucial for long-term success.
One of the key drivers of this change is the call for a new Social Contract. This Contract, championed by groups like TAG, aims to rebalance priorities, moving away from viewing work and workers as commodities. Instead, it offers flexibility and security to employees, recognising their value as integral components of a business's success.
The McKinsey Company's "Resetting Normal" research, which surveyed over 8000 people, indicates that this trend is gaining traction. The report suggests that a motivated workforce is more likely to be found in organisations that embrace this new Social Contract.
Hybrid working, a mix of in-office and remote working, is predicted to remain a part of future workplaces. Employers will need to shift their focus from tracking hours to results in this context. The development of soft skills and emotional intelligence will become increasingly important for leaders and line managers as they seek to maintain connections with their remote teams.
Advanced use of digital and AI technologies is another significant trend reshaping workplaces. Companies are integrating predictive analytics and advanced digital tools to improve customer experiences and internal operations. This shift towards a more technology-empowered work environment is also driving a need for advanced cognitive and technological skills in various sectors.
The end of the pandemic has led to widespread distrust for returning to business as usual. Organisations are seeing the need to build trust, or social capital, to continue doing business. The new Social Contract emphasises this interconnectedness of the needs of workers, employers, and governments.
Together, these trends suggest a future of work that is more flexible, technology-empowered, skill-intensive, and human-centered, fostering better working conditions and opportunities. The McKinsey report, "The next normal arrives: Trends that will define 2021—and beyond," paints a positive outlook for the future, predicting a better future for working lives.
- As workplaces evolve following the global pandemic, there's an increasing emphasis on 'upskilling' and 'reskilling' to adapt to new technologies and the shifting work landscape.
- As part of the commitment to stakeholder capitalism, many businesses are focusing on 'workplace-wellness' and 'health-and-wellness' initiatives for their employees, recognizing their integral role in business success.
- With the rise of 'hybrid working', there's growing importance in developing 'soft skills' and 'emotional intelligence' among leaders and managers to maintain productive connections with remote teams.
- Finance and business sectors are also being transformed as companies integrate advanced digital and AI technologies, creating a need for more cognitive and technological skills in various industries, while rebuilding trust with a focus on the new 'Social Contract'.
