In the process of evaluating your next career move, job-seekers can use these trends as a reference. Also, they can assist us in modernizing our talent management systems in our companies, helping guide us through the new world of work.
A REIMAGINED APPROACH TO EMPLOYEE BENEFITS:
- The Benefits of Education: A single professional development course is no longer sufficient. Many companies are now allowing employees of all levels to earn degrees as part of the future of work initiative. For example, Amazon, Macy’s, and Starbucks offer degrees to their staff. Over the past few decades, employers have spent 80% of their professional development dollars on their highest-paid employees. Employers at all levels will shift to utilizing an “education as a benefit” strategy in 2022 and beyond. Employers of incumbent workforces can offer this upskilling opportunity thanks to edtech platforms like Guild Education. There are often developmental opportunities for internal candidates in many unfilled positions that are advertised. In today’s competitive market for talent, companies who understand this will have an edge.
- Caregiving- A New Benefit: The unpaid responsibilities of family caregiving resulted in record numbers of women leaving the workforce in 2021. Where our government has wilted, employers can step in and provide caregiving benefits to keep talented women in the workforce. The days of one-size-fits-all benefits, such as free lunches and gym memberships, are gone. Startup companies like Compt are now personalizing benefits to fit the individual needs and preferences of their employees. Education, care-giving, and whatever else an employee needs at that moment can be covered by their benefits.
- The Service of Talent: During the Great Resignation, the attrition rate may dwindle in the short term, but three things will remain: higher expectations for employers to meet employees where they are, an increase in the number of people away on leave for longer periods of time, and shorter employee tenure – some high-growth companies have an employee tenure of just 1.8 years.
Concurrent with these trends, companies will need to find innovative ways to outsource talent. Talent as a service is a model similar to software as a service, which allows employers to hire flexible talent as they need it, during as long as they need it. SV Academy and Colaberry, two new players in this field, place and train highly skilled individuals for career pathways in emerging fields.
Hiring and staffing are de-risked with this approach, which is attractive to employers. As a result, workers have more autonomy when it comes to changing careers and trajectories. The concept of Talent as a Service and the use of contract workers at various levels are likely to become key components of any company’s talent strategy in the long run, and align with the shift toward higher levels of entrepreneurship.
A low wages-based business model is ineffective in today’s unstable and labor-short economy. The company will offer greater employee equity and ownership opportunities in an attempt to attract employees. Our cooperative model has proven successful in newsrooms, grocery stores, restaurants, and has expanded to include partners like Apis and Heritage Capital Partners. Almost 20,000 employees at grocery stores such as Publix have been with the company for more than 15 years. These employees have access to a stock ownership plan provided by Publix (without cost to them).
Additionally, in the current market, we are experiencing an enormous mismatch between worker expectations and what employers are able to provide. In contrast to large corporations like Amazon and Starbucks, medium-sized businesses lack enough capital to sustainably increase their employee benefits.
Despite its current size, the Great Resignation will not last forever, and these waves of disruption will signal that organizations need to more fundamentally adjust to meet the needs of workers (increased wages, expanded benefits, educational opportunities, etc.) than they did five years ago. Smaller businesses, however, will likely face more challenging circumstances, possibly requiring policy changes at both the federal and state levels.
As the Metaverse takes hold in reskilling and apprenticeships, entry-level manufacturing training is cited as a significant requirement to success by employers in the life sciences and medical tech sectors. In most cases, creating job-specific training centers involves prohibitive upfront investments. Through augmented reality (AR) and virtual reality (VR), manufacturing training will become significantly less expensive and easily accessible.
Apprenticeships, which were once considered an “alternative pathway,” will likely become increasingly open to all Americans as they move from an alternative to a mainstream option. A near-billion dollar value for the metaverse and large venture rounds are indicative of the capital markets’ interest in this sector. Our education-to-employment system in 2030 will likely look very different from what it is today, with apprenticeships becoming a major part of our system-let’s hope technological advances and experiential education make these immersive opportunities less time- and physically-reliant.
A jobs-first higher education model: We’ll see a significant expansion of the model being piloted at National Louis University (and modeled by others) over the next few years. In this move, the boundaries between postsecondary and workforce education are blurred, allowing learners to earn high-value certifications that are credited towards stackable associate or bachelor degrees while simultaneously earning high-value certifications.
Employers will be able to take advantage of services such as Crafted to close skills gaps, increase career development, and reward employees with credentials relevant to tomorrow’s workforce. Designed to provide employers and higher education leaders with tools for planning, piloting, and scaling job-embedded degree pathways that may lead to higher education credentials.
Those who have been affected by the pandemic and its lasting effects have seen the true costs of going to work. In this highly competitive labor market, businesses are finding it increasingly difficult to find talent. People choose organizations based on how they treat each other. Attracting (and retaining) strong talent requires us to be people-centered and closely examine how we treat one another.
Once reevaluating the purpose of work in the workplace, we will see a gravitation towards companies that have a more humane approach, not just in the way they conduct business, but also in the way they interact with their communities.
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