2020 was certainly one for the record books and thankfully, we can begin to see business start to return to business as usual.
However, 2021 is still completely unforeseen and if anything there needs to be some trends that should flow over into the new year. Thankfully, the previous year has shown us some trends that we can continue and will allow us to remain relevant, such as the ones listed below.
Having Purpose to Lead
Not too long ago, the boss was responsible for establishing the way employees were able to accomplish their tasks. Today, we see business leaders developing a business culture that is versatile and with teams that have trust among each other and now what their purpose is while on the job.
When you have a leader that is driven by purpose, then the company as a whole is able to thrive financially.
Pay is not an Issue
We all remember asking coworkers how much they make, but today there seems to be no issues with talking about it. In fact, many employees welcome the talk about it and have accepted it more now than ever before.
Many people are becoming more transparent about their pay and many countries have adopted legislation that requires the equal pay for the equal amount of work accomplished. Not only that, but many of the countries who participate in the legislation make it mandatory for the companies to report that they are in compliance.
It’s no surprise that companies spend millions to create a diverse workforce. Not only that, but when a workforce is diverse, it can assist with retention of employees, making decisions, and the amount of employee engagement. With the majority of the efforts taken being ineffective, we see most positions of leadership occupied by a white person. All of the other employees are usually left feeling like they have to work harder and put in more effort in order to reach the top.
Hiring and Pay Based on Performance
Many companies are incorporating many employee incentives to ensure that they perform at their peak. Most of these incentives are bonuses and rewards that recognize exceptional work performance. Besides these, if employees don’t feel like they’re being recognized enough, then they can participate in various other programs that can help with development and engagement.
With pay, it is also becoming based on an employee’s skills that can help a company move forward in its business. This means if the company is not hiring but an applicant has a specific skill that would help the company, then they would be hired based on that skill. With many companies trying to get their strategies straightened out, they constantly need their staff to remain absorbed in their current work with the skill they have.
Companies are also incorporating other ways to bring in more top performers besides great pay. These include having a shorter interview process so hiring can be quicker. As well as enticing applicants through trade shows and events that will present the current culture.
More Implementation of Artificial Intelligence
Although many worry that their job is at risk with the implementation of AI, many employers are counting on it to showcase available positions within a company.
Many of the programs that run AI are known to be structured and a lot faster at updating the hiring process and notifying applicants if an update in their status occurs. It will also assist with advice, plan for an applicant’s interview, and help with job searches.
Refining Current Skills
Whether you work full or half time, the fear of losing a job is all too real. This is why it is highly recommended that current employees look into refining their current skills. However, just taking classes does not always work instead; companies decide to have their employees working while they learn.
Even though refining skills is needed, there is a lot more to it than that. Today, many companies are implementing cultures that encourage constant growth. Businesses are also reshaping the way jobs are worked so that they become scalable and agile.
It is believed that when a change is made by a business leader, then they require certain ways for things to be done so they can monitor the way any impacts will be handled and then adjusted.
Keeping Talent Interested
Many company executives worry about changes that may come their way when it comes to their staff. However, the real change that is occurring is with the staff itself. Believe it or not, many workers do not have the desire to stay with one company for long. This is seen a lot with the millennial workforce where they are highly uninterested in sticking around for the long haul.
It is not cheap to find great talent and many companies are constantly searching for ways to keep their good talent. These ways include career development, upgrading their expertise, and creating schedules that are suitable for both parties. It may be difficult to hire those who have no intention of staying with a company for more than a couple of years, but doing so will allow them to receive the talent before they do leave.
Increased Change of Leadership
Company leaders normally last no longer than 10 years. A majority of them will also be involuntarily removed from their position. This does not mean they were incompetent or never hitting their targets, rather their behavior or morals were under scrutiny. It is believed that if that is not enough to wake up a person to make improvements for succession, then there will be nothing that works.
Not only that, but many of the board of directors are in retirement age, so it is more of a matter of when replacement will occur. A lot of the companies attempt to take advantage of a transition by introducing more youthful leadership to help the board move forward.