The disruptive effect of digital transformation on the global economy and labour markets has been a hot topic at the two most recent Davos World Economic Forums.
Concerns were raised as to what the future of businesses would look like when jobs are massively automated, knowledge quickly becomes obsolete, and employees are not prepared for such revolutionary changes. There might be two gloomy scenarios as a result. Highly skilled employees leave your company to work for another which offers more competitive terms. The other scenario is unprepared employees loosing their jobs because they fail to keep up with the changes.
The consequence however is the same: you have higher employee turnover and struggle to maintain a productive workforce.
How can you as a business leader act to avoid this foreseeable outlook?
The answer essentially lies in your people. ManPower Group released a report on conjunction with the World Economic Forum 2017, “The Skills Revolution”, in which Jonas Prising, CEO and Chairman, says, “Now is the time for leaders to be responsive and responsible: we cannot slow the rate of technological advance or globalisation, but we can invest in employees’ skills to increase the resilience of our people and organisations”.
Part of this process involves how to engage your people and create meaning at work.
Companies with engaged employees have 6% higher profit margin (Towers Perrins) and 5 times higher shareholder returns over a 5-year period (Kenexa).
According to Hay Group; Engaged staff in a good working environment will:
- increase KPIs by up to 60%
- contribute to increased profit by 4.5 time
- staying in the company, 54% more likely
- live relatively to expectations, 50% more likely
When we know that disengagement directly affects corporate earnings, its troublesome to find that only 13% of the global workforce is engaged at work (Gallup). In our next White paper coming this spring we’ll give you employee engagement strategies.
If this was interesting and you want a meeting with me to discuss leadership and innovation, feel free to book the meeting by clicking on this link.
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