World Monitor Magazine, Business and Investments WM_march 2019_web - Page 45

EXPERT OPINION Organizations and individuals race to give consumers what they want. Innovation outpaces regulation. Digital technologies provide unlimited access to information and leverage for the elite. Specialists and niche profit-makers flourish. Socially beneficial and socially-oriented business is booming. Great importance is attached to individual's duty to society/ There are many craftsmen and manufactures, new unions of workers emerge. Human qualities are highly appreciated. Social responsibility and trust dominate the corporate agenda with concerns about demographic changes, climate and sustainability becoming key drivers of business. Applying the scenario analysis of the future of work, leading organisa- tions develop a more sharp, forward- looking and flexible development strategy, which provides for their long-term competitive advantage. What should be done regardless of the future scenarios? The recent PwC study, Preparing for tomorrow’s workforce, today 3 , listed the most important organisa- tional capabilities when preparing organisations for tomorrow’s world of work. The report was developed in collaboration with Lynda Grat- ton, Professor of London Business School, and is based on the survey of more than 1,200 business and HR leaders from 79 countries of the world. Below are the practical steps to be taken by organisations regard- less of what the future holds, that we recommend in this report: Big company capitalism rules as organ- isations continue to grow bigger and individual preferences trump beliefs about social responsibility. 1) Create a competitive advantage through a more engaging people experience. The leading “organisa- tions of the future” are those whose employees find themselves equally developing and deploying both their technical skills and expertise along with their human skills, such as lead- ership, creativity, empathy and curios- ity. Notably, when we talk about en- gaging workforce environment, we are not just talking about the traditional HR objectives in terms of talent mo- tivation and development, but we also mean considering the workload levels, mental health, working conditions, ef- fective feedback and communication between the organisation and its em- ployees, etc. 2) Use workforce analytics to make the most of your talent: Despite the importance organisations attach to data analytics, the wealth of data they hold, and the growing sophistica- tion and usability of the tools on offer, many organisations tell us they are falling short on application of these analytics. While people-related deci- sions were traditionally largely based on intuitive opinion of management, “the organisations of the future” will also consider factual knowledge and analytics. Such “useful” data analytics to be looked into may include: return on human capital (HC ROI), revenue per employee, costs per employee, profit per employee, etc. 3) Bring HR and business lead- ers together: Leading organisations adopt a “partnership” model between HR and the organisation. Stronger influence of HR on general manage- ment, on one hand, along with deeper understanding of HR issues at the top management level, on the other hand, is required for effective implementa- tion of current and future people man- agement decisions. 4) Tech-savvy HR needs to step up: According to our report, HR’s ability to understand the emerging tech land- supported by EUROBAK 43