The Future of the Workplace
With company culture becoming a major topic in nearly every industry, many business leaders are putting a larger focus on employee engagement and retention. Recently, the Fiscal Times reported on some of the growing trends managers should be keeping an eye on in 2016.
Putting employees first
Office perks and employee recognition programs have become a progressive topic of discussion, especially for HR professionals. Employees are not only looking to be compensated for a job, but also be provided with an engaging, exciting and rewarding work environment. The Fiscal Times report stated that “compensation will forever be important in the workplace, but its significance is changing.”
When companies invest money into a comprehensive recognition program, it reinforces the brands devotion to its dedicated and loyal staff members. These programs create a meaningful bond between the employee, their work and the company itself; ultimately building brand loyalty.
Recognition programs also assist in increasing work-life balance by providing the consistent encouragement, feedback and reward that today’s workforce seeks. In 2015, companies like Facebook and Netflix set the golden standard for work-life balance, specifically for working parents. The internet giants now allow six months to a year of paid time off for new parents, proving the company and its leaders are committed to supporting its workforce.
In addition to recognition, putting an emphasis on work-life balance with a value-based wellness program also has its benefit for the company. These programs have the potential to lead to lower healthcare costs and an overall more positive and healthy company culture.
A change in management
Bad managers are bad for business, and statistics support this theory. For example, in Gallup’s 2015 State of the American Manager study, 50% of the 7,200 adults surveyed stated they had left a job due to poor leadership. With more studies being conducted to measure the state of management, business leaders and HR professionals are starting to take a closer look at their current leadership positions.
According to the Fiscal Times report, the demographic of management will be shifting to the Millennial generation, and this trend has already started. In a surprising move, a third of the most recently appointed managing directors at Goldman Sachs were Millennials. Even Harvard Business Review has taken note of this shift and has provided useful insight on “how to work for a boss younger than you are” through Twitter.
In the end, younger employees who show valuable leadership and communication skills, as well as a progressive attitude will begin climbing up the corporate ladder in 2016.
Welcoming back familiar faces
Boomerang employees, those who left a job then were re-hired, are not an unfamiliar to the workplace, but have only just recently gained traction in the hiring space. In fact a recent study by Workplace Trends found that more than half of hiring managers are now giving high priority to job applicants who left in good standing.
In the Fiscal Times report, Nashville-based career coach, Angela Copeland states “you can stay with a company and get a 3 percent raise every year, or you can leave and come back, and make a lot more when you renegotiate on your way back in.” This process is also a money-saver for the company as a majority of re-hired employees are already well-versed on expectations, goals and office culture.
2016 could be the year your former co-workers become new team members once again. Our advice, welcome them back with open arms to encourage a positive working environment and start with a fresh outlook.