Uncertainty is widespread in the global market, with ever-increasing inflation and threats of recession causing economic concern. In addition, the global labor shortage is making it increasingly challenging to acquire the required skills for businesses.
Emerging technologies and advancements in automation and robotics combined have created an ideal environment for business growth and innovation. Unfortunately, ongoing challenges, including the global labor shortage, and the widening skills gap, are overshadowing this possibility for growth and holding companies back from implementing new technologies in the workplace.
In the modern era of rapidly evolving technology, continuous digitalization of business processes and shifting worker expectations, one thing is certain: businesses must work hard to keep up with the pace of change.
It’s often said that ‘There is nothing permanent but change,’ and this quote attributed to Heraclitus, circa 500 BCE, is particularly apt in today’s global economy. With challenges such as inflation, a potential recession, and armed conflicts, businesses must remain resilient to survive and thrive.
The workforce is ever-evolving, and learning what motivates employees is vital to acquiring and retaining talent in today’s tight labor market. According to Randstad’s global employer brand research, one of the prime drivers is a pleasant work atmosphere. Globally, employees ranked it fourth among the top five reasons to choose an employer; among European and Latin American workers, it came in second and third place.
After some challenging years in the job market, the hiring frenzy is finally starting to slow down. This doesn’t mean employers can take a sigh of relief. The skills gap continues to grow, and the competition to obtain top talent remains high.
Creating a positive work environment can offer businesses a multitude of benefits. According to our employer brand research, it ranks among the top 5 reasons why individuals choose to work for a company. Not only does it help attract top talent, but it can also reduce employee turnover and absenteeism while simultaneously boosting productivity.
Creating a positive and healthy work environment is essential for attracting and retaining talent to your organization. Unfortunately, studies conducted in both the United States and the United Kingdom have uncovered that toxic work environments are increasingly common.
Success in business — regardless of your industry and the size and nature of your organization — always depends on people.