COVID-19 Archives - The Future of Work Exchange

The Second Thing You Must Know About The Future of Work

Business Leadership Contingent Workforce Diversity and Inclusion General Insights HR Talent Technology and Innovation by John Yuva on 10/25/2022

The Future of Work Exchange (FOWX) and Ardent Partners recently hosted their complimentary webinar, The Five Things You MUST KNOW About the Future of Work, which discussed the critical capabilities that enterprises can unlock to truly optimize the way they address talent acquisition, extended workforce management, and, most importantly, work optimization. Over the next five weeks, we’ll be recapping each of the five things discussed during the event.

In our second installment this week, we’ll be diving into the “first-mover advantage” and what that means for innovation and resiliency.

Adoption of Future of Work Accelerants

The number two must-know about the Future of Work is that the first-mover advantage (in this case, early adopters of Future of Work-era strategies and solutions) translates into urgency for innovation. During the scary early days of the pandemic, businesses were either struggling for survival…or were thriving. When we think about where we are today, let’s look at the organizations that adopted some of these Future of Work accelerants: they tapped into remote work, became more diverse and inclusive with their workforce and in their workplace, while also improving their workplace culture and overall work optimization strategies.

Businesses also embraced aspects like artificial intelligence and used their technology more expansively. For example, a Vendor Management System (VMS) wasn’t used just for requisitions, but also to build scenarios and leverage predictive analytics to scale the workforce and understand what could happen tomorrow based on today’s numbers. Doing so could lead to smarter and more educated and intelligent-led talent decisions. Thus, there is an urgency for innovation.

This is not simply about thriving, but surviving as well. Those businesses that have adopted some of these accelerants, whether they’re strategic or technology-led, are much more likely to thrive in the months ahead. The first-mover advantage sets these organizations up very nicely for the future.

Thrive Through Understanding and Embracement

The Future of Work Exchange’s architect, Christopher J. Dwyer, highlighted a discussion he had with a director of talent acquisition, who said it was easy for her company to transition to a remote workforce because it was already a hybrid workplace. The company took what it learned in pre-pandemic times over so many years that it was fairly simple to transition to remote work. It already leveraged both HR and contingent workforce technology and had those systems integrated, so it knew where its workers were across the globe — a company with approximately 300 global locations. She said the company had the capability to know who was working on what projects, where they were located, when their assignments ended, and what locations were being hit hard by a COVID-19 surge, which allowed them to react in real time. Speaking with her months later, said Dwyer, the company was thriving because of the lessons learned and its embrace of Future of Work accelerants during the early days of the pandemic.

This is not to say that a business struggling in 2020 couldn’t be thriving today. The first-mover advantage means that enterprises shouldn’t sit back and watch others pass them by in terms of what they’re adopting and embracing from Future of Work, innovation, and progression perspectives. What else is happening out there? What are their peers and competitors adopting from a technology perspective? How are their business leaders managing the workforce? How are they treating their workforce? Why are they losing talent to other organizations? Why are they getting hit harder by The Great Resignation than others?

The next economic recession will be unique because of existing inflation; however, many industries are doing well and thriving because of lessons learned and the collective trauma experienced over the last three years from the pandemic. During the next downturn, companies are likely to weather the storm much better because of the technology they’ve adopted and the new strategies they’ve embraced. The innovative thinking that comes from those decisions makes companies better suited to handle the challenges of today.

Flexibility Cannot be Underestimated

What does this mean for the workplace? In many respects, hybrid is the ideal workplace model because of the flexibility that workers crave. Obviously, many workers are unable to work remotely because of their job description. And, some businesses look at remote and hybrid work models with concerns about productivity and workforce control. However, time and time again, workers have proved that avoiding a 90-minute commute to and from work allows them to be more productive each day.

It also speaks to the flexibility of taking care of life events. The ability to go to the dentist or pick up a sick child from daycare or school can mean a great deal to workers. Workers are humans, not just numbers on a spreadsheet. It doesn’t matter if you’re a contractor that worked 4.5 hours or an employee who has been with the company for 40 years. These are not faceless workers. We are humans and humans crave flexibility. We want the ability to feel connected to the organization.

A famous CEO of the world’s largest search engine said that “the Future of Work is flexibility.” We’ve been saying this for a long time on FOWX and it’s true: the Future of Work is built on flexibility.

Unretired but not Irrelevant

Contingent Workforce Diversity and Inclusion General Insights Talent by John Yuva on 09/14/2022

Since the beginning of the Great Resignation in 2021, millions of workers have left the workforce — many retiring from the job market altogether. However, some of those retirees have now unretired and reentered the workforce. According to Nick Bunker, economic research director for North America at the Indeed Hiring Lab, as of March 2022, 3.2% of workers who retired a year earlier are now employed. What does this mean for companies and the Future of Work? Essentially, there remains a large talent pool of unretired seniors who bring varied skillsets and interest in remote work — a perfect combination for a pipeline of contingent labor.

The Pandemic Spurs Mass Retirement

Most of the planet can relate to how COVID-19 affected our work lives. Throughout the first two years of the pandemic, many senior workers decided to retire from the workforce. However, it occurred in unprecedented numbers.

During a Federal Reserve Bank of St. Louis podcast titled “Retirements Increased During the COVID-19 Pandemic: Who Retired and Why?,” Miguel Faria-E-Castro, a research economist at the Federal Reserve Bank of St. Louis, remarked on the number and the reasons for retirements beyond what was expected as the baby boomer generation exits the workforce.

“… And actually, I find that there were about 2.6 million excess retirees on top of what those trends would predict. And there are many reasons why people are retiring during COVID-19. There’s the fact that older people tend to be more susceptible to severe illness from COVID-19,” he says.

“There’s the fact that many of these older workers had to care for loved ones who used to be in daycare institutions that were now subject to lockdowns, and there’s also the fact that asset values were rising very rapidly during the COVID-19 pandemic, which might have influenced the value of pension and retirement accounts,” Faria-E-Castro adds.

Despite the reasons behind retirements, 2022 witnessed the return of many retired workers to the workforce.

A Generational Return

While retirement numbers reached unprecedented levels, the availability of COVID-19 vaccines, along with simpler and more obvious reasons like boredom and a sense of purpose, prompted retired workers to find employment.

Other reasons to return include:

Inflation. According to the latest U.S. Department of Labor data, the inflation rate for the United States is 8.3% for the 12 months ended August 2022 — an increase of 8.5% previously. Higher prices throughout a variety of industry sectors including food and beverage and consumer products are causing financial hardships for retired workers. Returning to the workforce is helping to ease that burden as well as pay for rising healthcare expenses

Tight labor market. A tight labor market means available jobs. Prior to the pandemic, employment opportunities for older workers were less plentiful and even scarce. However, with the enticement of flexible hours and remote work to fill open positions, enterprises are opening their doors to unretired employees — and they’re taking those opportunities.

Higher wages. Companies understand that the lack of talent requires a higher wage to lure candidates. Unretiring to supplement pension and Social Security payments is helping to offset inflationary pressures on monthly expenses.

Leverage Senior Talent for Greater Value

Now that senior workers are returning to the workplace, how can companies best utilize this unique talent pool? In her Forbes article, “Is the ‘Great Resignation’ Actually a Mass Retirement,” Avivah Wittenberg-Cox, CEO of 20-first, a global balance consultancy based in London, highlighted three critical areas for how companies can retain older workers.

Build senior talent into your D&I strategy. When examining the makeup of your workforce, how many are older employees? It is critical to know the age distribution of your workplace for a variety of reasons. First, it may be a sign that the enterprise lacks diversity in its senior talent. There is much to be said about a multi-generational workplace and the advantages of pairing younger workers with more seasoned employees. Second, tribal knowledge is rarely written down for the benefit of others. Whether it’s processes, procedures, or shortcut efficiencies, companies rarely capture that knowledge before employees retire and it’s gone forever. Third, transparency in your age distribution can lead to a strategic outlook on potential succession plans. It should also serve as a significant part of your knowledge management process.

Invest in professional development. As humans, we’re always learning. And in today’s enterprises, change is a constant. With that in mind, professional development should not be an investment for only younger talent. Despite many multi-generational workforces, ageism is still present within companies. Today’s D&I initiatives should focus on removing that practice and the barriers it creates for senior employees. Having purposeful work is just as important to the older workforce as any other segment. Unretired employees often want to learn new skillsets to broaden their experiences and provide meaningful outcomes to the enterprise.

Flex the workplace model. As retired workers return to the workforce, they’re looking for remote and work/life balance opportunities — which complements the Future of Work paradigm. Understanding the purpose of why an employee is unretiring can help shape how best to utilize their skills. It also opens a dialog about the potential tenure of a senior employee. Rather than a sudden departure that often occurs with traditional retirement, companies can plan eventual exits and ensure knowledge capture and a succession strategy.

The Future of Work is not generation-specific. It encompasses all generations within the workforce from Gen Z to Baby Boomers. In fact, it is Baby Boomers who can serve as a valuable source for continent labor. Those coming out of retirement to find a second calling or support a former company or industry in a new and beneficial way have much to offer. And leveraged strategically, the knowledge of this generation of workers can spark innovation and provide a unique dynamic within multi-generational teams. At the end of the day, age is just a number.

The Impact of the Delta Variant on the World of Talent and Work

Business Leadership General Insights Talent by Christopher J. Dwyer on 08/02/2021

Throughout 2020, businesses across the globe waited with bated breath for the development of a medical marvel to combat the COVID-19 pandemic. Up until late year, non-pharmaceutical interventions (NPIs) were the best (and only) way to stop the spread of the coronavirus. When Pfizer was the first Big Pharma firm to hit its vaccine home run, both the business and personal sides of our personas were exalted with joy and relief.

We’re now seven months into the most critical vaccination campaign in history, and, once again, the slithering coronavirus is continuing to wreak havoc. Once a “variant of interest,” the “Delta variant,” much like its predecessors (Alpha, etc.) has become the dominant strain of the virus across the world. In the United States, which just recently experienced an incredible decline in cases alongside millions of vaccinations per day, has now seen yet another sharp uptick in cases and hospitalizations due to the increased transmissibility of the Delta variant, which suggests is as easily spreadable as the chicken pox (which is, in non-scientific terms, not good). Just a little over a month ago, the seven-day moving average of cases hovered around 12,000. Today, that same seven-day moving average has hit 72,000.

All of this essentially means one thing: within the next several weeks, people are either 1) going to be vaccinated, or, 2) going to contract the Delta variant. The big ideas around the summer being a time of reopening, celebration, and a return to normalcy have all been thrown into a tailspin, especially knowing that this variant results in more frequent breakthrough cases and can possibly be spread by even the vaccinated population. The question, though, remains: what does it mean for business?

Many organizations have been pivoting and adapting for so long that it remains an easy decision on how to spin their reopening or “return to the office” plans; these enterprises can effectively continue doing whatever they have been doing, whether it’s continuing a fully-remote work model or leveraging the power of the hybrid model. In most cases, these business leaders have already have the foundational tools to weather the next several weeks. However, for those businesses that have struggled or have spent the past few weeks touting a “big return,” what should be the plan of attack?

First and foremost, base whichever workplace strategy on science and data. It’s too easy for executives to base summer strategies on country or global data and make decisions from there. The CDC did have a more pointed line of thinking with mask mandates, though, as it relates to the spread of the Delta variant: for individuals in “high prevalence” areas, masks should be worn indoors regardless of vaccination status. In those counties with “low prevalence,” masks for vaccinated persons can be left up to the individual. The same should apply for the business mindset with a pinch of salt: utilize the county-level, data-based approach but understand that workers may be traveling from further regions that are in areas of higher prevalence. And, also understand that with cases surging in nearly 70% of the United States, it may only be a matter of time before we’re all re-masking in indoor settings once again.
Safety must be paramount, no matter the strategy. It can be incredibly disheartening (and exhausting) to have to reissue mask mandates and social distancing awareness within an office after a few months of relaxed guidelines. The good news throughout all of this (as I read in a New York Times newsletter on Friday morning) is that the Delta variant’s anticipated surge in the UK never truly occurred, petering out at 25% of its estimated peak before settling back to the mean. Owed to increased transmissibility, the sheer volume of inoculated individuals, and the continued mysteries around this novel coronavirus, we may (hopefully) not experience the same type of surge we saw in the winter months (when cases were hitting 250,000/day). However, workplace safety must be paramount, and if business leaders must reissue mask mandates even for those vaccinated, or, alternatively, continue in remote or hybrid settings, it will ensure that physical well-being remains a priority.
Focus on empathy and flexibility as continued strategies. For some regions, working parents are about to send their kids back to the second school year under pandemic culture. For others, the Delta variant remains a cause for concern for workers that are immunocompromised or live with immunocompromised individuals. Adding in yet another layer of stress can be deficient to worker productivity if there is unease regarding a return to a physical location, so business leaders and managers must continue to focus on their empathy-led direction and be flexible in how units and professionals choose to get work done. It’s been nearly 18 months of adaptability…what’s a few more weeks? Or a couple more months? By now, we know what works in remote settings and what does not. For many professionals, even being around disruptive home life has resulted in the best possible levels of productivity and an enhanced work-life balance. This mode of thinking must cascade up to the leadership suite: continue being flexible in how work gets done, continue to lead with empathy, and, most importantly, be aware of worker well-being and their emotions.
Broach the great vaccination debate and stick to a plan. It has been proven that privately-owned businesses can mandate vaccinations for their workers. Before the emergency use-authorized vaccines were actually available, this was a discussion that had started to gain steam by both those who believed that vaccinations were the only way out of this pandemic versus those who were vehemently against a series of vaccines that were developed in record time. This debate has raged on for months now, with many individuals wary of the three EUA-approved jabs or downright against the very concept of them due to longstanding (and incorrect) beliefs that COVID-19 was nothing more than a hoax. With so many heartbreaking stories of younger individuals being intubated and realizing that it did not have to come to such measures if they had only been vaccinated, the scientific truth is that Delta’s transmissibility will seek out those who are not inoculated and wreak havoc. Business leaders are in a tough position: do they mandate vaccinations as a condition of employment for the sake of science and safety but risk alienating workers that do not want to be told to be vaccinated, or, allow workers to decide for themselves and possibly risk a local surge that could be incredibly disruptive to business operations? No matter the decision here, leaders cannot waffle; if the mandate is the best way to move forward, stick to this plan and ensure that workers have all of the support they need, be it time off to receive the shot, an extra day to deal with possible side effects, etc. Empathy here, as always, will be helpful in executing such a plan.
Above all else, the power of communication will be key. Throughout the entirety of the pandemic, one of the worst ramifications on professionals and workers was an overwhelming feeling of anxiety sparked by uncertainty. Business leaders cannot muddle through decision-making and cause panic or worry amongst the workforce. They need to use this time, especially as science continues to uncover the continued possibilities of vaccination breakthroughs (and whether those who have been jabbed can spread the virus as robustly as those who are unvaccinated), and clearly communicate short-term plans with their teams. Inform that changing environments may delay reopening plans and that the executive team is keen on science and data in designing the next wave of back-to-office planning. For workers, knowing that they will be in a remote or hybrid environment for several more weeks can alleviate some of that anxiety and ensure that they can focus on being productive.

The COVID-19 pandemic continues to throw curveballs at us. It’s a novel virus that has mysterious consequences and an uncertain origin. The last thing anyone should expect at this point is a premature declaration of victory. What’s so much different today than last year is that we have actual tools in highly-efficacious vaccines that prevent the worst possible scenarios of COVID while allowing those who are vaccinated some small semblance of normalcy.

Businesses have been stuck in a perpetual cycle of change, adaptation, and uncertainty. Looking across the country (and other regions around the glove), tourism is nearly back to where it was pre-pandemic. The global economy is nearing early 2020 levels, as well. The speed of destruction caused by the Delta variant, however, could very well result in some rigid restrictions that we thought were gone for good. However, if the path ahead, especially over the course of the next month or two, means that businesses have to pause office reopenings and stick to what has worked best over the past 18 months, well, then, they know exactly what to do and how to do it.

The Future of Work movement has long been predicated on evolution, flexibility, and change. The concepts behind the Future of Work’s core principles were ideal accelerants for a business world begging for change and progression. Delta is taking its best shot right now and flaring up cases across the world and especially within the United States. It’s certainly exasperating to go from the highs of millions of vaccinations per day to a 700% increase in daily cases, however, businesses have been resilient throughout the past several months and there should be no expectation that this will change however long Delta continues to blaze through the hopeful final months of the biggest public health crisis of our lifetime.