Leadership Transformation Archives - The Future of Work Exchange

The Four Trends That Will Shape the Way(s) We Work in 2024

Business Leadership Contingent Workforce Direct Sourcing Talent Talent Acquisition by Christopher J. Dwyer on 01/03/2024

By now, we’ve all heard the many elucidations on the year ahead. From predictions and financial outlooks to economic forecasts and market guesses, there are so many thoughts on how the next twelve months will unfold from business, talent, technology, and leadership perspectives.

So, essentially, we’re in for another year in which the Future of Work movement will continue to reshape and transform the very ways we think about how (and why) we work.

2023 was a watershed year. Artificial intelligence fully sped its hype train in circles around both business and consumer personas, while dire-then-rosy-then-dire-again-then-optimistic economic outlooks pushed all of us onto a nonstop financial rollercoaster. The labor market remained (and remains) a tad volatile, even though it’s showing signs of slowing steadily based on jobs data heading into the final five or six weeks of 2023 (with an approximate 12%-to-14% drop in job adds in December from November).

And then there’s cooling inflation, as well, which will (hopefully) contribute to a strong economic year as a better balance between supply and demand converges with a full year of economic and labor market consistency.

The Future of Work Exchange believes there are dozens of factors that will shape the foundation of 2024. Here are, however, four of the most critical trends:

The effects of artificial intelligence won’t be measured by its utilization, but rather its impact. Attempting to measure the adoption of AI-based technology is difficult (even though we’ve tried that here at the Exchange many times before) because artificial intelligence utilization isn’t always rooted in enterprise software nor is it fully-integrated into core operational systems. It will be critical for businesses to measure the true effects of AI via its impact rather than how many users or how broadly the technology is being leveraged, i.e., is AI contributing to better talent matches?, is AI augmenting core roles?, is AI enabling deeper and more educated talent decision-making?, etc.
The “human factor” is beyond crucial…it’s essential. The term “empathy” became omnipresent in the wake of the COVID-19 pandemic as more and more workers craved non-financial support from their leaders, mentors, and employers. The pandemic was more than a transformational event; it forced professionals to view their jobs and careers from a human perspective (“mortality” being a major factor in the face of death, loss, and disruption) and, consequently, resulted in a shift from leaders towards compassion and empathy. While some attributes of the human factor were lost when businesses declared “normalcy” back in fashion, the mantra still rings true: the Future of Work thrives on humanity. As talented workers have more choices than ever before, and as new jobs/roles are decided upon by candidates from more than just compensation (like charity, workplace culture, diversity, inclusion, etc.), the “human factor” is an essential piece of the Future of Work movement.
The next 12 months will shape the very future of business leadership. Are leaders made, or, are leaders born? This was always a fundamental question that unfortunately paved the career roads for many a professional for the past few decades. “Leadership” in and of itself is a nebulous concept given that every enterprise executive shares varied responsibilities, each with a tinge towards “strategic” or “tactical” that dictates how, when, and why they lead. The stakes have changed, though, and so has the very definition of leadership; it’s not just “management,” it’s mentorship, coaching, and conscious thinking that drives productivity, humanity, culture, and inclusion. Leaders have the potential to impact not just the financial or economic successes of their respective organizations, but also how the organization is perceived to future talent and how candidates determine its overall workplace environment. In 2024, business leadership hits a tipping point.
The blended workforce represents the future of talent acquisition. It’s no longer a question of how the extended workforce will impact the greater business arena…it’s how much value it will drive. Ardent Partners and Future of Work Exchange research pegs the contingent workforce at 49.5% of the average company’s total workforce, a figure that, ten years ago, Ardent predicted would become a reality given the trajectory of non-employee talent. It’s not just the overall size of the extended workforce, though, that makes it such a high-value Future of Work attribute, but rather the ecosystem around this workforce that represents so much innovation and evolution. AI-fueled talent acquisition, the continued growth of direct sourcing, the convergence of VMS and HR-led technology, massive shifts in how businesses find and engage talent, and the next great era of the Gig Economy all point to the extended workforce as a key Future of Work tenet in 2024 and beyond.

Sustain the Leadership Evolution

Business Leadership Diversity and Inclusion General Insights HR Uncategorized by John Yuva on 03/30/2023

What the previous three years have shown is that enterprises are resilient. The ability to turn on a dime operationally and transform from an in-person to a nearly fully remote workforce is a stunning achievement. It is the ultimate in change management execution, forever altering the Future of Work paradigm and business leadership as we know it. In defining the Future of Work movement, the Future of Work Exchange identified the transformation of business leadership as one of its three critical pillars.

Workplace Humanization Arrives

How has business leadership transformed? Quite simply, leaders today have a newfound focus on “humanity,” and the need to be more talent-oriented to thrive during uncertain times. During the height of the pandemic, there was no separation between how leadership and employees experienced this global event. Everyone went through it together and had similar fears, anxiety, and concern for others. Many leaders recognized this fact and rebooted their workplaces by retaining employee flexibility and remote/hybrid models once the world started to normalize.

Bridging of Human and Skills-Based Objectives

Along with the humanization of the workplace, the need for skills-based talent became apparent as well. The criticality of enterprise agility, flexibility, and business continuity is now a central part of talent acquisition strategies. It is no longer about filling a job role, but rather hiring candidates that bring specific skills and competencies while also being a good cultural match. Business leaders today actively bridge the human aspect with skills-based execution. Understanding, for example, the importance of diversity, equity, and inclusion as part of the cultural fabric, leaders have integrated DE&I into hiring and operational objectives.

Business Leadership Evolves

The Future of Work Exchange and Ardent Partners have identified five ways business leadership is evolving.

Inclusivity Is Paramount

93% of business leaders state that they are focusing leadership efforts on developing and cultivating a more inclusive workplace culture. Not only does this invoke a sense of belonging within the workforce, but it can enhance brand reputation when promoted on recruitment portals and in the media. More job candidates are seeking employment with enterprises that place a premium on inclusivity.

Providing Purpose

Over the next 12 months, nearly 70% of business leaders plan to develop a vision and plan for making work more purposeful across the organization for its total workforce. In his Fast Company article, Raj Indupuri, CEO of digital clinical software and service provider eClinical Solutions, said it’s critical to have leadership goals that all employees can align with. “In my experience, it’s more enjoyable to come to work when surrounded by others who are equally passionate about your purpose.”

A Focus on Well-Being

Throughout 2023, nearly 75% of executive leaders anticipate enhancing the ways the business improves worker well-being and mental health. While the impacts of the pandemic have subsided, the emotional effects continue to linger. Monitor employee well-being and mental health through surveys and regular one-on-one check-ins with team members. Such feedback is crucial to identifying employees who may require specific mental health services or programs.

Empathy-Driven Leadership

Today, 65% of executives include empathy in their management styles, which reflects a flexibility-driven approach to leveraging more humanity in how they lead. This can lead to more open communication between employees and leadership, as well as a greater comfort level in presenting ideas that could result in untapped innovation.

The Conscious Leader

Over the past year, 73% of executives have moved towards more of a “conscious leadership” approach, which centers around the understanding of worker perspectives, emotions, and concerns. Conscious leadership brings the human aspect of leadership management full circle.

Is the current business leadership transformation sustainable? The outlook is hopeful. By modeling and promoting such behaviors as empathy, conscious leadership, and a focus on DE&I principles, it unifies the workforce to not only adopt those approaches but also hold business leaders accountable. That accountability will help sustain the Future of Work ideals and continue the evolution of an employee-centric workplace.

Leadership Must Change if Businesses Want to Thrive in 2022

Business Leadership by Christopher J. Dwyer on 10/27/2021

Many business leaders across the world were dealt an unfair hand when the COVID-19 pandemic hit nearly 18 months ago. Faced with a massive loss of revenue, customer trust, and enterprise sales, executives were also forced to lay off or furlough chunks of staff during the worst public health crisis of our lifetime. When uncertainty and the unprecedented impact of a pandemic hits your business, your staff, and your personal life, as well, there’s not much room to positively maneuver around it all.

We’ve experienced many Future of Work “accelerants” over the past year-and-a-half that have enabled new discussions on the best ways for enterprises to get work done. Yes, of course, remote and hybrid work have dominated those conversations, however, there’s so much more to the story that has a direct impact on how leaders, well, lead.

Future of Work Exchange research points to several expected shifts in business leadership over the next several months and into 2022:

83% of enterprises expect business leadership to prioritize an inclusive workplace environment. Diversity is just one (very big) piece of the arena known as “diversity, equity, and inclusion.” Business leaders now seemingly understand that inclusion, which extends to how they structure a welcoming and open workplace environment, is the only path forward for both talent acquisition and talent retention. Potential candidates should feel at-ease knowing that they could potentially join an organization that welcomes their background, differences, disabilities, etc., while existing workers are more likely to stay if they know their workplace is safe, welcoming, and prioritizes openness and communication. Inclusion is just as critical for new talent as it is for current talent.
80% of companies anticipate more empathy-led leadership. Empathy is a routine, featured topic here at the Future of Work Exchange, and for good reason: empathy, quite literally, is the only way forward. Empathetic leadership is what is sorely needed for executives to earn required trust from their staff and for workers to feel “connected” to the greater organization and to also feel supported in their current roles. Empathy-led leadership involves organizational leaders asking questions, actively collaborating, and prioritizing communication with their workforce. In 2022, this will make or break the average enterprise, especially as conversations around worker burnout continue to dominate headlines.
77% of organizations believe business leaders will structure workforce management on flexibility. While we just highlighted how the Future of Work is more than “just flexibility,” the agile nature of today’s forward-thinking organizations provides a robust template from which today’s leaders can leverage to effectively plan for the year ahead. Yes, remote and hybrid work plays a valuable role in the greater concept of flexibility, however, it traverses much deeper than whether or not workers are physically in the office or at their kitchen table. Flexible work models, such as shorter work weeks, adjusted hours, or agile task-sharing, also play critical roles in how business leaders rethink the many ways to get work done.
72% of businesses expect business leadership will focus on understanding personal perspectives of workers. This attribute could be the most crucial of all, given where we are in the greater timeline of a public health crisis. When the pandemic hit, no one fully knew what to expect; what followed was tragedy, horror, and unease. From a business leadership perspective, it created a truly emotional toll on the workforce, forcing executives to enact cognitive empathy to fully understand what it was like to juggle a lack of daycare, remote learning for children, sick or dying relatives and family members, and general uncertainty regarding job security. If leaders truly understand “where” workers are mentally and emotionally, it allows them to be more flexible in their management style and how they support that talent. In the months and years ahead, this higher level of understanding will go a long in helping business leaders build a trusting workforce that feel like their leaders want to fully support them during uncertain times.