The COVID-19 pandemic has drastically altered the way businesses operate, manage their employees, and define their corporate values. With all the craziness of the pandemic, the workforce has gone through some really unusual events over the past two years. There’s been the Great Resignation, the Great Reshuffle, and all kinds of remote work. But, on the bright side, companies learned to be more flexible and adaptable.
As the world slowly emerges from the pandemic, it is apparent that the future of HR lies in redefining the employee experience. Companies must become more people-centric to meet the evolving expectations of their workforce. In this article, we will discuss five HR trends that are reshaping the workforce.
HR trends that reshaping the workforce
Remote and hybrid work arrangements
The pandemic has shifted the focus towards remote work arrangements, and this trend is likely to continue in 2023 and beyond. According to a recent Institute of Policy Studies (IPS) report, 52% out of 2,000 Singapore workers felt that flexible work arrangements (FWA) should be the new norm. The hybrid work model allows employees to balance personal and work commitments better, which plays a pivotal role in employee satisfaction.
Many companies still continue to provide on-site flexibility with hybrid and remote working choices. This move has allowed employers to stand out in the job market and attract the talent they need. Joanna Lim, Modern Work and Security Business Group Lead, Microsoft Singapore, said, “As businesses adapt to the disruptive change, business leaders must recognise that long-held assumptions no longer hold true with their employees. They must now make choices that will impact their organizations for years to come.”
Mental health and well-being for employees
The pandemic has highlighted the importance of mental health and well-being in the workplace. An important lesson learnt during the Great Reshuffle was that many employees have no qualms about leaving their jobs for less stressful ones, even if they have to take a pay cut. According to an inaugural study, stress-related illnesses have far more significant implications – costing Singapore’s economy about S$3.2 billion a year and forming about 18% of the country’s total health expenditure. Employers must prioritize health for a higher employee retention rate.
To combat the rising cases of anxiety, stress and burnout risk, and consequently larger employee turnover, employers are increasingly implementing a more proactive strategy to promote staff well-being. Monetary employee benefits aside, many companies today also offer activities and programmes that promote staff’s physical, mental, and financial well-being. Jaya Dass, Managing Director of Permanent Recruitment, Asia Pacific at Randstad, said, “Companies are making provisions in the workplace to take a more holistic approach on what it means to employ a person. To keep (people) engaged and employed and producing wealth over a longer period means that (they) take active care in (their) personal lives.”
Upskilling and learning opportunities
Digitalisation has become increasingly important in today’s world, and many companies are leaning towards. Establishing a work culture that promotes and facilitates the open sharing of knowledge, insight, and experience that benefits employees and drives a company toward important strategic goals. According to LinkedIn’s 2019 Workforce Learning Report, 94% of employees say they would stay at a company longer if it invested in helping them learn.
Companies that invest in upskilling their workforce will have a more productive and skilled workforce. Organizations will also be more capable of attracting and retaining talent who seek development opportunities to grow into value-added and meaningful jobs. Beyond demand skills such as those in automation and AI-based tools, employers can also relook at the soft skills of their employees in their people strategy. They can fill the skills gap in terms of communication and collaboration to enable the success of a diverse and inclusive workforce.
Quiet Quitting in the Workplace
Quiet quitting has become one of the latest buzzwords in the workplace. It refers to employees doing the minimum requirements of their job and putting in no more time, effort, or enthusiasm than necessary. Shweta Verma, Country Manager Singapore at Slack, commented that many Singaporean professionals are burnt out due to long working hours and high stress levels.
A recent study by Deloitte found that younger employees are increasingly seeking flexibility and purpose in their work, as well as balance and satisfaction in their personal lives. This has resulted in many rejecting the live-to-work lifestyle. Employers have an obligation to address this issue not only for the wellbeing of their employees but also to drive productivity.
Diversity, Equity, and Inclusion (DEI)
Employers are recognizing that employees from diverse backgrounds bring varying perspectives and ideas that can help grow their businesses. Moreover, companies that uphold equal opportunities are perceived as good employers to job seekers and employees. A survey report by the Singapore National Employers Federation and Kincentric revealed that 71% of employers recognized the positive impact of DEI on company culture, and 55% recognized its impact on employee engagement.
The report also found that around 62% of the surveyed employers have started incorporating DEI as a factor in their hiring and promotion. The Singapore government is also supporting persons with disabilities in their job search through the Enabling Masterplan 2030 (EMP 2030). Which provides initiatives for employers to support persons with disabilities in the workplace. The EMP 2030 aims to have 40% of working-age persons with disabilities employed by 2030, up from 30% in 2021.
The World of Work is Constantly Changing
HR specialists are facing greater challenges than ever due to the quick changes in workforce patterns. There is an urgent need to re-evaluate and look at new and improved approaches to recruiting, retaining, and cultivating top talents.
By implementing the right people strategy, businesses can attract potential employees for changing job roles while retaining talents in their current workforce. This is crucial in keeping up with the ever-evolving world of work.
Using Human Resources Management System (HRMS) or even outsourcing your HR tasks can be a viable solution for businesses operating in Singapore. Especially those that want to stay up-to-date with the latest workforce policies and practices.
HRMLabs is awarded by Infocomm Media Development (IMDA) as pre-approved digital solution vendor under Productivity Solutions Grant (PSG). HRMLabs provides a comprehensive solution that includes advanced software, expert knowledge, and personalized support to ensure your business always operate efficiently.