My $0.10 on the future of the workplace

Trying to grapple with uncertainty is human nature. We typically use the patterns of past events to forecast the future, but the last few years have clearly highlighted that sometimes this is futile. 

Nonetheless, there are five trends which continually crop up when discussing the future of work. Two of these trends, upskilling your workforce and improving their soft skills are advantageous during tumultuous times. Conversely, focusing on financial wellbeing, flexible working schedules and sustainable practices speak to the long-term socioeconomic and environmental difficulties that we’ve all experienced since the pandemic.

If you want your organisation to stay ahead of the curve, then taking action on these points will equip you with the foundations of success: employee health and wellbeing. Only then can you foster a team that is committed and productive, even in the face of adversity.

(1)  Upskilling

The World Economic Forum says upskilling is critical to post-Covid economic recovery; it could boost global GDP by over $6 trillion and create 5.3 million new jobs by 2030. As a result, experts predict that professionals will engage in continuous learning that goes beyond the traditional 3-year degree and build on their existing skillset throughout their career.

But upskilling is also important for workplace wellbeing, and if employers don’t allow for this continual knowledge loop, then retention rates will drop. “If people can’t grow, they’ll leave”, according to a Microsoft report. The opportunity to develop is important because it keeps employees engaged and empowered to embrace new challenges. In turn, this reduces the likelihood of burnout because they can gain control of their workload and become more productive. 

Upskilling is also in the leader’s interest because it allows their organisation to remain a strong competitor in their industry. Companies therefore need to recognise that people want opportunities not just for promotion but development, and this will provide a business advantage.

(2)   Financial wellbeing 

The cost-of-living crisis has jeopardised financial wellbeing, as reflected in Westfield Health’s 2023 analysis of Google searches. For example, John Lewis saw a 219% rise in hot water bottles as people tried to ‘heat the human not the home’. As the recession is expected to continue, shining the spotlight on financial wellbeing will be a priority. In fact, according to employee benefits consultant, Gallagher, 49% of organisations are planning changes to their current benefits offering to better support employees. If organisations are not in a position to enhance benefits, they can still focus on financial education, for example:

-       Ways to improve budgeting skills and spending habits.

-       Understanding of planning tools and awareness of financial milestones such as retirement.

-       Reducing stigma around financial difficulties.

Given the wealth of research on the relationship between financial wellbeing and other aspects like physical and mental wellbeing, organisations will need to ensure that employees feel heard in order to avoid the vicious cycle of financial-mental ill health. Clinical psychologist Dr Tania Johnstone argues that ultimately people want to have agency over their lives and while initiatives relieving the burden do achieve this, so does increasing financial literacy.

(3)   Soft skills

Historically, hard skills have been perceived as superior to soft skills, but the value of the latter is finally being recognised. This is because building and maintaining healthy relationships is pivotal for wellbeing in a virtual world, which brings to the fore characteristics, such as communication and open-mindedness. 

These qualities allow us to not only learn about but also be sensitive towards our own thoughts and emotions, as well as those of others. An important by-product of this is a supportive, high-performing culture as well as a team that has the necessary psychological space to be innovative. 

For leaders, emotional intelligence has never been more important as they guide their employees into the future of work. Specifically, empathy, agility, transparency, and self-awareness are required to build an environment of trust and commitment in their organisation.

Taking this further, there is increased focus on what’s known as Love Leadership, which reflects emotional maturity and stands in opposition to traditional authoritarian approaches which lead by fear. For example, in November, the Bank of England hired consultants on love and leadership to conduct training in the wake of the recent financial turmoil. 

(4)   Flexibility

The pandemic forced us to disrupt the long-established 9-5 format and now flexibility has become a crucial component of workplace wellbeing culture. First, organisations are embracing flexible work patterns, such as by trialling a four-day week or allowing employees to start later in the day. Doing so gives people the freedom to meet caregiver responsibilities or adopt a working pattern that suits their cognitive needs. 

Organisations that do cater to individual preferences should see the benefit, for example HSBC found that 61% of leaders from 10 global markets felt flexibility improved productivity. Not only that, but it improves employee engagement, retention, and wellbeing.

However, unfortunately, the issue of trust between an organisation and its employees remains an issue in some cases. Consequently, this causes a high workload and employees develop a sense that their wellbeing is not valued. Microsoft’s research found that leaders can counteract their ‘productivity paranoia’ by regularly listening to their staff and taking action. 

(5)   Social responsibility 

Climate anxiety is steadily rising, and personal ethics are affecting people’s career choices. To avoid inflicting moral injury on their employees, organisations will therefore need to strongly consider how they can become socially conscious. Organisations that adopt sustainable practices, and do not simply engage in virtue signalling, can significantly contribute to their employees’ wellbeing. 

More broadly, some companies are going beyond traditional corporate social responsibility, and producing environmental, social and governance (ESG) strategies, which evidence suggests can enhance social, physical and emotional wellbeing. 

Accurately predicting what lies ahead is, of course, not possible. However, these trends suggest a bird’s eye view can help us step back and see the larger picture. Technology has been advancing exponentially for decades, and there’s no sign it will slow down. Therefore, it’s important that we acknowledge our organisations are first and foremost human-centred. Instilling in your employees the qualities that can evade automation, from leadership to creativity, will be invaluable, as will equipping them with the additional skills they need to remain engaged and confident.

It is also imperative organisations recognise the impact of more recent difficulties - environmental concerns, hybrid working and economic turbulence. Offering authentic support, as opposed to wellwashing, will guarantee employee health and wellbeing, but without this key pillar, organisations will struggle to reach their potential.