The changing shape of teams

Every day the demographic makeup of our workforce is changing.

By 2025, Millennials will constitute three-quarters of the Global Workforce and this year Generation Z will become the largest generational demographic worldwide.

We are moving from a tech-literate workforce towards a tech-native one, made up of people who have grown up in a digitally saturated world.

This means that the skills of those entering the world of work are significantly different to what they were a decade ago.

Deloitte recently surveyed a range of CXOs and asked them which of 12 categories was most discussed in their companies in terms of tackling future challenges. Surprisingly, talent was last on their list, even though only a quarter are highly confident they have the “right workforce composition and the skill sets needed for the future.”

As the way we do business changes, the skills in demand evolve faster and I can’t see that changing anytime soon.

As a result, the increase in tech-literacy is one of the clearest shifts in the hard skills of our workforce. Within a generation we have moved from typewriters to tablets and by fully engaging with technology we have become so much more productive.

But, it is not just hard digital skills or greater expectations of tech-enabled offices that have changed. Employee expectations and priorities have also shifted.

Take millennials, who believe that the success of a business should be measured by more than its financial performance, with a focus on improving society being one of the most important things companies should strive for.

And, according to research conducted by IFAC, stability and work-life balance are among the most important priorities for Generation Z.

So, while the skills coming into entry-level roles match the speed of technological development seen at most organisations, the soft skills of the next generation workforce have far exceeded what organisations have previously committed to doing.

A consistent theme amongst the best places to work in the UK are that they strike a good balance between emotional intelligence (EQ) and intelligence quotient (IQ) initiatives. Not only do they value the hard skills of their employees, but they care about their health and wellbeing more than ever. 

They value intelligent employees and the latest technology, but they also value emotional awareness and managers that can ensure their team is motivated beyond just their pay packet.

The best technology in business is already a standard, it is with our focus on championing and prioritising EQ that we are standing out from the crowd. Always strive to go one further where your employees are concerned.

There is a business benefit from going the extra mile here too. A study conducted at the University of Warwick found that happy employees are 12 per cent more productive.

Looking at the bigger picture, this means that a happier workforce could lead to an overall rise of 3 per cent to GDP and economic growth.

And, according to data gathered in the Human Capital Trends Report, better-performing companies are roughly 11 times more likely to offer holistic wellbeing policies than lower-performing companies.

When policies go beyond simple physical wellbeing initiatives, employees know they are being valued and supported. When employees feel appreciated they perform better. And, when their wellbeing needs are met, they are more productive.

Traditional business thinking is no longer effective at securing a competitive advantage. Like the demographics within our workforce, we also need to change our ways of working.

We must focus on the talent in our business today and every day. From hiring the right people, to providing our teams with the tools they need to develop, we can ensure our organisations reflect the societies they operate in.  

We can’t put a square peg (the shape of a business) in a circular hole (the demands of the environment we operate in). We need to feel comfortable moulding, shaping and re-thinking our talent priorities in an ever-changing environment.