Let’s explore the recent developments in the world of global work
As companies adapt to the fast-changing business landscape, it's good to try and stay ahead of the curve and embrace the trends that are shaping the future of work. This blog investigate the trends from the rise of hybrid work models to the growing importance of cybersecurity, we'll delve into the key trends driving innovation and empowering professionals. Let’s dive in.
1. Hybrid Work Models: The New Norm
With an increasing number of companies now offering a hybrid work model, and with a 45% increase of employees expecting more workplace flexibility, hybrid work is essential for improving employee experience. A 15% increase in retention and a clear boost in job satisfaction is seen in these models. With such clear benefits, embracing the hybrid work model is becoming essential in a world where talent shortages are all too common.
2. Gig Economy: A Flexible Workforce
By the end of 2022, the UK gig workforce had doubled within three years. Furthermore, the global gig workforce is expected to increase by another 50% by 2027. This trend enables employers to seek flexible talent and companies to reduce recruitment costs, while also making it easier to hire tech professionals according to Deloitte. It's a win-win, that makes businesses more agile and professionals more autonomous.
3. Employee Well-being: Investing in Health
With contributing towards a 30% decrease in sick leaves and a 22% increase in retention shows that investing in mental health and engagement initiatives is more than a nice-to-have—it’s a must-have . Employee well-being is a cornerstone of a thriving work environment.
4. Upskilling: Fuelling Internal Growth
Upskilling has become a popular trend among professionals, with 72% considering continuous learning to be crucial. In response, companies are increasing their e-learning initiatives and 47% of them are battling talent shortages with upskilling initiatives and internal promotions. The lifelong learning movement is not slowing down.
5. Diversity, Equity, and Inclusion: Driving Innovation and Success
Companies with robust DEI strategies can experience a 30% increase in team collaboration and a 15% growth in innovation. With increased innovation these diverse teams can bring about 19% higher revenues. It’s a fact that diversity is not just the right thing to do; it’s also great for business. In our recent article, we discuss how cultural differences bring success to global teams, and we see a continuing rise in the emphasis on DEI. Read more on the benefits of DEI here.
6. Technology in Recruitment: Speeding Up Processes
HR teams are becoming more tech-savvy, with the majority (85%) using AI-driven tools to reduce hiring time by over a third. Technology is no longer just the future; it's here and it's transforming recruitment.
7. Decentralisation: Accessing a Global Talent Pool
As more companies adopt remote work, tapping into a broader range of global talent becomes easier. By 2025, an estimated 70% of the workforce will be working remotely at least five days a month. This shift towards remote work is not just a fad trend; it represents a new way of thinking about talent acquisition and globalisation.
8. Sustainability: Aligning with Consumer Values
80% of consumers support brands with social responsibility. Sustainability is not only trendy; it's a principle that resonates with consumers and stakeholders alike.
9. Soft Skills: Key to Success
92% of recruiters value soft skills as much or more than technical ones. The human touch remains vital in the age of technology.
10. Rethinking Offices: Flexible Spaces
While the majority of businesses would like to see their staff in the office permanently or in a hybrid model, more and more companies are shifting towards more collaborative environments. Over 10% of companies in the UK are already looking to have their talent work fully flexibly. The office is evolving, and flexibility is the new kid on the block.
11. AI and Digitisation: Driving Efficiency
The forecasted expansion of the generative AI software market to $36 billion by 2028 marks a digital revolution. The time to embrace automation is now.
12. Cybersecurity: Protecting Assets
A 300% surge in cyberattacks since 2019 means over $12 billion spending on cybersecurity in 2023. Security is no longer optional; it's imperative.
13. Leadership Evolution: Adapting to Change
84% of CEOs believe that innovation is critical to their growth. Effective leadership is more nuanced and adaptable than ever before.
Conclusion
These trends, full of compelling data, depict a workplace that's flexible, diverse, and responsive. It’s an exciting time to be in business, whether you’re an employee or an employer. If you're hungry for more, we've built more research and insights into our Global Hiring Trends guide which you can access here.
Our team is ready to support your global workforce needs, making global employment easy by taking care of hiring, paying, and looking after your remote teams. With Teamed, you can build the team that meets your needs, no matter where they're based, because together, we can shape the future of work.
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