“FR,” your workforce is changing

Or if you are not a Gen Z, for real, your workforce is changing: with critical needs that must be addressed and new opportunities for your organization to be the employer of choice.

Let’s continue with a mix of Gen Z phrases to 80’s slang (like today’s workforce diversity) to explore a roadmap for creating better people experiences to help your organization change, grow and thrive.

“I want my MTV” aka Call to action

Changing business models, technology and talent demographics and preferences are driving leaders to new approaches for how work gets done. Increasingly, it does feel like everything is being disrupted. Part of the new roadmap includes upending predictable processes such as workforce planning with faster cycles for addressing talent gaps, sourcing and onboarding talent. A first step can be working with the business around a change priority or new technology and analyzing the work alternatives.

“Rulez” aka Rethink the rules

The number of contingent workers is expected by some sources to grow to 40% of the U.S. labor pool

The traditional employment relationship has evolved to free agency where workers are choosing independent or contract work at an increasing rate, or for employees, opting into new roles or assignments within their companies to get priority work done.

Consider for a moment the number of contingent workers is expected by some sources to grow to 40% of the U.S. labor pool. The new roadmap requires rethinking the sources of talent for the work. A first step includes thinking more broadly about the talent available to get work done, and exploring different talent options depending on the skills required. It may make sense to make premier work, let’s say a Data Scientist role, independent versus hiring for a permanent job that is newly emerging in the organization.

That’s “TRILL” aka Unique needs

As you consider different talent sources, from contingent workers, to freelancers, seasonal or part-time, it is “TRILL” (true & real) that the needs of the independent worker are unique. While many independent workers enjoy the opportunities to have flexible work schedules, choose their own projects or be their own boss, they also struggle with control of their financial future, and are unsure about their benefits. Their unique needs are tied to a broader array of work, health and well-being requirements.

As an organization looking to attract talent for the work, addressing these needs becomes an important differentiator. For example, if that pre-eminent Data Scientist has the opportunity to contract with a number of organizations, wouldn’t work with your organization be chosen first if it also provided access to benefits?

“Who Ya Gonna Call!” aka Explore the new solutions

New and innovative solutions are available to help organizations address their future of work needs. Take for example, Stride Health, a leading benefits provider for independent workers. Stride’s offerings include health coverage, customized dental and vision insurance, care planning and tax planning. Stride Health is an example of addressing the benefits and wellbeing needs of the independent worker so that their productivity and performance is at its highest potential.

Providing benefits your seasonal and part-time workforce increases the likelihood that the workforce will be ready and able for work

Organizations that use Stride Health to provide benefits to their independent workers are supporting the workforce for sustainable engagement, energy at work, and health and well-being, as well as reducing absenteeism, or risk of turnover.

Take for example, an organization with a number of part-time or seasonal workers that relies on the productivity of this workforce during its peak season. By providing benefits to this workforce, there is a greater likelihood that the workforce will be ready and able for work, and also have the financial wellness to possibly limit its other contractual work.

Or, consider a workforce where there is a high degree of variability in work demands. Take for example a technology group including the cybersecurity team comprised of subject matter expert contractors, as well as full-time employees. When an unfortunate cybersecurity breach in the organization occurs, they quickly realize their “24×7” work requirements need to be supported with additional benefits. Access to Stride Health would immediately provide additional benefits support. This is also a viable option for the permanent employees, who may need to access additional benefits not covered in their formally sponsored plan.

“Hundo p” aka Make the most of your 100%

Hundo p (for GenZ), or 100% the impact of your employee value proposition by shifting to, and creating a Talent Value Proposition that takes into account the elements of the work deal for all of your organization’s talent.

Creating a talent value proposition starts with recognizing your different workforce segments and talent, and defining the value proposition unique to each segment. For example, your organization’s overall work proposition may be “join a great place to work, for a great you” with emphasis placed on learning and development and optimized total rewards.

For full-time employees, this may mean formal career paths and training programs, and rewards with emphasis on wellbeing. For independent workers, a value proposition may be effective onboarding related to their work assignment, the chance to apply their skills in doing the work with your organization, and access to benefits (like with Stride Health) and financial solutions related to independent work.

FR, be the modern talent organization by getting TRILL for all your talent for Hundo P impact!

About Tracey Malcolm

Tracey Malcolm is the Global Future of Work Leader in the Human Capital & Benefits practice. She works with l…
Categories: Health and Group Benefits, Leadership and Talent | Tags: , ,

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