Part one of Five –
Despite the air of uncertainty surrounding fiscal cliff negotiations and how they may affect business hiring and investment decisions, there are a few workplace trends that seem all but certain.
Although this list in not all-inclusive, I’ve chosen my top five workplace trends for next year, and over the coming weeks we’ll explore what’s coming in 2013 and beyond. They’ll include:
- Why companies will have to get creative and offer non-traditional work benefits
- How the new law creating healthcare exchanges will disrupt and transform the type of health benefits provided by employers
- How business will use social media to highlight their unique company culture for the purpose of recruitment and retention
- Why there is a huge gap between the knowledge and skills employers need to fill positions, and those presented by applicants
- Why the nature of employment relationships will expand to include increased use of temporary, leased and contract workers
So, let’s jump right in. Why will companies have to get creative with the type of benefits they offer? Because many more millenials are joining the workforce and these young workers value different types of benefits than their predecessors. For example, millenials love time off and are willing to exchange (or even forgo) compensation in exchange for it. They’re willing to take a job for a lot less money as long as they’re allowed 4-6 weeks off. This allows a company to offer a benefit that actually saves payroll costs. Millenials also value flexibility; this could take the form of a varied work schedule or the option to telecommute a few days a week. Also low cost.
Another example that sounds crazy but it’s being offered in various forms by Netflix, Motley Fool and IBM, is unlimited time off. With pay. That’s right. It will only work in certain white collar, high trust environments with excellent productivity measures but still, just the concept of unlimited time off would have sounded insane ten years ago. So, a younger workforce with changing values, is also transforming the face of the benefits package.
Next week: Healthcare Exchanges- More choices for employers or regulation nightmare?
*Born roughly between 1980-2000
