This new report by Economist Impact argues that human-centric strategies are needed for businesses to drive sustainable business growth. The Magnetic Workplace Barometer gauges confidence both today and in five years’ time across three main pillars: productivity and infrastructure; employee engagement; and culture.
It’s become a cliché to say that digitalisation spiked over the course of the pandemic as businesses turned to tech to ensure operational continuity, but it’s a cliché simply because it’s true. As noted in our 2021 report, the health crisis helped catalyse a global experiment with remote work and WFH models—to varying degrees of success—that has only solidified with time.
Technological infrastructure has become core to how organisations today are thinking about their workforce’s productivity and efficiency. This is evident in the examples set by major firms such as Apple and Amazon, which are trailblazing digital-first work models and rethinking the purpose of their office space.
Digital tools can only ever be half of the equation. Companies cannot afford to ignore the human element as they pursue long-term business continuity and higher productivity. By combining the productivity-boosting powers of technology with a human-centric approach, companies end up with a truly magnetic workplace.
A magnetic workplace is a reimagination of the office as more than just a physical space, but as a value centre that helps individuals achieve their maximum potential. A magnetic workplace helps employees produce their best work by ensuring that they feel supported and satisfied, leading to improvements in worker retainment and skills development.
Our survey and research offer various suggestions and examples of key steps that organisations can take to establish a magnetic workplace. However, a few aspects stand out:
Technology-powered collaboration. Digital collaboration tools can not only enable more flexible and remote work, but also help to break down information silos within companies, leading to better teamwork and productivity. Globally, companies are confident about the future of “productivity and infrastructure” - with their confidence increasing from 5.26 today to 5.34 in the future.
Flexible working hours and models. By enabling more flexibility through remote or hybrid work models, companies can create the necessary environment for higher productivity, as workers have more say in choosing when and how they produce their best work. Currently, employees’ confidence level in terms of the availability of flexible working arrangements is 5.35 and is expected to stand at 5.41 after five years. International Business Times. Why Apple is giving workers $1,000 to stay at home. https://www.ibtimes.com/why-apple-giving-workers-1000-stay-home-3359246 The barometer is scored on a scale of 1 to 7, with 1 being “not at all confident” and 7 being “very confident” 1 2 © The Economist Group 2022 The magnetic workplace: keys to unlock sustainable growth for businesses.
More autonomy for all. When employees can set the terms of how and when they work, they produce better outcomes and report higher job satisfaction. Empowering them to set professional goals and work scopes can instil a stronger sense of ownership and improve retention. Currently, employees’ confidence level in terms of shaping their role is 5.34 and is expected to grow to 5.44 in five years’ time. • Accessible opportunities for professional development. The advent of more sophisticated technology is driving the need for more digital literacy among workers, as well as the development of key soft skills. At present, employees’ confidence level in terms of developing existing skills and acquiring new skills is 5.33. Its anticipated score in five years’ time is 5.41.
Responsive, well-trained managers. Managers stand at the frontline of any company’s leadership, serving as the lynchpins of employee satisfaction. Globally, the confidence level for management leadership training stands at 5.28 and is expected to reach 5.40 in five years’ time.
Commitment to workforce diversity and wellbeing. Employees increasingly want to work with companies that share their values and care about their overall wellbeing. Globally, the confidence level for diversity and inclusion, organisation values, and employee wellbeing is currently 5.29. In five years this is set to grow to 5.39. In our barometer, the US, Australia, Germany and the UK are all upbeat about the prospects of a transformed future workplace.
However, unsurprisingly, Japan performs poorly on the barometer owing to a strong and rigid workplace culture. Our survey also finds that larger companies are faring better because of having greater resources to put into transforming their workplaces. The retail, media and information technology, and financials and insurance industries will also cope better in the workplace of the future. While technologies such as virtual reality will help teams bridge physical distances and raise productivity, companies must pair these investments with a focus on human-centric policies that consider individual employees’ needs and limitations.