Commitment to ESG Practices
This is Environment, Social and (Corporate Governance) practices. There are many ESG factors including Climate Change, Energy Efficiency, Diversity and Inclusion, Community Engagement, Stakeholder Engagement and Ethical Behaviour. People are increasingly looking for businesses which are more widely responsible than just driving profits and market share. BDO Australia have summarised nicely as to what ESG is at https://www.bdo.com.au/en-au/accounting-news/accounting-news-may-2021/what-is-esg
It was discovered as a result of the COVID pandemic that many roles can successfully be fulfilled without the need to attend the office everyday. Employers rather than employees are naturally more likely to want a higher level of office or worksite attendance and the push and pull between what works best is yet to fully play out. With unemployment at a 48 year low the needs of employees have never been louder. Those that find the right balance will likely have the widest choice when hiring and retaining their people whilst still maintaining customer satisfaction.
Many organisations have failed to invest adequately in the upgrade of their core HR systems. Often the People and Culture function have been the recipient of the Finance Departments choice of system with the HR module integration rather than being able to choose something more purposeful for its employees. As employees and leaders move and experience modern HR systems and Apps it quickly becomes an attraction if they are ever to consider moving again.
Within modern HR systems, the ability to calculate and make available to employees their daily wages is growing. This means employees have the ability to spend their wages as they are earnt rather than wait for their weekly, fortnightly or monthly pay. For any employee who has ever needed to find money to feed their family, to meet an emergency expense between pay days, or are more active around their personal investments, this feature will likely become a differentiator for where they choose to work.
Together with remote working is the growing need to move general and leadership training online. This is more than mandatory compliance training. Not all training can be effective online but is something which requires some deeper review. There are many new online training platforms available providing the technology platform.
There has been tremendous progress in the awareness mental wellbeing. This is something which was possibly traditionally ignored or thought to have been solved through the provision of an EAP service. Organisations who can be more in touch with their employees in real time, provide them a safe environment to express themselves and work, will likely build a stronger engaged workforce.
There seems no doubt we are entering into a period of higher inflation. With almost 5 generations of employees now across some workplaces it will affect everybody in different ways. It will likely motivate companies to start looking for internal savings and employees to start looking for personal savings on the home front. It may also start the upward wages pressure on companies and more active unions. Either ways, everybody will likely feel some effect from inflation which will need managing.
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