In the organizational budget, employee expenses account for the largest share, and business leadership is gaining a deeper understanding of this fact. After all, employees are the core strength of a company, responsible for research and development, marketing, sales of products or services, and the day-to-day operations of the business. In this dynamic business world, these employees are also crucial for business growth and innovation opportunities.
As businesses enter the Fourth Industrial Revolution, technological integration blurs the lines between the digital, physical, and biological realms. Organizations need to involve existing employees to fully harness this opportunity. In fact, talent and technology are inseparable.
Employees continuously enhance their skills and engage in interdisciplinary learning.
Technological advancement shapes the way organizations operate. To keep up with the latest technological trends, employees need to continuously equip themselves with new skills to avoid the risk of job automation. This changing work environment also brings about a shift in employee career development. In the past, employees primarily relied on organizational training programs for growth and advancement. However, today's employees are seen as needing to embrace a desire for learning new skills to remain competitive in a fierce talent market. According to statistical data from BCG's "Decoding Global Talent Report," 68% of employees worldwide are willing to undergo training to adapt to new occupations and stay competitive. This thirst for knowledge and new skills brings opportunities for fresh thinking and building new connections for employees while also offering potential advantages for businesses.
Employees now play a significant role in shaping the direction and trends of business development.
Today's business leaders increasingly emphasize establishing a strong employee value proposition and fostering a highly engaged environment. Abundant research indicates that a powerful and well-communicated employee value proposition can translate into highly engaged employee teams and build a strong employer brand. Take Merck as an example; the company has long been recognized as one of the best workplaces, earning multiple accolades in various rankings including Glassdoor's Employees' Choice Awards and Forbes' 2021 America's Best Employers. Merck has established a robust employee value proposition and provides comprehensive benefits such as paid parental leave, year-end shutdown days, and a global recognition program.
Similarly, highly engaged employees tend to stay with the organization for longer periods and maintain a healthy level of commitment to the company. These highly engaged employees are likely contributors to the sustained long-term growth of the enterprise.
Employees now have more power to make critical business decisions.
Open and transparent communication in the workplace is vital for business growth as it encourages the exchange of fresh, innovative thinking. In the past, employees might have refrained from expressing their opinions due to fear or discomfort, but that situation is now a thing of the past. Today's employees are more willing to voice their opinions and provide feedback that influences business decisions, considering that these decisions affect them as well. When employees feel empowered to participate in critical business decisions, it promotes diversity of thought and solutions, satisfying the needs of the entire employee team.
(Read more: What Is the Key to Workday Implementation Success?)
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