Forbes.com
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This article originally appeared on Forbes.com. If I had to hazard a guess at this early point in the new year, I would bet the No. 1 issue on the minds of executives and directors in 2022 will be talent. Data shows “The Great Resignation” continues. In recent months, record numbers of workers have changed companies—and often careers—in pursuit of a new life postpandemic. Covid-19 has exposed the fragility of the employer-employee relationship, triggering deep questions about the work we do, how we do it, and even why. According to Bain & Company data, 58% of workers globally feel the pandemic has forced them to rethink the balance between their work and personal lives. It takes time to come to grips with any shift of this magnitude and consequence. The exam question, as it were, is, How can we nurture a new model of work that is sustainable, satisfying, and successful? Colleagues at Bain Futures have just published a report, “The Working Future: More Human, Not Less,” seeking answers to this question, and it’s one of the best things I’ve read on the topic. The report is based on a year of research including: a Bain/Dynata survey of 20,000 workers; in-depth interviews with more than 100 people from varying walks of life in the United States, Germany, France, Italy, Japan, China, India, Brazil, Indonesia, and Nigeria—countries representing around 65% of global GDP combined; and hundreds of conversations with executives at our CEO Forums. Rehumanizing the way we think about workOne of the report’s most striking insights is how decelerating labor force growth, superabundant capital, and the growing importance of intangible assets like intellectual property and customer networks are shifting the balance of power in business from capital to labor. Its conclusion: Automation and digital systems aren’t leading to a future of work that is less human, but one that is more human. We must, therefore, develop a far deeper understanding of workers. “Much of the prevailing thinking about the relationship between workers and firms was forged in a very different world than the one we live in today, where workers were viewed simply as factors of production in the machine of enterprise,” the authors write. “Today’s firm requires a new mental model, one that rehumanizes the way we think about work. More than simply inputs, workers are the atomic building blocks of the modern firm. Yet our understanding of workers—their hopes and desires, their untapped potential, their emotional state—is often superficial.” Five themes reshaping workFive key takeaways emerge from the group’s extensive research.
Three steps every executive should focus onArmed with these insights, business leaders trying to stay ahead in increasingly competitive markets will focus on three things:
For executives resolving to stay ahead or gain ground in the war for talent in 2022, exploring these themes and the actions they point to is an excellent place to start. You can find the full report here. |