- A new report examines the four dynamics of a resilient workforce and how it improves revenue growth.
- In business, resilience is the ability of an organization to withstand, adapt, and thrive in the face of crises and uncertainty.
- To emerge from the health crisis, there is a compelling business case for building and nurturing a resilient workforce. Here are 4 dynamics of a resilient workforce.
KellyOCG’s Global Workforce Agility Report 2021 “Next-level agility: The four dynamics of a resilient workforce” found that companies that are taking a strategic, long-term approach to improving the resilience, agility, and wellbeing of their workforce are more likely to report revenue growth when compared to their peers.
The report proposes 4 key dynamics that can help organizations build a more resilient workforce, thereby having a more profitable business model.
Resilience is the ability to recover quickly from adversity or difficulties. In business, resilience is the ability of an organization to withstand, adapt, and thrive in the face of crises and uncertainty.
Unfortunately, recent research has found that the pandemic has eroded worker resilience, which is impacting productivity levels and company bottom-line.
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Companies need to take heed of this crisis. KellyOCG argues that there is a compelling business case for building and nurturing resilient workforce.
“Where other companies are struggling, Vanguards (companies that have a resilient workforce) report that employee wellbeing and productivity have actually improved during the pandemic, and almost all of them (94%) report revenue growth over the past three years.”
- 91% of Vanguards report that remote work has increased their employees’ ability to innovate, vs 52% of their peers.
- 87% of Vanguards report remote work made them more open to using new technologies, vs 53% of their peers.
- 85% of Vanguards report that remote work improved employees’ ability to collaborate, vs 49% of their peers.
- 90% of Vanguards report that remote work has made employees more productive in this fluid environment, vs 48% of their peers.
So, what exactly sets Vanguards apart from their peers?
According to the report, Vanguards have taken steps to “strengthen the resilience and agility of their workforces for a more fluid, less predictable future.” KellyOCG was able to identify four key dynamics that resilient organizations embraced during the pandemic that helped them create a more agile and resilient workforce, and a more profitable business model.
The 4 Key Dynamics of an Agile and Resilient Workforce (an Overview)
1. Amplify Workforce Fluidity
Companies that want to build a resilient workforce need to be proactive when it comes to the skills gap. Having a comprehensive strategy that helps bridge skills gaps makes it easier for organizations to fill key roles in a timely manner.
How are companies doing this?
- By planning to hire permanent talent
- By leveraging the contingent workforce
- By re-skilling their existing talent.
Companies with a resilient workforce recognize that they need to improve visibility of the talent they have across all business areas. Taking note of the talent an organization has and identifying the skills workers have (within and outside of their key responsibilities) can help companies better determine where their re-skilling efforts need to be focused on.
2. Build a Better Employee Experience
Employee experience has always been important, but it is indispensable now. Companies have realized that a strong and positive employee experience can improve talent attraction and retention, as well as productivity, and engagement.
Unfortunately, the majority of companies are struggling with creating a positive digital experience in an increasingly digital workplace.
To tackle this matter, Vanguards are going straight to the source: employees.
“Vanguards are more likely than Laggards to conduct regular employee surveys and focus groups to understand the employee experience, and to use those surveys to vet the impact of improvement efforts.”
Pro tip: An important part of building a positive employee experience includes involving them in defining and shaping their roles.
3. Improve Diversity, Equity, and Inclusion
Research has consistently found that organizations that are diverse tend to outperform their peers on a variety of metrics, including increased profits and greater innovation.
KellyOCG found that “while many organizations still only pay lip service to DEI programs, Vanguards are making them a priority.” According to their data, only 43% of respondents report that they are executing a fully developed DE&I strategy for full-time staff; similarly, only 19% responded that they have a DE&I strategy in place for contingent workers.
Vanguards, on the other hand, are twice as likely to have fully developed DE&I strategies for their talent, both permanent and contingent. Some of the strategies used by Vanguards include:
- Programs to attract and support the career progression of women.
- Programs to attract and support the career of candidates from under-represented groups.
- Offering DEI training and incentives for leaders.
- Establishing clear channels to report discrimination.
- They have measurable goals and objectives in place to track DEI outcomes.
4. Deploy Leading-edge Technology
The right technology supports employees and better enables them to thrive. According to KellyOCG’s report, “88% of Vanguards say adopting leading-edge technologies is critical to enhancing the employee experience and for supporting long-term business success.”
More importantly, 94% believe that it is their responsibility to ensure employees have the skill set needed to adopt these new technologies.
As more companies announce plans to allow employees to continue working remotely long-term, deploying the right technology tools and platforms will become increasingly important to support a more fluid and hybrid workforce.
