With all the rapid change over the last few years, one element that has gone under the radar is building workplaces for the New Tribe.
Workplaces change. From cube farms when I first entered the workforce, to more open-plan office arrangements of the last 20 years, to the Silicon Valley pool tables and massage chairs of the 2010s. But what’s important is not just the physical aspects of the workplace but building a holistic workplace experience that matches the needs of a transformed workforce.
In 2023, many organisations will face significant shifts to meet new lifestyle expectations. These changes represent both a threat and an opportunity.
We have been hearing about the New/Next Generation ever since the Millennials. Entrepreneurs and leaders can only understand what workplace considerations are essential if they spend enough time with them.
With talent scarce, approaches to onboarding, employee engagement and nurturing capabilities must be on the radar of leaders of all types and sizes of companies. My experience has led me to believe that development will be the key, especially as research indicates 90% of younger-generation talents will spend less than three years with your organisation.
First, understand the current backdrop:
Younger staff do not want what more senior leaders or staff want. Their ambitions are different. The recruitment firm Michael Page states that 69% of Thai employees would pass up salary increases or promotions to have a better work-life balance. I recently read that 37% of the Thai workforce have been with their current employer for less than two years (and more than 80% were thinking about new prospects). When they leave, it costs your business money.
More opportunities will lead to salary increases. Scarcity and high competition for critical capabilities means companies of all sizes and backgrounds will face salary increases. The 2023 outlook is still uncertain, but Mercer has forecast a 4.5% average increase despite the current uncertainty.
Thais are choosing to leave their current positions despite this situation. The last few years have been tough, but the growing importance of digital has also been liberating — speaking of which:
Digital creates new opportunities for businesses and organisations of all sizes and industries. Even the most successful Thai companies on the global stage in an unfashionable industry, or outside Bangkok, can struggle to get higher-tier talent.
However, the advent of technology is delivering better work-life balance opportunities. A recent Talent Trends 2022 report found 70% of employees believe well-being should be a key consideration for employers. This suggests that companies everywhere have no choice but to take this seriously.
So, what can entrepreneurs, business leaders, and owners do?
Show your people they have a future and a place where they can grow. Give them something more/new/stretching to do, whatever your business is. They are more likely to stay if they feel they are growing. I have seen amazing things happen when people feel they have the opportunity to move around and not just do one thing forever.
Give them feedback more often. Traditional feedback approaches have become a chore, and almost meaningless in some organisations. They are too slow and insufficient to develop more agile responses. Catch your people doing something right and let them know. When you see a development opportunity, provide advice in a more timely manner. You will be amazed how this can transform any organisation’s culture for the better if done well.
Manage or transform your reputation better. This generation Googles you (personally also) and is not afraid to share. This means you must get your message out and improve public perceptions to attract, engage, and keep staff. Organisations need their people to present a positive picture of their workplace. This does not have to be expensive, but it does take some serious commitment and care. Appreciation and providing opportunities are key here.
Plan the next steps for your culture and employee experience. The concept of culture can seem such a big word, but every organisation has one. If you do not actively manage your culture, you will not get the one you want. You will get the one you deserve, or one you let others determine for you.
This does not need to be complicated or take teams of consultants. It does need you to invest time into envisioning what you want it to be, how to make it happen, and identifying what needs to change. It also requires you and your fellow leaders to role model it; otherwise, you become the problem.
Develop your “development” capabilities. Even if you don’t have an HR department or it is a small operation. If you choose to do nothing, you will be outcompeted by companies that will build the capabilities to out-innovate you via the better talent they can grow or get.
The New Year is a natural time to reflect on what has gone before, and what comes next. A transforming workplace and workforce are inevitably part of the future. Leaders need to start planning for a more mobile workforce who know health is wealth and are more eager to grow.
Arinya Talerngsri is Chief Capability Officer, Managing Director, and Founder at SEAC — Southeast Asia’s Lifelong Learning Centre. She is fascinated by the challenge of transforming education for all to create better prospects for Thais and people everywhere. Reach her email at arinya t@seasiacenter.com or https://www.linkedin.com/in/arinya-talerngsri-53b81aa
