Talent shortages, labour market tensions, rampant inflation and the resurgence of unionization across many industry sectors have highlighted a profound shift in the social contract between employers and employees. Mercer’s 2023 Global Talent Trends report indicated that 50% of c-suite executives showed that enabling new ways of work would be a critical focus area for 2023 to restore balance to the management-labour compact.
Organizations need to reinvent their proposition and business model, centred on creating a workforce-centric enterprise and what’s economically viable, to realize the future of work and remain attractive to employers.
The World Economic Forum’s Good Work Framework, published in May 2022, drills into the human capital component of the “S” in ESG (environmental, social, and corporate governance) and provides a foundation. The framework gives organizations a platform for a balanced baseline offering coupled with more ambitious and futuristic aims.