Oxford Economics Research shows Companies Unpreparedness for Future of Work

HR Tech Outlook | Friday, November 30, 2018

LAS VEGAS, NV: Generations after generations, businesses are witnessing diverse work environment with different kinds of skills, experiences and work habits. Strategic planning and preparation are vital in the present business scenario to drive productivity, talent development and employee engagement.

In contrast, according to new wide-scale research from Oxford Economics, most companies are unprepared to capitalize on workforce. Workforce 2020, an independent, global study by Oxford Economics with support from SAP SE reveals that most companies recognize the importance of managing an increasingly international, diverse and mobile workforce. But the fact is that majority lack the strategy, culture and solutions to apply that in reality.

 In the survey including 5,400 employees and executives and interviewed 29 executives in 27 countries, two-thirds of businesses have not made significant progress toward building a workforce to meet their future business objectives.

“To gain advantage in the future, businesses must understand the workforce of tomorrow and its importance to bottom-line success,” says Edward Cone, managing editor of Thought Leadership at Oxford Economics. “Our research shows that the C-suite is out of touch with HR on business strategy and priorities, and workers are not getting what they want from their employers in terms of incentives, benefits and training.”

The study’s findings highlight some critical issues faced by HR professionals; compensation issues, millennials are often misunderstood, widening of talent gap, lacking of leadership.

“When it comes to preparing for the future of work, knowledge is power,” says Mike Ettling, president, HR Line of Business, SAP/SuccessFactors.“Tomorrow’s workforce will be more diverse and work differently. Companies must understand this and develop new strategies that support diversity and foster a new level of employee engagement and collaboration or they will ultimately remain stuck in the past.”

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