Just five years ago, daily commutes to the office were the norm, but the landscape of work is changing with astonishing speed. Looking ahead, the demographic composition of the workforce and the very nature of our workplaces are set to transform dramatically.
Today’s article explores these rapid shifts in work trends—from remote work and quiet quitting to the rise of e-commerce and globalization. We’ll also discuss the critical role of embracing diversity and inclusion in navigating these changes, not only to enhance profitability but also to cultivate a work environment where employees thrive.
Embracing Diversity and Inclusion as the Norm
The workforce is getting younger, with the number of Gen-Zers employed expected to triple by 2030. These young workers also value diversity at higher rates than previous generations, as a PEW study reported 68% of those under 30 saying DEI is a good thing for businesses.
Additionally, the workforce is becoming more diverse, as noted in an AAUW study, which found that by 2028, over 20% of the workforce will be of Latinx heritage, up from just 10.4% in 1998. These two facts alone should be enough to embrace diversity and inclusion as the new normal, but here are a few additional benefits that you can see as a result of DEI initiatives:
- Improved community perception – Diverse consumers buy from diverse companies. By reflecting the makeup of your community, you can attract a consumer base by providing products and services tailored to their needs.
- Enhanced inter-departmental communication – Diverse and Inclusive teams have a deeper understanding of cultural differences, which leads to more respect between individuals and higher levels of effective communication.
- More creative problem-solving – Inclusive leaders and environments encourage everyone to share their opinions and ideas. Unique worldviews translate to unique solutions to challenging problems.
- Reduced turnover and higher employee engagement – Diverse and inclusive company cultures see higher retention rates and happier employees. In turn, these team members recommend their employers to family and friends, ensuring a full hiring funnel.
- Higher profits – Who doesn’t love more bottom-line money? Diverse and inclusive companies see higher profits compared with homogenous organizations. These higher profits result from unlocked creativity, collaboration, and respect.
Of course, getting everyone on the same page about your diversity, equity, and inclusion efforts can feel like a monumental task. However, with the help of Coach Diversity Institute, you can deliver transformative programs to everyone in your organization, from front-line team members to top executives.
The Rise of Remote and Hybrid Work Models
In 2019, prior to the pandemic, only 6% of the American workforce worked remotely. By May of the following year, as much as 35% of full-time workers had transitioned to work-at-home models due to the pandemic.
As the pandemic subsided, the percentage of the workforce normalized to around 24% working from home. Although that figure is significantly higher than pre-pandemic numbers, it’s still down by about 5% of the theorized max of 29%.
So, what does that data tell us? It tells us that remote work is a viable solution for a significant number of workers. It also tells us that while some businesses are issuing in-person, return-to-office mandates, others are noticing an expanded sense of community and inclusion that is unlocked from a dispersed work environment.
Remote and hybrid work models benefit employers and employees by removing the time (and distance) restrictions many employees face. It also deepens talent pools by allowing candidates from other geographic locations to apply for and fill job openings, reducing time-to-hire rates and improving employee satisfaction.
The Importance of Mental Health and Wellbeing
We are living through one of the most unhappy, burnt-out periods in history, as noted by the 77% of workers who reported stress in a study from last year. Furthermore, that same study reported that 92% of individuals feel it’s vital that companies value employee well-being, both physically and mentally.
One of the most common negative factors contributing to poor mental health is a lack of employees and long working hours. A solution businesses are implementing is a focus on inclusive and diverse hiring practices, which helps remove unconscious biases, allowing employers to fill gaps in head counts.
Another strategy companies are experimenting with is reducing the work week from 40 to 32 hours. This shift in work-life balance is showing promising results, with countries like France seeing no impact on productivity by restructuring the work week.
Likewise, mental health resources, such as paid therapy benefits, on-site or remote counseling options, and a commitment to professional development, pay dividends through happier, healthier employees. Discuss these options with your human resource department and get creative with the perks you offer your staff.
Upskilling and Reskilling: Preparing for the Future
We touched on professional development as a tool for improving mental health, but it’s also a growing workplace trend that’s having the most positive impact in underrepresented communities. For instance, platforms like Google and LinkedIn are now offering upskilled certifications to attract employers.
These certifications help those without a traditional education prove their expertise without facing a paper ceiling. Alternatively, companies are reducing the growing skills gap by introducing new career paths, specialized corporate “universities,” and apprenticeship/internship programs.
These alternative educational programs and soft skills training allow companies to fill specialized positions where finding the right person was previously more difficult, if not impossible. A career-oriented program serves your community by creating job opportunities and improving your public perception.
Coach Diversity is Leading with Vision in the Changing Workplace
The last four years showed us how these trends develop, such as remote work exploding from 6% to almost a quarter of working professionals. We’re also seeing the workforce become more diverse as younger workers (Millenials and Gen Z) enter the labor force and baby boomers continue retiring in droves.
Equally as important are the reports concerning mental health and the significant importance it has on the modern employee. Employers are combating burnout by adapting strategies to help their teams better manage stress, anxiety, and fatigue.
The best way to prepare for modern workplace demands is to educate yourself and your staff on the importance of diversity and inclusion. These forces alone are contributing to the shifts we see, and developing the skill sets needed to navigate and shape the future is possible through Coach Diversity Institute.
Enroll you and your team in one of Coach Diversity Institute’s numerous programs designed to spark awareness, build relationships, eliminate discrimination, and train inclusive leaders. Connect with us today to get started making a difference in your organization!