HR’s responsibility does not end at attracting great employees; keeping them is the key to an organisations’ success! That is why your employee retention strategy should be just as important as your recruitment plans. Having a revolving door of staff is not practical for any business, it is expensive and can disrupt your company’s culture.
The gender pay gap starts well before women enter the workforce.
Diversity isn’t just about quotas.
Flexible working isn’t a benefit, it’s a necessity.
Companies that neglect their corporate social responsibility will miss out on 88% of the millennial talent.
These findings are just some of the topics covered in Tiger’s upcoming e-book, An Exceptional Working Life: Creating Better Workplaces. As the ultimate guide to modern workplaces, it challenges traditional practices in areas such as diversity, performance management, mental health and workplace design, combining insight from industry experts and the latest research to provide a fresh and innovative approach.
We spoke to industry leaders from the likes of Atlassian, British Land, Deloitte and The 30% Club, pairing their expertise with the latest research and case studies. Here are just some of our key findings:
The millennials are calling the shots
Almost every facet of the modern workplace, including mental health, soft benefits, flexible working and corporate social responsibility (CSR), has been affected by the increasing number of millennials and Gen Zs joining the workforce.
With 92% of 18-34-year-olds wanting the option of flexible working, this working style is increasingly becoming a necessity, not just a benefit. This leaves businesses to decide whether the traditional 9am-6pm format is required to get the best out of their employees, or if there are new ways of working they should be embracing.
Corporate social responsibility will continue to be a huge focus for companies in the coming months, with 83% of millennials saying they would be more loyal to a company that helps them contribute to social and environmental issues.1 With a renewed sense of purpose front of mind and an emphasis on ethically sound operations, this group are ‘voting’ with their job choices, preferencing businesses that can prove they are giving back to the communities in which they exist.
The younger workforce is also driving the prevalence of mental health conversations in the workplace, breaking down the stigmas previously associated with issues such as stress, anxiety and depression. It is now well documented that negative mental health costs UK employers nearly £35 billion each year,2 so companies are looking to raise awareness about the issue through initiatives like enhanced workplace design and mental health first aiders.
Is the traditional performance review dead?
Traditional performance management hasn’t changed for centuries, with most annual review processes finding similarities with early nineteenth century practices. However, a change is floating through the modern workplace, as innovative companies come to realise that the time and effort put into the practice is not delivering the right results. Some, like Microsoft and Adobe, are scrapping them altogether, while others, like Hootsuite, are re-designing them. From emphasising 1:1 conversations with direct managers, to working with priorities, instead of goals, performance reviews are becoming more nuanced and more effective for both employee and employer.
Diversity has a long way to go
Despite mandatory gender pay gap reporting and independent research into best practice, gender and race diversity continue to be an issue that hiring managers are yet to solve. Women make up 9.7% of executives in FTSE 100 companies, and only 16% of executive committees at FTSE 350 companies, while BAME individuals make up just 10% of the workforce and 6% of top management positions. Where businesses like Atlassian and Capgemini have found success is with a holistic approach that involves re-designing careers pages, offering inclusive benefits, re-writing job ads using AI technology and focusing on the talent pipeline.
Should you wish to find out more about the modern workplace, order your copy of An Exceptional Working Life today!
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