One thing you can count on in management is change. Keeping up with workforce management trends means keeping up with competitors. The following are some of the most recent trends impacting workforce management.
Higher Minimum Wage
In the past year, we have seen several states raise their minimum wage pay, with supporters stating higher wages are needed to keep up with inflation. On the flip side, business managers are facing higher labor costs and not all are happy about it. On the Federal level, the government also Huffington Post article on Bernie Sanders’ Minimum Wage Legislation Proposal to $10 over a 2 year period, but it has not passed as of yet.
Affordable Care Act (ACA)
Another big change has been a result of what is commonly known as “Wikipedia article on the Patient Protection and Affordable Care Act”. The ACA now stipulates that organizations provide inexpensive health insurance to their employees if their employees number 100 or higher. Any full-time worker who is employed for more than 30 hours per week will qualify for the employer-provided health insurance. This means additional costs for businesses.
Mobile Workforce
Next, as is very apparent, the workforce is becoming increasingly mobile. With the use of laptops, tablets and/or smartphones, people can work from anywhere. Employees are involved in travel that is work-related, often across states and sometimes even globally. Furthermore, many employees are being hired in remote positions, allowing businesses to hire people without location restrictions. The Telework Improvement Act Summary, legislated in 2010, motivates organizations to provide these types of teleworking options for their employees, and more employees are coming to expect them.
Millennial Workforce
Without a doubt, the current workforce in the United States is changing. Recent research indicates that in 2017, Millennials (or people born after 1980) as the single largest group in the workplace. A great millennial trait is their preference for honest feedback. Millennials thrive on excelling in their careers by way of replacing ineffective modes of working. This means they work best with mentors who can pinpoint specific areas of performance that need improving. Because they can easily adapt to the changes needed to become better workers, millennials are known to be highly innovative and ambitious employees.
Cloud Sourcing
Lastly, many organizations use outsourcing to conduct business. This means using services outside of the company to fulfill customer needs, such as advertising, payroll, security services, and more. One of the latest trends in outsourcing is Techopedia definition, utilizing a cloud provider to take on IT services rather than having the services be done in-house. Cloud providers give businesses easier and faster access to information. More benefits to cloud sourcing include: cost reduction, less infrastructure, and improved productivity.
All of these trends are important for business owners to note, as they can heavily impact them in terms of employee satisfaction, compliance, and profitability. Gain more insight on management trends with KnowledgeCity’s courses: Human Relations in Business and Managing Change. Get started today with a Free Demo at www.knowledgecity.com.
