Feature story- The Workforce Ecosystem: Managing an Enterprise and Beyond - LabourNet - Enable livelihood of Informal Sector

The Workforce Ecosystem: Managing an Enterprise and Beyond

There is a widespread perception that political systems are growing more and more polarised and less and less effective in addressing social challenges. Across the globe, people are banking on businesses more than the government. Citizens are looking towards enterprises to fill the void.

The last decade has seen a rise in the concept of social enterprises. And the shift has occurred because it is driven by social, economic, and political changes that have happened since the global financial crisis. Many factors contributed to the rise of social enterprises, and powerful macro forces drove the urgency of this change.

For the first time, the power of the individual is growing in mature markets. Young people are actively questioning the core premises of organisational behaviour, the economic and the social principles that guide it.

Feature Article boatAs the power of the individuals is growing, organisations are renewing the approaches of their workforce management, rewards systems, and career models to listen better and respond better. Especially, as workers and networks outside the organisation grow in importance, organisations are attempting to establish effective continuous relationships with every segment of the workforce ecosystem.

The challenge is to figure out how to appropriately address each’s inclinations and preferences while engaging with a more diverse set of workers and workforce segments than ever before. To drive real value through the new workforce ecosystem, organisations need to understand how to appeal to and engage with workers of all kinds.

Business leaders and human resources officers today, understand the need to actively and strategically manage relationships with workforce segments beyond the enterprise. There is a prediction of an expected rise in contractors, freelancers and gig workers, which is demanding the organisations to find ways to align their culture and management practices with these outer talent segments, engaging the workforce ecosystem for a bilateral benefit.

Is ensuring employee well-being a strategy or responsibility?

As the space between work and life blurs further and further, employees are demanding and expecting that organisations to expand their benefits offerings which include a wide range of programs for physical, mental, emotional, financial, and spiritual health. In support, employers are investing in well-being programs as both a societal responsibility and a talent strategy.  However, significant pauses remain between what employees value, and what organisations are presenting.

To lessen the likely unfavourable impacts on the workforce tomorrow, the organisations must put the employees in the loop by reconstructing the work, retraining the people, and rearranging the organisation. The most significant opportunity is not just to redesign jobs or automate routine work, but to fundamentally rethink “work architecture” to profit organisations, teams, and individuals.

In the 21st-century careers, the individual’s experiences take prime focus. Rather than a patterned progression on a job-based beat, leading organisations are shifting their rhythm towards a model that empowers individuals in acquiring valuable lessons, exploring new roles, and continually reinventing themselves. Advancement in this area is crucial to attracting critical talent, especially as technology is shifting the skills landscape.

The rise of the social enterprise required a determined focus on building social capital by engaging with diverse stakeholders, accounting for external trends, creating a sense of mission and purpose throughout the organisation, and devising strategies that manage new societal expectations. At stake is nothing less than an organisation’s reputation, relationships, and, ultimately, success or failure.

An organisation’s track record of business citizenship and social impact has a direct bearing on its core identity and strategy. Engagement with other stakeholders on subjects such as diversity, equity in gender pay, and income inequality can boost financial performance and brand value while failing to engage in these can damage the reputation and alienate critical audiences.

In this new era, human capital is inevitably tied to social capital. This reality demands a fundamental shift in how organisations conduct their business today, and how they prepare for the human capital challenges of the future.

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