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Challenging short-term thinking in the future of work

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Future of Work


CHALLENGING SHORT-TERM THINKING IN THE FUTURE OF WORK

With data showing a rise in job hoppers, how will leadership tackle short-term
thinking in the future of work?

Home
 1. Insights
 2. Featured Topics
 3. Future of Work


It was supposed to be a trend that wouldn’t have legs: in huge numbers in the
early post-pandemic era, workers left jobs in waves and quickly moved to the
next role. Then came the down economy late last year, and most HR officials
assumed the short-termism that was disrupting their radar would fade. But
somehow, the gig economy has persisted, and employee retention is still an
issue.


RETHINKING EMPLOYEE RETENTION TACTICS

According to our latest research on the future of work, 44% of employees are
still ready to change jobs within months as opposed to years. Our experts
pinpoint a host of factors, from burnout to a lack of opportunity to develop new
skills. But they also say many firms are still struggling to effectively address
the wellbeing and purpose-driven needs that matter to employees. “Underpinning
all of this is the issue of wellness, and this short-termism is really born of
employee apathy,” says Andy Holmes, a Korn Ferry client partner who consults
with executives using a new, human-centric approach to sustainable high
performance.


PRACTICING WHAT YOU PREACH IS KEY

Some workers are job hopping in order to find higher pay in these times of high
inflation. Our research shows that 58% of people will take a less satisfying job
for higher pay – well-being is a hard sell when things like housing and
childcare are threatened. But without a sustained focus on the psychological and
biological factors that form the basis of contentment, our experts say a quick
fix pay raise has little chance of working out in the long term.

One issue in particular is an employee disconnect between expectation and
experience. “Leaders are making very noble and bold pledges that are creating an
expectation in candidates. And in a lot of cases, it’s just not measuring up,”
says Holmes. This lack of congruence in messaging leads employees to look
elsewhere for somewhere over the rainbow that lives up to the hype. It’s a
problem compounded by a modern era of social media and digital hiring campaigns
preaching endlessly that job seekers “can do better” and the grass is greener on
their side.

“One thing that we lost through the pandemic was control and now people want it
back – they want to have control and influence over what they do.”

Andy Holmes, Client Partner, Wellbeing & High Performance, Korn Ferry

In response, smart firms are quickly turning to internal engagement surveys to
determine whether people feel aligned with the purpose of their organization.
It’s a good thought, according to our experts, since encouraging communication
is key to fostering a sense of purpose. However, Holmes says this works best
when leadership goes beyond surface-level efforts to create a safe space that
replaces the pre-pandemic top-down style of talking at people. Employees need
two-way conversations that enable them to express their real thoughts and know
that they’ll have an impact. “One thing that we lost through the pandemic was
control and now people want it back – they want to have control and influence
over what they do,” says Holmes.


SHORT-TERM CAREER GOALS ALONE DON’T WORK

Experts say mindfulness is another practice that firms should consider employing
to give people a longer-term view. Mindfulness entails building greater
self-awareness, which Korn Ferry’s Vice President of Global Benefits and
Mobility Operations, Brian Bloom, says is best accomplished by encouraging
people to take time out of their days to focus on themselves. “Part of it is
about waking up each day and reflecting on the conversations you had yesterday
and the productivity: ‘What worked, what didn’t, and how can I do it better?’”
says Bloom.

Self-awareness may also be an antidote to the current paycheck paranoia plaguing
the workforce. “You might keep jumping firms for higher pay, but what have you
really accomplished?” asks Bloom. Mindfulness offers people the chance to link
up short-term career goals with personal goals to form a holistic picture of
what they truly want from life in the long run. “This self-assessment can lead
individuals down a meaningful path,” says Bloom.


OUR TIME TO TAKE CONTROL

The future of work in 2023

Learn more


START FOCUSING ON THE FUTURE OF WORK TODAY

To learn more about how to attract and engage talent in the future of work,
download the eBook and watch our webinar to gain further insight into the three
key areas our research has identified.


WHAT YOU'LL LEARN

 * Why addressing wellness is key for employee retention
 * The importance of 2-way communication in order to keep employees engaged
 * How encouraging mindfulness can help to retain employees

OUR EXPERTS

Andy Holmes

Associate Client Partner

Brian Bloom

Vice President, Global Benefits & Mobility Operations

FEATURED INSIGHTS

 * 5 Ways to Reinvent Yourself at Work
 * 5 Ways to Make the Most of Business Travel
 * 5 More Actions to Take When You’ve Been Laid Off
 * When to consider interim hires for your project work

Related Capabilities

 * Talent Acquisition
 * People Strategy & Performance
 * Workforce Transformation


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