With new technologies entering the marketplace almost daily, it’s hard to keep running any business the same as it was run even two years ago. Change is inevitable and happens more rapidly now than ever it seems. For every industry out there, change may take on a variety of forms. For example, many companies now use cloud-based storage systems rather than the old-school physical server route of years ago. Some even use outsourced HR firms instead of in-house HR employees. And when we think about technology, many companies now use Managed Service Providers (MSPs) instead of hiring in-house tech support since all companies need to utilize some level of technology nowadays and many don’t have the budget for full-time IT professionals to be on site daily. With the constant atmosphere of change in the workplace, it is important to understand how to best manage under ever-changing situations, while ensuring your team is able to adapt to the change in a meaningful and productive way.
One major source of change in the workplace comes from the advent of technology. Technology is an expediter of business for companies and as such, there is a greater push to be available almost round the clock. A client on one continent can request a change to a project from a business on the other side of the world and have the revisions back almost instantaneously with technology. By comparison, the smart phones we carry around all day have more computing capabilities than multiple desktop systems in the 1990’s offered.
With the accessibility of technology making the world smaller, many companies are no choosing to hire contractual talent. Finding people with the desired skillset can become a lot simpler when an employer isn’t limited by physical location. Finding talented people with specialized skills for certain projects or on an ad hoc basis, can make a business function more efficiently and effectively in a cost-saving manor. Adding these specialized contracted employees, means many companies see a new level of diversity in the workplace.
As reported by Fortune, companies in the top 25% for racial and ethnic diversity are 35% more likely to have above national industry median returns. Based on a study form Bersin by Deloitte, over a 3-year period, diverse companies see 2.3 times the cash flow per employee when compared to their less diverse peers. When discussing diversity in the workplace, it’s been established that woman make up approximately 47% of the US workforce, but they only account for 20% of the C-suite roles. Interestingly enough, while 66% of companies have strategies for diversity hiring, only 25% set gender in their diversity targets. For HR and management professionals seeking to better diversify their organization, it is important to note that to truly promote gender diversity in hiring takes effort. Some effective strategies include ensuring job descriptions don’t include biased language, that clear and consistent evaluation criteria are used for each candidate, and even removing names from resumes prior to evaluation can be helpful in reducing any underlying bias. A recent study conducted by LeanIn.org shows that 77% of companies have at least one have policy that supports working women. Of the programs tracked, flexible leave / flexible schedule is the most common program being implemented, which allows working women a better work/life balance. Of the 20% of women who hold C-suite level positions (1 in 5 in Fortune 500 companies), women of color only account for approximately 3% of the executive level positions.
In this fast-paced changing environment, it’s important that companies take an adaptive approach to not only technologies that enhance and expand their business, but also their hiring practices, team building, partnerships, and more. Companies that embrace an adaptive attitude are more likely to stay not only relevant in the marketplace, but also have happier employees, less turnover, and greater sustainability.
Front Line Leadership Program offers leadership training that teaches adaptive skills and best practices for managers for any workplace. To get more information on the Front Line Leadership Program, contact Robert Winter at 832-483-5535 or fill out the contact form on our contact page. Impactful strategies for successful leaders start at Front Line.