Companies rethinking their operations and almost every aspect of their business due to the pandemic is not new. What is noteworthy is seeing how businesses are leveraging lessons learned to innovate and improve their operations to meet customer and employee demands. In a new white paper published this week with Boston Consulting Group, Verizon Business CEO, Tami Erwin, and Verizon Business CRO, Sampath Sowmyanarayan, break down how something as simple as altering the way meetings are conducted can impact productivity, while providing insight, tips, and best practices from an extensive in-house experiment.
With ‘work from home’ directives disappearing, employers are considering how to make the workplace appealing once again and how best to welcome back employees into the office. While leaders excited at the opportunity of gathering their teams back to their offices, many employees are keen to maintain a work-life balance that they have become accustomed to, and indeed many businesses are benefiting from, with more of a hybrid working model.
A new research report by DeakinCo. in partnership with Deloitte Access Economics, has revealed why L&D should be a strategic priority for every Australian business and the significant revenue gains associated with investing in L&D. The business case for investing in L&D is incredibly strong, with a 1% increase in L&D expenditure per employee associated with a 0.2% increase in business revenue in the same year. In dollar terms, every $1 invested in L&D per employee generates an additional $4.70 in business revenue.
After two long years, Australian employees are transitioning back to the workplace. According to a recent report by LifeWorks, it's clear that the workforce returning to the office is very different from those that left in March 2020. Stress levels are higher, and general mental health is lower. As such, there’s been an increased focus on workplace mental health and wellbeing, which has led to decreased productivity levels and is driving the ‘great resignation’. So what risks do Australian businesses need to be aware of as employees head back to the office?
Did you know that 1 in 4 Australian residents were born overseas? 46% have at least one parent born overseas. We’re a proudly multicultural nation made up of over 270 ancestries. As businesses many of us enjoy the benefits of a rich fabric of diversity across our teams. Diverse teams foster unique perspectives, arrays of skills, and broad insight into tasks. In fact, when social cohesion is grounded into the culture of an organisation studies demonstrate that they are three times more likely to be high performing, eight times more likely to have better overall performance, and are twice as likely to exceed financial targets.
The past few years have been tough on businesses, having to navigate through an ever-changing landscape of imposed rules and restrictions and adapt to stay competitive in an ambiguous market. Every business had to manage an abrupt shift to remote working and evolve to meet employee expectations, all while experiencing extreme labour shortages (especially in IT and security), and an alarming uptick in cybercriminal activity.
Asana, Inc., a work management platform, released its annual Anatomy of Work Index, an in-depth analysis into how people spend time at work. While hybrid and remote work trends have afforded greater flexibility for employees, the majority of their day, 58%, is still being lost to work coordination rather than the skilled, strategic jobs they’ve been hired to do.
SAP SE has found Australian companies that foster a more curious culture experience major competitive benefits, including up to twice the levels of employee engagement, and up to three times the turnover growth of organisations with a less curious culture. ‘Capitalising on Curiosity’, a survey of senior business leaders and employees across Australia, found that leaders who strongly agree that their firm has a curious culture, saw annual turnover growth of 20.52% on average over the last 12 months; more than three times the 6% average growth in turnover experienced by those who only somewhat agree.
‘Break the bias’ – the theme of last month’s International Women’s Day – drew worldwide attention to calling out gender bias, smashing stereotypes and breaking inequality. While also shining a light on bias in our communities, schools, colleges and universities, bias in the workplace was key to inspiring collective action. Society has made notable progress towards gender equity in recent decades. However, gender gaps in the workforce are still prevalent. For example, in Australia, women make up 39% of the full-time workforce.
Loom launched early access for the next iteration of its async video platform. The intelligent Loom HQ enables communication, collaboration, and connection at work. The workspace includes an upgraded user experience and brand-new capabilities. It’s built to improve the way teams discover and organize content, share knowledge, and amplify community. As many employers begin to reopen offices, it’s clear the work world has permanently changed. Seventy-four percent of U.S. companies plan to make the move to a hybrid model permanent, and 83 percent of workers say hybrid is what they want from employers.