Flexible working hours, Freelancing/Contract/Gig employment and Remote working are the Top 3 emerging workforce trends

Workforce management can enhance productivity and compliance and reduce costs by at least 5-15 percent, according to 90 percent of respondents in a survey by Kronos in association with SHRM. 37 percent of these respondents admitted that accurate workforce management will help improve both productivity and reduce labour costs by 5-15 percent, while another 37 percent felt it would be impacted by a good 15-25 percent. 

According to the study, the top trends impacting workforce management include flexible working hours, freelancing/contract/gig employment, remote working, evolving job roles, enabling technologies and automation, in that order. A key highlight was that today’s employees are looking for a better working experience. They seek flexible working hours, to which 74 percent state that it can enhance productivity. From an employer perspective, over 70 percent of CHROs from the BFSI, FMCG, and Auto/Auto Ancillary sectors are in agreement that flexi-working hours and remote work are the topmost emerging trends that will disrupt the workplace. This was closely followed by employers in the Retail and Hospitality (60 percent) and the manufacturing sector (59 percent) opining the same.

The gig economy has caught up with new age and traditional organisations alike. When it comes to contract or gig employment practised by 96 percent of Indian companies, 66 percent believed that it can increase productivity, and 61 percent said it can improve compliance. While employers in the Auto-ancillary industry voted this trend as the strongest disruptor (78 percent), the General Services and BFSI sectors followed suit at 57 percent and 50 percent, respectively. 

With respect to the role of enabling technologies in the future of work, 66 percent of respondents felt that technology will play a crucial role in increasing productivity in the workplace, followed by 70 percent who feel it could lead to better compliance. Sentiments were similar when it came to robotics and automation, with 66 percent and 68 percent of respondents admitting that technology intervention can improve productivity and compliance, respectively. 

James Thomas, Country Manager, India, Kronos Incorporated said, “The Future of Work study sends a clear message that companies need to align a better employee experience with their strategic business planning for better outcomes. The focus should be to streamline workforce management and align with the demands of the modern workforce. There is an opportunity in the Indian market for adoption of smart and intuitive workforce management tools like Workforce Dimensions from Kronos, which will help companies achieve better productivity and lower compliance risks with optimisation of workforce costs while offering superior and personalised employee experience.”