The Future of Work: Trends, Jobs, Talent Acquisition and Retention

People demand a different kind of work experience.

First of all, people today are looking for companies that offer flexibility. This is by far the most pressing demand from employees. It constitutes the new major argument. Salary has become a factor of comfort, not of differentiation.

Secondly, they crave inclusion, trust, and place a huge emphasis on wellness. The ethics enshrined in the values ​​of the company are an important element, but the general well-being is at the center of the concerns. Work is not something separate from life, but it should fit their approach to life. People view the workplace as a place where they can connect and collaborate, both physically and digitally. Social meeting spaces are as important as rest rooms, collaborative spaces as fundamental as telecommuting.

Thirdly, people are searching for purpose and meaning. Work should have a deeper purpose and should lead to a higher level of happiness.

Fourth, leaders must be diverse, insightful and emotionally intelligent. They should care for others, inspire them, empower them and create fun, stimulating and motivating environments. Businesses will need to “walk the talk”, not just be the best in the world, but be the best for the world. Measurable societal benefits are as important as financial results. Their culture, premises and practices will need to be human-centric and digitally-enabled.

Finallycontinuous learning and development are key to keeping people engaged.

It is likely that half of the jobs in demand either do not exist today or will have evolved beyond recognition.

How about a “data sense-maker” or a “culture keeper”? It is very clear that the future will be human driven and technology driven. Each job will be a mix of specific human skills and technological knowledge. There are jobs that today fall within a specific field and that extend to technology: for example, an accountant will be as much a technologist as a financial expert, a recruiter will be able to work with both intelligence artificial and having studied psychology… who knows?

I would recommend everyone to master two areas, the first being their passion, the second technology. Even if you want to be a composer, you’ll need to be able to work with technology as well as instruments. The skills in demand will always be analytical/critical thinking, communication, creativity and relationship building, regardless of the position you hold.

We will most likely have to struggle! It is above all a question of demography, but other elements come to aggravate the problem. The economy will continue to demand an increasing number of participants while competition will intensify. In ten years, it will be more difficult to attract talent than today. Money will lose some of its current strength because the generations entering the job market are looking for more than money and security: they want to give meaning to their work. In addition, the job should bring them happiness. Today, few jobs are specifically designed for this purpose.

Another prohibitive factor: Luxembourg is not at the forefront of flexibility in terms of labor law. Both employers and employees suffer.

But above all, the cost of housing prevents young talents from coming to pursue a career in Luxembourg. I don’t think the housing issue will be resolved anytime soon. Future talents will not come to live in Luxembourg if this situation does not change radically. We are already seeing this today with the slowdown in interest from Eastern Europeans. In a short time, it is for non-European citizens that we will be most attractive.

If you choose the right balance between flexibility, salary, workload, purpose, development and career growth, you will find the talents you need.

You need to bundle these elements into a human-sized value proposition that you can promote. However, if one of these elements fails, you will have to balance it with another element, knowing that money is only a short-term solution and will not help you in the long term. Talent retention depends on the same combination, but there are two more important elements: culture and leadership. The latter dictates the former. The quality and strength of leadership will determine the culture in which people will thrive.

The role of the chief or field manager should not be underestimated. Without this culture, retention becomes an uphill battle. Knowing that in a knowledge economy, the investment in employee development is very high, retention becomes the new mode of recruitment.