As organisations face challenges in retaining talent, the Good Work Framework by the World Economic Forum provides strategies to overcome these issues.
The Good Work Framework sets out five objectives for organisations that, in concert, will create workforce sustainability.
Firstly, organisations need to promote fair pay and social justice by setting a base for wages that enables their employees to live with dignity and provide for themselves and their families. Other key drivers of social justice are worker representation and deploying technology, data, and AI responsibly to augment rather than replace workers and to improve their wellbeing and job quality.
Secondly, organisations can improve retention by providing flexibility in work arrangements as it is the second most important factor after work security when employees consider whether to stay in their current company. Besides also attracting talent, it makes it easier for employees to balance family and caretaking responsibilities.
Next, delivering on health and wellbeing benefits companies by increasing employee retention and trust as well as supporting productivity.
Fourthly, driving diversity, equity and inclusion (DEI) allows companies to engage, energise, attract and retain talent.
Lastly, as skills required for existing jobs are set to change by 40% on average from 2020 to 2025, organisations need to foster employability and a learning culture, not only for their employees, but also for their extended workforce, including gig workers.
To implement these five objectives, organisations will need human-centric leadership, workforce technology and transparent reporting, said the World Economic Forum (WEF).
This article was first published on HRM Asia.