Society for Marketing Professional Services (SMPS): What Leaders Need to Know About Today’s Workforce

By Jenni Nix McGerald CHAIR, SMPS DE&I COMMITTEE

The workforce is a constantly evolving entity. As the world changes, so do the needs and expectations of employees. Leaders must stay informed about these changes to attract and retain top talent.

The architecture/engineering/construction (A/E/C) industry has faced a dwindling resource pipeline for years. People charged with the success of organizations can no longer expect tactics and policies that worked in the past to work today.

Emphasis on Work-Life Balance

One significant trend in the workforce is a growing emphasis on work-life balance. Today, employees place a higher value on their personal lives and seek jobs that allow them to maintain a healthy balance between work and home. According to a 2022 study, hybrid and workfrom-home (WFH) model jobs reduce attrition by 33% and significantly improve job satisfaction. Hybrid and WFH jobs also increase working hours on office days and weekends. The U.S. labor market shows that about 83% of workers around the globe would prefer a hybrid work model.

Company leaders need to recognize this trend to attract talented employees. Research shows that 66% of CEOs know that things need to change, but only 26% of CEOs have a strategy to implement the change.

When employees can balance their personal lives with their work responsibilities, they are happier, healthier, and more productive overall, often increasing revenue growth by up to 7.4%. Rather than hide behind corporate-speak such as “eavesdrop learning” as reasons to hold onto organization policies that serve as roadblocks, leaders must take themselves outside their comfort zones to create environments for employees to thrive.

When employees can balance their personal lives with their work responsibilities, they are happier, healthier, and more productive overall, often increasing revenue growth by up to 7.4%

New Hires Value A Diverse And Inclusive Workplace

Diversity and inclusion have also become increasingly important in the workforce. Leaders need to ensure their organizations are actively seeking diverse candidates, providing equal opportunities for career advancement, and fostering an inclusive work environment.

According to Glassdoor, 76% of candidates reported that a diverse workforce is an important factor when evaluating prospective job offers, and nearly 32% of candidates would not apply to a job where there is a lack of diversity in the workforce. This means that practicing a strong DE&I mission in your business will increase candidate satisfaction and contribute to higher financial performance.

The age demographic of the workforce is also changing, and millennials have become the largest generation in the workforce. Millennials place a higher value on things such as remote work and DE&I policies, and companies need to be willing to adapt if they want to continue recruiting talented candidates.

The Technology Revolution

Technology has revolutionized the way leaders run their businesses and manage employees. Employers need to stay current with the latest technological advancements to remain competitive. This includes investing in training programs that ensure employees have the necessary skills to utilize new technologies.

One of the most rapidly growing technological advances is the use of artificial intelligence (AI), which has more than doubled since 2017. Trends show that companies are investing more in AI as it continues to advance. The global AI market is expected to reach $267 billion by 2027.

Drone use has also significantly increased in recent years, specifically in the A/E/C industry, as a tool for capturing and analyzing 2D and 3D imagery. The A/E/C industry is projected to become the second-largest market for drones, which will improve safety performance, reduce inspection costs and enhance communication between stakeholders.

With transparency from leadership around the subject, employees should welcome and embrace technological advances, understanding how they can elevate and optimize an individual’s job performance rather than replace it. Additionally, employees who are trained in new technologies become more valuable to the company and are better equipped to succeed in their roles.

Adapting To Change

Leaders should understand the changing needs and expectations of today’s workforce to attract and retain top talent. By emphasizing work-life balance, promoting diversity and inclusion, and staying up to date on the latest technological advancements, leaders can create a work environment that fosters innovation, creativity and productivity, which is nothing but positive for the bottom line.

It is crucial for leaders to adapt to these changes to remain competitive and successful in today’s rapidly evolving world. Failure to do so can lead to decreased employee satisfaction, increased turnover rates, and ultimately, a negative impact on the company’s bottom line. Leaders who prioritize the needs of their employees and adapt to changing trends in the workforce will not only attract and retain top talent but also position their companies for long-term success.

RESEARCH ALERT!

SMPS Foundation has developed a survey designed to gain insight into the key factors clients consider when developing a partnership with an A/E/C firm. This information will be used to help SMPS member firms more effectively exceed client expectations.