Companies of all shapes and sizes, from small businesses to global corporations, are susceptible to the consequences of inflation. But how will inflation impact the labour market and broader world of work?
Workers are requesting more compensation to offset the growing cost of living, while employers are forced to find ways to reduce expenses to make a profit. In this interview with People Matters, Leslie Tarnacki, SVP of HR at WorkForce Software, talks about inflation, its impact on the world of work, and companies’ return to work plans.
As the future of the labour market remains uncertain and some companies scale back on hiring to prepare for the unknown, Tarnacki says we’re still in a hot job seeker’s market for now. There are plenty of businesses that are actively looking for ways to retain their current employees and capitalize on this influx of coveted talent now circulating back in the market.
“My advice is that business leaders must be prepared with the proper tools to maximize their labour spending and find ways to retain employees,” Tarnacki says. “Leaders need to think about how they can implement technology to optimize their workforce, as well as to engage and support (not just manage) their employees – no matter where they are in the world.”
Younger, digitally native employees are expecting to be armed with consumer-grade, high-quality applications to help them successfully navigate the organisation, connect and collaborate with colleagues and managers, and be successful in their roles.
Tarnacki continues, “Implementing the right tools will allow companies to create connections and positive experiences, improve productivity, engage and motivate staff, in order to ensure successful business outcomes.”