Contemporary Workforce Changes: Impact on Global Labour Market - Essay Sample

Introduction

The contemporary workforce is distinct and unique from the one witnessed over the last four decades (Mathis et al., 2017). The invention of technology is increasingly affecting every economic sector, including the global labour market. For instance, researchers describe the contemporary workforce not only as multicultural and multigenerational but also as tech-savvy and ever-changing (Holland & Bardoel, 2016). This paper provides a detailed description of how changes in the workforce affect organizations, including our company.

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How Changes in the Workforce Impacts Organizations

According to Mathis et al. (2017), the ongoing change in the workforce culminates in remarkable transformations in the working pattern of contemporary organizations. The management of modern companies has a critical role in ensuring that they built a workforce that is not only tech-savvy but also embraces the concept of multicultural. Companies must embrace diversity and inclusivity to attain operational sustainability in today's highly competitive market environment (Colbert et al., 2016). These sustainability requirements usually delay the project completion cycle and to a far extent, delay the company from reaching rapid decisions. Currently, organizations must first advertise, recruit, and train new employees before the existing ones can leave (Holland & Bardoel, 2016). Also, companies must change all their strategic plans before allowing their employees to leave.

Mathis et al. (2017) added that companies must also ensure that they orient a new employee to effectively perform the intended tasks before allowing the current one to leave. For example, an organization could think of using the existing employees to perform extra duties by giving them proper training for the same job. However, the company's management must change this critical thought as the current employee decides to leave for another firm (Colbert et al., 2016). The departure of such employees makes it difficult for the existing group of workers to get acquainted with the recruit as they seek to have a mutual working relationship. The client may also lose trust in the company as they may feel that their work is suffering as a result of increased turnover rates, which, in turn, creates a negative reputation for the service provider while considering having future contracts with the organization (Mathis et al., 2017). The organization I worked for also experienced the same challenges with the call to become tech-savvy, multicultural, and multigenerational leading to high turnover rates.

Conclusion

Contemporary businesses are increasingly witnessing significant changes in the workforce. Companies that do not acknowledge the need to be tech-savvy, multicultural, and multigenerational could fail in the long-run. Increased turnover rates are a good indicator of imminent failure, as seen in my previous company. Today, the beverage manufacturing and distributing company is increasingly considering turning to technology and embracing diversity as part of the solution to its critical challenges, as discussed in this paper.

References

Colbert, A., Yee, N., & George, G. (2016). The digital workforce and the workplace of the future. (2016). Academy of Management Journal, 59(3), 731-739. https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=6041&context=lkcsb_research.

Holland, P. & Bardoel, A. (2016). The impact of technology on work in the twenty-first century: exploring the smart and dark side. The International Journal of Human Resource Management, 27(21), 2579-2581. https://www.tandfonline.com/doi/full/10.1080/09585192.2016.1238126.

Mathis, R. L., Jackson, J. H., Valentine, S., & Meglich, P. A. (2017). Human resource management. Australia: Cengage Learning.