In today’s world, change occurs faster than ever—and organizations that fail to adapt— are doomed to fall behind. As a result, adopting periodic organizational restructuring becomes necessary to remain competitive.
Deloitte, a global consulting and advisory firm, recently released a report detailing four of the most profound change agents transforming modern organizations and their human resources departments. These changes are creating a new set of challenges that businesses must meet head-on in order to remain dynamic and competitive.
Here are four important changes and how businesses can modify their approach to effectively meet these challenges.
Today’s workforce is much more diverse than in years past. This is largely due to the effects of globalization and the massive influx of Millennials in the workforce.
As Millennials grow into leadership roles in organizations, they bring a new perspective and set of expectations. They want work to be meaningful and personally rewarding. They embrace job mobility and professional development opportunities. Meanwhile, as Baby Boomers near retirement, they will shift into roles as mentors and coaches, supporting those Millennials in leadership positions.
It is almost impossible to identify an area that digital technology hasn’t radically transformed. Organizations use social media and eLearning platforms to hire and develop talent. Mobile devices, software applications and countless other technologies have up-ended the way business is conducted.
Organizations that make an effort to remain at the forefront of digital technology will reap the rewards of greater connectivity, collaboration and innovation.
Ten years ago, the iPhone didn’t exist. The taxi industry hadn’t been disrupted by Uber. Twitter was a brand new, unknown micro-blogging platform. Airbnb wouldn’t be founded for another two years.
Today’s business world has been dramatically transformed in the last 10 years because the pace of change has accelerated. Organizations that are flexible and can adapt to these changes are best positioned to prosper.
A New Social Contract
The days of lifetime employment are over. Today’s younger workers expect to work for a variety of employers and want to be enriched at every stop. Companies that offer rapid growth opportunities, professional development and a sense of mission are more attractive to the modern workforce.
Smart leaders understand that organizational restructuring is key to remaining dynamic and competitive. If you want loyal, happy workers and a diverse organization, consider these important changes before embarking on your next organizational redesign.