COSMOGONIC CHANGES IN THE LABOUR MARKET - THE NEW TRENDS - Filenews 22/3 by Angelos Angelodimou
The labour market is at a particularly critical and transitional stage. The changes that have been taking place lately are cosmogonic and therefore the three pillars that determine labour events in the country (Government, employers and employees) should ensure that the transition to the new era will be smooth and will be based on solid foundations.
The new generation of entrepreneurs and employers is called upon to walk between developing the business, enhancing productivity, attracting new talent, defining a corporate culture and establishing a name in the market, which will be respected by society, attractive to employees and competitive in business. Which is not easy at all, especially if one takes into account the fact that in recent years a significant number of foreign companies have been active in Cyprus, which have significantly intensified competition.
New trends in the labour market
In an attempt to record the most important new trends emerging in the labour market, we could summarize them as follows:
• Hybrid Work and "Hub-and-Spoke" Model: Hybrid work is consolidated. Companies are turning to the "hub-and-spoke" model, where employees work in smaller, local offices (coworking spaces) near their homes, instead of a central office, reducing commuting.
• Artificial Intelligence (AI) in Everyday Life: AI does not eliminate jobs, but transforms them. Employees are expected to develop collaboration skills with AI, which will take on repetitive tasks, increasing productivity.
• Focus on Skills rather than Skills-First Hiring: Employers place more emphasis on specific skills (soft and hard skills) and adaptability than traditional qualifications, looking for talent with the ability to continue learning.
• Well-being and Well-being: Mental health and work-life balance are a priority. Companies offer flexible hours, mental health support, and focus on reducing work burnout.
• Targeted Training Programs: Due to rapid technological changes, businesses are investing in reskilling and upskilling programs for their existing staff.
• Autonomy and Flexibility: Employees are demanding greater control over when and how they work. Flexibility in the time of arrival/departure is now a key criterion for choosing an employer.
• Green Skills: The green transition creates demand for jobs related to sustainability, environmental protection and renewable energy.
• In summary, the labour market is moving towards a more human-centred, flexible and technologically advanced direction, where adaptability is the "key" to professional development.
Away from toxic work environments...
With these new data, employers are focusing on building a strong corporate culture, implementing modern HR management practices and ultimately creating a work environment that inspires, evolves and rewards.
Let's list some of the ingredients that the employer's effort should include.
(1) Reliability: Employees in excellent companies consider executives and managers to be more trustworthy. When employees state that managers are honest and ethical, they are five times more likely to want to work there long-term and 11 times more likely to consider the company great.
(2) Respect: We all know that we must show respect in order to gain respect. Respect can be expressed in many ways, but companies with a great work environment demonstrate it by recognizing employees' efforts, asking for their opinions, and caring for them as people with life and outside of work.
(3) Justice: Fairness is a fundamental value for people. Companies where employees feel that everyone has equal opportunities report increasingly positive workplace experiences. Also, employees in these companies report much less frequent problems of favouritism and internal entanglements.
(4) Pride: Employees who take pride in the company culture believe in the company and what it stands for: From what it produces, to how it operates, and how it interacts with the local community. There are three levels of pride in the workplace: Pride in position and work. Pride in the team. Pride in the company itself and its reputation.
(5) Belonging: The sense of belonging to the company is a complex concept that touches on various aspects of the work experience. In addition to feeling accepted and appreciated, it also includes a sense of connection, identification, support, and encouragement. When employees feel like they belong in their company, they are more likely to be engaged, productive, and satisfied with their work.
(6) Effective Leadership: Leadership can shape or break up a team. A great leader will inspire, motivate, and lead to innovation. A bad leader discourages, undermines productivity, and pushes employees to leave. Great Place To Work's Leadership Effectiveness Index includes four points: It aligns words with actions. It avoids favouritism. She demonstrates competence, honesty, and is approachable. He shows genuine interest in employees as people. Effective leadership is much more than achieving business goals. It means cultivating a team spirit that ensures that everyone works together and to their full potential. This environment will then contribute to the achievement of the necessary goals.
(7) Values: Companies with a great work environment operate with shared values as a guide, rather than regulations and policies. This is because when an organization's regulations are the driving force, rather than values, trust is not at the core of the relationship between employer and employee. Shared values can inspire and empower, which in turn increases innovation, creativity, and productivity.
(8) Innovation: When managers create a safe environment for the expression of ideas and suggestions, employees are 31 times more likely to believe that their work environment is a nursery for innovation. Companies that innovate inspire loyalty in employees, fill them with confidence, and make them willing to go the extra mile.
– On the other hand, a weak company culture can create an environment where employees feel insecure, unsupported, or uninspired. This can lead to decreased morale, decreased productivity, and increased toxicity. A toxic company culture is plagued by negativity, where employees feel at best unmotivated, or at worst, feel insecure. There may be gossip, backstabbing, bad habits, and a generalized feeling of suspicion. And while this sounds extreme, it really isn't, a mediocre corporate culture, where employees and leadership act mechanically, can easily turn into something much more unpleasant. Issues such as lack of values, ineffective leadership, and no sense of belonging can destroy employee trust and morale. In contrast, employees who experience a positive culture are more likely to provide an extra significant boost to their work.
∙ The report, with information from the greatplacetowork.gr, is published in a more extensive form in the new issue of Insider magazine, of Phileleftheros Group, which is released today, March 22.
