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How EY can help
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Rapid Profit Transformation identifies profit improvement opportunities to address profitability levers across revenue, cost and capital to address liquidity and unlock value for a more flexible, cost-effective, and resilient organization.
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What should you consider as you seek to transform work experiences?
Ninety-percent1 of employers believe they prioritize employees for long-term value creation while making decisions. But, only 69% of employees agree that their organization has made employees the priority. There’s no room in today’s working world for ways of working that are developed at the top and implemented without understanding the dynamism and diversity of the actual workforce. You must know what your own people think to put them at the centre of your strategy. The old norms and practices were developed based on an office environment, which does not necessarily translate into today’s hybrid or remote work environment. EY research highlights six imperatives employers should consider in their organizational transformation strategy:
- Design a culture that promotes and rewards flexibility and wellbeing to encourage employees to disconnect, take time off, and recharge – this will be extremely important for employees going forward.
- Establish new workforce planning and analytics capabilities to help proactively understand key talent competencies and skills gaps.
- Develop learning platforms to enhance the use of technology and support a continuous learning system in the flow of life and work. Leverage a blended experience to learning to adapt and appeal to different learning personas and their respective needs. This will support continuous upskilling and help retain talent.
- Create new work policies to support hybrid working models with the right tech and security requirements.
- Asses your real estate footprint to understand what you’ll need in each market or for specific types of work as hybrid models are introduced.
- Re-evaluate mobility strategies to assess business travel requirements as your people and customers adapt to virtual engagement and work from anywhere policies and perhaps more importantly, their implications.
Putting those theories into practice begins by using solid data and information to determine how your specific way of working must change. Armed with that intel, you can reimagine work in direct alignment with your workforce’s specific needs and expectations. Then, bridge from that work transformation strategy to execute exceptionally well.