FEBRUARY 2020HR TECH OUTLOOK8Insights into the Future of HR: Enabling Employee Well-beingThe rising emphasis on employee wellness and well-being isn't happening in a vacuum. It can actually be traced to much broader disruption that is drastically and rapidly affecting business, the workforce, and how works gets done. On the business side, many companies are shifting, evolving, and even disappearing at an unprecedented pace. In 1964 the average tenure on the S&P 500 was 33 years. By 2016 it was 24 years, and by 2027 it is forecast to be cut in half to just 12 years. At the same time, people are holding businesses to a higher standard, expecting companies to fulfill a social purpose as well as a financial one and looking to business for help in addressing the sweeping issues that governments have found challenging to manage effectively on their own.The increasing number of millennials in the workforce--now the largest segment of the US workforce at 35 percent--may partially account for this. Also at play is the changing nature of how people think about work as they move through what could be a 40- or 50-year career, with as much as 40 percent of the workforce opting for contingent employment arrangements.How work gets done is also changing dramatically, as technology continues to permeate our lives. The majority--61 percent--of companies surveyed for the 2018 Deloitte Global Human Capital Trends report say they are actively redesigning jobs around artificial intelligence (AI), robotics, and new business models. By 2022, AI is expected to create $3.9 trillion in business value. And in the corporate wellness space alone, spending on health care programs, screening, assessment, education, and apps has reached nearly $8 billion in the United States and is expected to surge to $11.3 billion by 2021.What does this mean for HR? Disrupt or be disrupted!In the midst of the massive disruption impacting business and workforce, HR can't expect to "ride out the storm" by operating in the same way. Instead, organizations are advancing from traditional ways of operating HR toward the High-Impact HR Operating Model, which is built around four core philosophies:1. HR customers remain at the center of the model with a bigger voice than ever, driving a critical focus on workforce experience. By Arthur Mazor, Principal, DeloitteArthur MazorIn MyOpinion
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