Companies now have the tools to establish how happy a work force is with their work and their employer. Once they have established this, they can then make improvements, increase employee engagement and boost performance says a new PricewaterhouseCoopers report.
The increasingly recognized link between high levels of employee commitment and bottom line results means business leaders all over the world are exploring engagement metrics and measures. They can be used to enhance the image of the company as a responsible employer, or improve employee retention in fast developing markets where staff turnover is high due to a buoyant labor market.
Rapid economic change and uncertainty in many markets makes such measures more relevant than ever. Levels of engagement are even beginning to be perceived by some investors as an important indicator of a company’s financial health and sustainability.
The report also charts the rise of a new kind of offshoring - Knowledge Process Offshoring (KPO) - where traditionally sacrosanct knowledge or judgement services such as research and sales and marketing are run from other countries. The KPO market globally is predicted to grow to $16.7 billion by 2010-2011, implying an annual growth rate of 39% and employing some 390,000 professionals by March 2011. Here, countries such as India, China, Russia, Poland, Hungary and republics from the former Soviet Union provide high levels of skills at comparatively low cost for many western economies experiencing skills gaps.
A new concept of ‘connected sourcing’ is also emerging. This sees organizations increasingly focusing on what they do best and then orchestrating a portfolio of relationships for the rest. This requires a new approach and highly developed levels of collaboration, transparency, trust and relationship management.
A further development is found in the area of talent management. The traditional focus on high performers and ‘high flyers’ is shifting to include ‘pivotal employees’. These are segments of the workforce that are expected to create value and determine the success of the organization. They can range from the receptionist to the sales director and the contribution of these core people has a disproportionate impact on determining both the success of an organization and its sustainability.More information on the service and support industry can be found at www.SupportIndustry.com