I don’t know what’s going to happen to the economy or what course the coronavirus pandemic will take. But I’ve had time to reflect on what a new world order may mean for employee wellness and the future of work.
Here are 10 hopes, fears, and questions (not predictions):
1) We’ll re-frame “meaningful work” — I recently heard, in an interview, a worker who delivers tortillas to grocery stores poignantly articulate what will prevail as a fresh take on meaning and work: Continue reading »
I may not know the future of coronavirus or the future of the economy (see my previous post with 10 non-predictions about COVID, wellness, and the future of work), but one thing I feel certain about is that the future of work will be personalized. Business demands will require it. As such, I’m proud to offer an unpaid and wholehearted endorsement of the just published book Personalization at Work: How HR Can Use Job Crafting, to Drive Performance, Engagement and Wellbeing, by my friend and colleague Rob Baker. I just finished the book and it has already changed the way I work.
As Adam Grant said,
Job crafting is a skill every employee needs and every manager should value. This is the first book to bring research and practice together in an engaging way for HR professionals.,
In the age of Venmo and Zelle, it’s clear that “payday” will be obsolete in the future of work — the near future. Several new fintech companies provide employers with real-time payroll services, and the big legacy payroll companies are close behind.
Withholding earned pay for 2-week or 1-month “pay periods” is a vestige of days gone by, serving the funds-holder but penalizing the earner.
While some companies already have introduced on-time (on-time = real-time) payment as an opt-in service paid for by employees and/or their employers, it inevitably will become the standard. This is an important option to be considered by employers genuinely committed to their employees’ financial wellness. But it only makes sense if the employees incur no fees. Employers generally don’t charge employees for other payroll services, just as they don’t return dividends to employees when they’ve managed to realize savings (say, through increased payroll system efficiencies, contracting with more cost-effective providers, and so forth.)
There is a cost… in service provider fees and the loss of “float” (the interest employers earn on the money they’re withholding — big money, especially during periods of higher interest rates). This needs to be built into employers’ financial models.