Adaptation to the future of work is likely a necessary shift for most organizations. Organizations will need to be able to position themselves strategically in newly competitive labour markets, because, more and more, demand for skilled employees is on the rise. Workers are becoming more choosy, especially when they know that there are a range of work options available to them. Organizations are going to have to become significantly more agile in the way they think about managing people’s work and about the workforce as a whole as they move towards the future.
What all of this means is that what future employees will want is the ability to collaborate with their organizational leaders, to develop a pension plan that matches their future goals. Employees may want more flexibility, more portability and more fund transparency than they have aimed for in the past. For organizations, this means thinking differently about pensions: pensions operate not only as funding for retirement, but as a means to gain employee trust and engagement.
In our new paper on pension management for the future of work in 2019, we’ll discuss what we might be able to do to develop healthy, well-performing pensions that have an ethical and long term purpose in mind, and how to develop a clear framework for making pension decisions. We’ll talk about how organizations should work with industry partners and government option to pool resources in order to maximize benefits, and develop new metrics to match their own needs to those of a millennial workforce.
At Marris Miller, we believe that what is important to future workforces matters for today’s organizations. Given the complexity of the working world, the future of work will be marked by more rapid changes in talent, but this doesn’t mean that your pension needs to become obsolete. We will help you become more agile in response to the needs of your team today and tomorrow.