9 Things we learned from the CBI Future of Work Conference

One million people have left the workforce since the pandemic and the UK is facing the twin challenges of a tight labour market and the biggest cost of living crisis that people and firms have experienced for decades. With people at a premium and pay pressures rising — businesses that are best equipped to meet these changing expectations and challenges are in a prime position to grow through turbulent times. People are now the main agenda item for Board discussions. The opportunity to drive change is real; the ideas must be bold, and business needs to move fast.

Natalia Walters and I went to the CBI’s Future of Work Conference this week. Here are 9 things we learned.

1. For the first time in history, there are 5 generations in the workforce. The tensions are real. Complaints of Gen Z ‘not being able to write an email properly’ go hand in hand with questions about the digital dexterity of Boomers. Creating a strong purpose and culture empowers employees and galvanises people of all ages.
2. 90% of people want flexible working but only 30% of jobs advertise flexibility.
3. Recruiters offer a new job to a candidate every 21 seconds. The employee market is slippery. If businesses want to retain their talent, they should consider developing a ‘Talent Market Place’ within their organisations. This will allow employees to gain valuable experiences in different functions, learn new skills and ultimately stay in the same company for longer, without sacrificing development opportunities.
4. Estimates suggest closing the gender pay gap in the UK would add £600 million to additional annual GDP by 2025.
5. Technology company Siemens has a ‘Shadow Board’. This group of future leaders is tasked with challenging Board decisions and encouraging diversity of thought and perspectives.
6. The future CEO is today’s Head of People. Historically 30% of CEOs are CFOs. Times are changing and now the decision maker at the top need to understand their people as much, if not more than their numbers.
7. There needs to be a childcare revolution. It’s costing parents in the UK up to 65% of their wages, compared to 17% in Europe.
8. By 2030, 90% of the workforce will need new skills. But we’re investing £5 billion less in training across the public and private sectors than in 2005.
9. Middle managers will be the key to winning the war for talent. But over 40% say they don’t have the right skills for the job.

Learn more. Check out the latest Magnetic Thought Report: Employee Tensions.

Join the discussion. Next week business leaders and innovators will discuss defining digital dexterity, and what it means for growth, inclusion and organisational culture. Register for your free spot for the event 8th March 8.30am — 9.30am.

Get in touch. Natalia Walters has developed future work strategies for some of the world’s biggest companies. To find out more get in touch Natalia.Walters@wearemagnetic.com