The Global Financial Crisis (GFC) that started in 2008 shook the world. Its ramifications were felt across many countries and every sector of business. Since then the workforce has changed dramatically. Let’s take a look and some of the biggest changes to take place since the GFC.
Work from home
The rise of fast broadband in homes has changed how the working world operates. Today many people work from home. In the US alone the number of those who work from home (at least some of the time) has increased by over 100%. The number of companies offering these policies has increased by 40%.
The birth of the gig economy
While the internet has been changing the way we work for some time. It truly came to fruition after 2008. The boom of the gig economy was a notable event. People now have the ability to offer freelance services online, drive their cars for money, rent out their rooms, and more, all thanks to the internet and the desire to break away from the traditional 9 to 5.
The image of the white male dominating the board room is slowly being eroded. While diversity is still an issue in many companies, it is being addressed. Many organizations actively seek to hire taking account of diversity.
The job for life is dead
In the past when people got a new job they hoped to stay there for life. That view has changed dramatically in recent years. The average tenure for younger works is now around 5 years with the idea of a job for life long gone in their eyes. Instead, cities and companies are things that can be changed with ease in a modern economy.
In the old days, the power lay with the employer. Today it firmly lies with the employee. While the customer is always right you better make sure you are listening to your employees too because they are now the key to the success of your business more than any other factor, and they know it.