The Modern Workplace

The Modern Workplace

Author | Source

Severin Renold

Weissknight Corporate Finance

Buffer State of Remote Work

Randstad

Topic

The Modern Workplace

A trend towards adapting employee needs to the modern workplace environment.

 

As society changes, so does the business world, each day moving towards being more adaptable, global, and diverse in terms of its workforce. In this ever-changing world, where organisations strive towards a boundary-less abode, engaging, enhancing, and retaining the workforce has become challenging. The digital age defines the concept of workplace 4.0. With advancements in technology and globalisation, the workplace concept has changed dramatically. Technology has allowed people to work remotely and hire talent from other countries, which was not previously the case a few decades ago. In workplace 4.0, getting teams digitally proficient and growing their capabilities with the correct communication technology and hardware has become a pressing need. Over the last two decades, we have seen a shift from satisfied employees to dedicated employees who are not prone to turnover but are deeply invested in the organisation’s mission and success and frequently serve as the driving force behind it.

 

Employee experience becomes a crucial notion because of the necessity to reinterpret policies to improve the link between the staff and the organisation. The focus must move from traditional “transactional” human resource strategies to “transformational” ones that focus on individual employees’ needs, wants, anxieties, and emotions. Employee experiences directly impact employee satisfaction, engagement, commitment, and, ultimately, performance.

 

A motivated employee well serves a consumer. The customer is satisfied, so they return, which benefits the shareholders. It is not one of history’s great mysteries; it is just the way things work.

 

The effects of positive workplace environment

 

The Digital Workplace Market

 

The global digital workplace market size was valued at USD 27.33 billion in 2021, USD 30.75 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 22.5% from 2022 to 2030. The current growth can be attributed to the increased digitalisation, increasing demand for desktop-as-a-service, and growing demand for employees for greater flexibility in terms of work-life balance. With the outbreak of the COVID-19 pandemic, businesses have shifted to remote working and transformed their technologies to create a digital workplace to ensure business continuity. The pandemic has necessitated the widespread use of video and web conferencing, which has led to the development of new methods of communication and facilitating team bonding and collaboration. Furthermore, due to the ease with which pandemics can spread, several organisations have made long-term investments in workplace transformation for the hybrid work model, necessitating cloud-based solutions to enable remote working with secure access.

 

The digital workplace provides several benefits with the increasing digital technology of smart assets to help employees work efficiently without compromising ongoing operations. The rising adoption of advanced technologies, such as Bring Your Own Device (BYOD) and enterprise mobility by organisations, contribute to market growth. It boosts flexibility and mobility while decreasing time spent on hardware and software licensing and device management for business-owned devices. It alters the nature of workplaces and processes, aided by organisational restructuring, and reduces the operational expenditure of businesses.

 

Furthermore, with the help of Artificial Intelligence (AI), the Internet of Things (IoT), and Virtual Reality (VR), workplaces are expected to implement more cloud-based and flexibility-enhancing accessibility solutions. These advantages and advancements will drive the industry’s growth during the forecast period.

 

With the recent focus on digital workplaces and remote working, AI and automation technological proliferation play a vital role in automating manual processes and creating new opportunities for organisations to improve productivity and streamline the process.

 

The worplace during the pandemic

 

The advancement in mobile technologies, changing workforce demographics, and the rising trend of connected workplaces are the driving forces of the digital workplace transformation services industry. Several future workspaces are increasingly adopting cloud services such as Infrastructure as a Service (IaaS), Backend as a Service (BaaS), Platform as a Service (PaaS) or Software as a Service (SaaS) to support their business needs and get the work done smoothly.

 

Furthermore, using cloud services, organisations can provide instant access to business-critical data and enterprise applications on a variety of devices, such as tablets, smartphones, and laptops, while maintaining security restraints. These factors are expected to provide growth opportunities for the key players operating in the global digital workplace market over the forecast period.

The solution segment held a market share of 67.6% in 2021. The segment growth can be attributed to the adoption of workplace solutions, such as social and collaborative tools, cloud storage tools, and content management systems among end-users to enhance resource usage and productivity. It enables a workplace social network, fosters collaborations and team building across the organisation, and provides access to social media for posting corporate messages. Furthermore, it enhances productivity and efficiency with self-service capabilities for the IT departments in the organisation. These benefits provided by digital workplace solutions will supplement the growth of the segment during the forecast period.

 

The services segment is expected to grow at a CAGR of 23.5% during the forecast period. It includes consulting services, training support and maintenance, and integration and implementation services. These services help organisations to align their digital workplaces efficiently and effectively.

Moreover, they deliver cost-effective support for technical queries and prevent downtime caused by implementing digital workplace solutions. Also, it helps organisations maintain a competitive edge in the market by providing several benefits, such as stable operating environments and reducing governance and compliance risks. These factors will further boost the adoption of digital workplaces during the forecast period.

 

Digital Workplace market