The Future of Work is… Talent + Tech

Back to 2021 HSBC Navigator: The Voice of Business

The workplace of tomorrow will look nothing like yesterday. Find out how a focus on people and technology will help you succeed.

The pandemic has totally reshaped the way we work – for better and for worse. As businesses grapple with the balancing act of developing employee policies for the post-pandemic world, workforce morale will need to be a top consideration to attract and retain top talent.

Employees are the most important asset to any organization, and their morale is critical for success. While concerns about a resurgence of the Covid-19 (43%) is still seen as the biggest threat to future growth for Canadian companies, nearly a third of Canadian businesses (28%) see low morale as a threat as well – significantly higher than the global average response (21%).

As evidence by the broader conversation around the Great Resignation, the pandemic has thrust employee morale into the spotlight like never before,” says Charles Douville . “No matter what your views are on remote work versus the traditional office concept, companies must be ready to accept the fact that many employees do not want to return to pre-pandemic office hours and if organizations are not willing to accept this and adjust their position, they could face a large exodus of talent who will seek other employment opportunities that cater to their needs.
Charles Douville | Senior Vice President – Head of Commercial Banking, HSBC Bank Canada

With the pandemic disbursing workforces and forcing businesses to find new approaches to tackling old problems, technology has become not just an enabler but an indispensable part of the way every business will thrive in the future – and may be the single most important factor to overcoming the challenges many businesses leaders still fear.

While there’s one no silver bullet to address the potential operational and labour implications that a severe infection resurgence or labour shortage could have on Canadian businesses, more than a third (38%) see technology and digital tools as their best answer to protecting themselves from challenges related to both in the future. Nearly as many (32%) are also futureproofing their businesses by increasing investment in their people via upskilling and training their existing workforce.

Canadian companies are rapidly adopting digital tools to not just mitigate the ongoing impact of the pandemic, but also to future proof their operations,” adds Douville. “By investing in their workforce, these businesses are setting themselves up for long-term success. By identifying and adopting digital tools that can help improve the productivity and fulfilment of their employee base, many are helping to reengage and reinvigorate valuable employees that may otherwise opt to take their talents elsewhere.
Charles Douville | Senior Vice President – Head of Commercial Banking, HSBC Bank Canada

At HSBC Bank Canada and around the world, we are moving forward with a hybrid working model across the company that provides greater flexibility to employees. Not only that, we are also making investments in reconfiguring our office spaces to accommodate the work-life balance needs of our team. This is all part of our broader commitment to ensuring our employees are fully supported going forward.

UP NEXT:How can Canadian business leaders address the challenges of today… without losing sight of the future?

A GLOBAL VIEW:find out what business leaders around the world see as their biggest opportunities and threats for the year ahead. See the global 2021 HSBC Navigator report.

Workforce morale infographic

Morale compass: Canadian companies worry that the direction of employee morale could continue to swing in the wrong direction if business doesn’t pick up to pre-pandemic levels (28% vs 21% global)

Technology adoption infographic – 38%

Futureproofing through innovation: 38% of Canadian businesses are betting on new technologies and digital tools to protect themselves from potential challenges.