Using Good Work to attract and retain talent
The nature of work has been transformed by technological changes, demographic and social shifts, and green transitioning. As companies navigate these trends and take stock of lessons learned, urgency is mounting to redesign people processes and work practices to create a new vision for the future of work.
Consequently, retaining and attracting the right talent is becoming more important and more difficult as the social contract between employer and employee changes and the world becomes more borderless.
Mercer’s Global Talent Trends 2022–2023 Study shows that relatable organizations are coming off mute on what they stand for and setting “good work” standards that reflect all stakeholder values.
The World Economic Forum (WEF), in collaboration with Mercer, has brought together the Good Work Alliance to develop the Good Work Framework. The framework offers a steadfast and purpose-driven methodology that helps organizations make commitments toward Good Work based on 20 measurable goals.
The Good Work Alliance website is an additional resource that provides standardized metrics and target-setting guidelines. Organizations can use these to set targets and to track and report on the progress of their Good Work journeys.
The website features the 33 metrics linked to the Good Work Goals and provides a standardized definition for each metric. It also features guidelines for how organizations should set targets, determine materiality and report on their progress related to Good Work. The website includes practical implementation guidelines for each goal and case studies showing how members of the Good Work Alliance are making Good Work a reality.
Good Work Framework
|Objectives||Core goals||Expanded goals|
Promote fairness on wages and technology
|Ensure at least a living wage for all||
Provide flexibility and protection
|Enable all workers to benefit from flexibility, where possible and appropriate||
Deliver on health and well-being
|Safeguard total well-being at work||
Drive diversity, equity and inclusion
|Ensure that the workforce profile reflects the operating market||
Foster employability and learning culture
|Provide accessible upskilling and reskilling for the entire workforce||
Five key issues have emerged that need to be addressed to ensure better work for employees and employers alike:
- volatility in wages and the cost of living;
- divergence on the demand for flexibility;
- the silent pandemic in well-being;
- an erosion of diversity, equity and inclusion (DEI) gains;
- the need for a reskilling revolution.
Forward-thinking organizations are reinventing themselves under the new shape of work as responsible and innovative employers, making proactive commitments to such goals with corresponding measures that show meaningful progress. Now is the time for organizations to raise the bar and enhance Good Work as they transform. This will lead to positive outcomes for both business and society.