The Foundation's 2022 Industry Future Council (IFC) report, “Adapting to Changing Workers and Workplaces,”examines issues and best practices around hybrid work, recruiting, hiring, training, and leadership due to pandemic and related labor market disruptions. This new report follows up on the 2021 IFC report, which identified 6 key trend areas of focus for the equipment leasing and finance industry including: technology, workforce, and economics & policy.
The report highlights the three themes the IFC identified as most important to the future of the workforce, the workplace, and the industry:
- Hybrid Work: Many employees and managers prefer some form of hybrid setup because of the flexibility that comes with remote work as well as the community benefits of working in-office. Equipment finance firms have a variety of setups, from 100% remote to 100% in-person, and each company must determine a hybrid work regime that works best for its individual circumstances.
- Recruiting, Hiring, and Training: Given the competitive labor market, many industry leaders report using creative solutions to attract and retain workers. There is more proactive recruiting, prioritizing of soft skills and culture fit among new hires, and somewhat less emphasis on industry experience. Gaps in industry knowledge are being filled through more expansive training, which also appeals to the newest generation of equipment finance workers.
- Leadership: In remote and hybrid environments, many industry leaders are focusing more on hiring and developing emotionally intelligent and empathetic managers. These managers may be better suited to provide the transparency, trust, and flexibility that workers seek, and by keeping workers satisfied, they may promote retention and productivity. Industry leaders are also prioritizing diversity, equity, and inclusion (DEI) by recruiting a more diverse set of middle and upper managers and improving firm policies like family leave.
This year’s report was written by Keybridge, an economics and public policy research firm selected to facilitate the 2022 IFC. It is based on input from IFC members across several meetings and a survey conducted between May and July 2022, along with outside research on workforce issues.
The IFC is comprised of a cross-section of selected industry executives. The IFC participants explore current issues, trends, and the outlook for the future of the equipment finance industry. The IFC convenes throughout the year to discuss major issues and to provide insights for how potential opportunities and challenges may impact the industry's long-term vitality.
Thank you to the 2022 IFC Sponsor, Equifax.
Interested in learning more about futures thinking and how it applies to your business? Watch a micro-lesson: "An Introduction to Futures Thinking" by Terry Grim of Foresight Alliance. This video provides a basic overview of the concepts and language for the discipline of foresight, as well as the art and practice of looking ahead for meaningful changes.