SOCO Report: Workforce Trends

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Executive summary

Technology is transforming workforce safety, security, and efficiency while delivering massive ROI.

frequently hear feedback from their workforce about the need for greater investments in safety and security.

Top 3 safety and security improvements workers are requesting:

#1 — Improved emergency response protocols #2 — Enhanced personal protective equipment (PPE) #3 — Better tools to locate and recover stolen or lost equipment

say their organization has saved $500K+ as a result of technologies that protect workers from false claims and not-at-fault incidents.

Top 3 areas leaders have seen the biggest impact from investments in safety and security tech:

#1 — Enhanced worker safety #2 — Improved compliance #3 — Increased operational efficiency

of leaders in physical operations agree that their industry is becoming more desirable to young people.

Top 3 technologies positively impacting organizations’ ability to recruit and retain younger workers:

#1 — Cameras that protect employees #2 — Automation or robotics #3 — Data-based performance scores

INVESTING IN SAFETY AND SECURITY

In the next 5 years, 99% plan to boost investments in workforce safety and security technology.

Workforce expectations are changing. Employees want more investment in technology that can help them respond during emergencies and communicate in real time—and leaders are taking note.

PLANNED INVESTMENT IN TECHNOLOGY IN THE NEXT 5 YEARS

15%

Plan to invest a significant amount more in technology to improve workforce safety and security in the next 1-5 years

Plan to invest a moderate amount more in technology to improve workforce safety and security in the next 1-5 years

Plan to invest a small amount more in technology to improve workforce safety and security in the next 1-5 years

Believe no additional investment is needed

44% of leaders say their employees are asking for them to invest in improved emergency response protocols, as well as enhanced personal protective equipment (41%) and better tools to locate and recover stolen or lost equipment (40%).

50% are planning to introduce additional IoT-enabled safety devices and wearables, closely followed by automation that reduces worker exposure to hazards, such as automated vehicles or equipment (46%).

74% of leaders in Germany and 71% of leaders in Mexico say they plan to invest a moderate or significant amount in technology to improve workforce safety and security in the next 5 years.

UNLOCKING PEAK PERFORMANCE

Technologies that enhance workforce safety, security, and efficiency are delivering massive ROI.

41% of leaders say their organization has saved $1M+ as a result of implementing technologies that improve workforce safety and security, a win-win for organizations and employees.

Investments in workforce safety and security are paying off in big ways.

Technologies such as cameras, digital documents, and apps for real-time communication deliver clear ROI. The top three areas where leaders have seen the biggest impact are enhanced worker safety (42%), improved compliance (41%) and increased operational efficiency (40%).

Technology that protects and exonerates employees saves money.

As a result of exonerating workers from false claims and not-at-fault incidents, 80% say their organization has saved $500K or more. Many also report enhanced trust, increased employee morale, improved productivity, and lower turnover.

Now, employees have more time to focus on high-value tasks.

99% say their workforce’s time has been freed up by recent technology improvements. As a result, they are able to reallocate workers’ time to other high-value areas, including performing preventative maintenance and safety checks (45%) and investing in upskilling (42%).

How much are leaders saving from investments in technology?

98%have saved $100K+

81%have saved $500K+

41%have saved $1M+

8%have saved $5M+

RECRUITING & RETAINING THE NEXT GENERATION

85% of leaders in physical operations agree that their industry is becoming more desirable to young workers.

Organizations that embrace new technology are seeing a positive impact on recruitment and retention of young workers—reflecting the next generation's comfort with technology, and their expectation for it to be part of daily life, both on and off the job.

TECH THAT’S HELPING RECRUIT & RETAIN YOUNG WORKERS

36%

Cameras that protect employees from false claims

34%

Personalized scores based on safety or efficiency data

33%

Data-based incentives and rewards

32%

Virtual coaching tools that provide real-time feedback

31%

Talent upskilling programs

Cameras were the #1 technology leaders cited as helping with recruitment and retention due to their ability to protect employees from not-at-fault incidents and false claims.

A growing number of organizations are using e-learning platforms to train and develop employees; only 15% still rely solely on onsite training. The #1 improvement leaders say they’ve seen as a result is improved employee retention.

Top-reported challenges to recruiting and retaining talent over the next 5 years include adapting to evolving worker expectations and limited availability of skilled workers—indicating that employers must take a multi-faceted approach.

What do industry leaders have to say about building the workforce of tomorrow?

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