Survey Findings Reveal 84% of Companies Identify Worker Retention and Retiring Workforce as Significant Challenges
Organizations increasingly turning to connected worker technology solutions to maintain productivity and safety among frontline workforces amidst labor market changes
Librestream, the #1-rated remote expert technology platform for the industrial workforce, announced the findings from a study conducted by independent market research and advisory firm, Verdantix, titled, “Increasingly Complex Workplace Challenges Demand Innovative Connected Worker Solutions.” The study outlines the impact and challenges within the connected frontline workforce.
In response to the COVID-19 pandemic, the Great Resignation, and supply chain issues, connected worker technologies and digital transformation efforts have been expedited. However, with 40 million workers leaving their jobs in 2021 alone, and over three million – and counting – retiring early, challenges continue to arise, including high costs of training and onboarding, lower output potential, an understaffed workforce, and the possibility of more experienced, senior employees having to fill roles with lower business value.
“Organizations are losing critical operational knowledge today,” said Charlie Neagoy, SVP, Customer Success at Librestream. “Unless workforce transformation becomes front and center, we are likely to face a larger global worker crisis and loss of knowledge that could be crippling to the global economy and critical industries.”
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The report discusses insights from the aerospace, oil and gas, manufacturing and utility industries. Key findings include:
- Major challenges across the industries: 72% of respondents said the retiring workforce is a significant or very significant challenge
- Approaches taken to overcome these challenges: 42% believe digital technology is essential to the success of the connected frontline workforce initiatives
- Investments in technology: 20% of respondents will be investing in a commercial provider for the first time, 32% intend to use virtual reality (VR) solutions to train workers over the next year
- When selecting solutions, the most significant functionalities were: 96% specified quality of user interface, 90% indicated low bandwidth, 88% believed security and data protection, and 82% called out the ability to integrate with third-party systems
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The results also indicate the need for organizations to support productivity and safety among frontline workforces through technologies that help enable knowledge networks, supply remote assistance, deliver digital work instructions, and enable virtual training. “In the midst of challenges in the labor market, we are seeing greater adoption of connected worker solutions, provided by firms such as Librestream, as part of operational excellence strategies,” said Hugo Fuller, Technology Analyst, Operational Excellence Practice at Verdantix.
A research-based discussion with Neagoy, Fuller, and Librestream SVP, Product, Marieke Wijtkamp, will take place on July 14, 2022, at 11 a.m. EDT, diving into the shrinking workforce and solutions addressing workforce transformation. In the session, they will discuss the results in-depth, how to incorporate workforce transformation as a part of digital transformation, and what technology investments to make based on peer success.
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