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
RALEIGH, N.C. & WINNIPEG, Manitoba–(BUSINESS WIRE)–Librestream, the #1-rated remote expert technology platform for the industrial workforce, announced today 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.”
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
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.
To learn more about the deskless and field worker impact through enterprises’ digital transformation, download the full research here. Join Librestream for the upcoming webinar and register here.
Librestream transforms workforces through advanced AR and AI solutions that scale knowledge across businesses to enhance safety, efficiency, and resiliency. With the Onsight augmented reality knowledge platform, Librestream helps workers and distributed teams gain immediate access to the content, people, relevant data, and guidance needed to solve business challenges. Librestream’s global Forbes 2000 customer base includes energy, manufacturing, service, aerospace, and defense enterprises with aggregate annual revenues totaling $3.2T. The company has been honored with recognition, including ranking as the #1 AR remote assistance solution provider by independent research firm, Verdantix, named an IDC Innovator, and winner of the Field Service WBR Innovation Award. Visit Librestream at librestream.com and connect with us on LinkedIn, Facebook & Twitter.
Librestream press kit here.
Verdantix is an independent research and advisory firm with over a decade of experience covering digital strategies for Environment, Health & Safety, Operational Excellence, and Smart Buildings. In 2022, Verdantix launched a standalone subscription for Net Zero & Climate Risk following on from the successful introduction of a dedicated ESG & Sustainability practice in 2021.
The company, which is based in London and has offices in New York and Boston, is a winner of the 2021 Queen’s Award for Enterprise in the International Trade Category. It has achieved rapid growth even during the pandemic due to the firm’s focus on providing high quality research about the applicability of digital technology to some of the world’s most significant problems. Today, Verdantix is a leading source of research and analysis for business leaders across the world.
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