Your one stop shop for transformative insights and groundbreaking trends in the talent industry today
The United States seems to be on a path toward eradicating COVID-19, immunizing its population, and initiating plans for reopening the economy. The health threat still exists, but greater numbers of governments and leaders are turning their attention to what lasting effects the pandemic and the ensuing business shutdown will affect the country’s workforce. Metasys is confident the nation will rebound from the economic hardships the virus has and will continue to inflict. While today’s hardships have vastly different causes than previous ones, we may take some lessons from the downturn of 2008. Following that recession, wages remained stagnant for nearly three years and the impacts reached most industries and occupations. This time around the situation may not be as dire, as the country’s underlying economy was going strong before the disease reached these shores. But we also know there may be more painful times ahead; the economy will need time to recharge, and that will bring consequences to America’s workers. We have compiled our best estimation of the challenges and successes the U.S. economy can expect.
The disruption brought about by COVID-19 has made many components of work and workforce management more difficult. But it has made at least one initiative easier to implement: a policy of location inclusion. Location inclusion is a diversity movement that had difficulty gaining traction before social distancing orders transformed most organizations into remote workplaces virtually overnight. Companies now are experiencing the possibilities and efficiency benefits of incorporating decentralized employees, contractors, and gig workers. Though workers at most traditional, office-based firms still live and work in proximity, the pandemic has proven that it does not matter where talent is located.
ROCHESTER, N.Y. (PRWEB) NOVEMBER 19, 2020
Routine, repetitive operations are the enemies of productivity and innovation. Every hour your Human Resources and Procurement teams spend on acquiring, deploying, and managing contingent workers is an hour stolen from more valuable activities. Many aspects of business, from marketing to production, have taken advantage of machine learning and artificial intelligence to free skilled workers from mundane and monotonous tasks so they can perform more creative cerebral work.
Just like the rest of the world, American businesses are struggling to come to terms with the two most transformative occurrences of our generation. To sustain operational continuity and eventually flourish, companies need to implement the lessons the Black Lives Matter movement has illuminated and avoid allowing COVID-19 from sidetracking diversity and inclusion initiatives.
Much of the literature dealing with the rise of the contingent workforce focuses on what freelancers, consultants, and contractors can do for their clients. Few studies have investigated how hiring organizations can provide the opportunities and arrangements that outside workers desire. Metasys has compiled this list of best practices companies can implement to meet the needs of top free agent talent. Making it easy for contingent workers to choose and work for your organization gives you greater access to the skills you need when opportunities and challenges arise. If your organization wants to initiate or expand its use of non-traditional workers, these insights from contingent worker surveys and experiences will help you build a foundation that will attract, secure, and retain independent workers.
With labor costs approaching two-thirds of the budget in some companies, there is a growing movement to fully understand the expenses and benefits associated with spending on all types of worker compensation and management. While the primary goal of total cost of workforce (TCOW) analysis has been to optimize the costs of payroll and contingent talent against productivity and profit, this has led to overreliance on head count. In most organizations, investment in talent – through additional workers, higher wages, better benefits, or more training – results in a positive return on investment up to a point. Whether to add talent, therefore, is not the important question. TCOW’s real value comes from the significant insights it can deliver into the composition of an enterprise’s workforce, the efficacy of its recruitment methods, the effects of salary on turnover, the relationship between training and productivity, and a host of other variables that contribute to (or detract from) the bottom line.
Everyone in business seems to be tapping into the power of big data, and the field of workforce management is no different. The availability of billions of data points presents hiring organizations with the potential to optimize the entirety of the human resources function, from attracting potential job candidates to planning their retirement parties and every step in between. The expanding prevalence of contingent workers only widens and deepens data’s status as a central pillar in workforce architecture.
Using artificial intelligence to identify, attract, and convert prospects has long been the purview of the marketing department. Marketing teams segment customers based on their likelihood to buy and their total lifetime value to the company. Marketers want to know what drives customers to choose one brand over another, when they are most interested in engaging with the product, and what kind of messages will induce them to load up their virtual shopping cart.
Among other disruptions, COVID-19 reversed on one of the tightest talent markets in U.S. history. Even with millions of people thrown out of work and the pandemic’s second wave advancing at full force, the country’s business fundamentals remain strong. Many economists predict the recession to be short-lived. Most industries already have overcome supply chain challenges, helped newly remote workers ramp up their productivity, and refocused on core competencies. Once the economy gets the jolt it needs, the hiring frenzy will resume. Businesses will want to make up for lost time. Once-stagnant industries such as hospitality, travel, and live entertainment, will spring to life. Businesses that flourished during the pandemic will leverage those lessons and revenue to expand and integrate.