Your one stop shop for transformative insights and groundbreaking trends in the talent industry today
The way the world has gotten work done for decades has become highly diversified across a multitude of different sources of talent. Some work is shifting toward specialization while repetitive, rules-based work is being automated. Specialization has made work more technical and markets more targeted. And over the last several years, even the way companies acquire them have become more specialized!
In our recently released whitepaper, we discussed some of the unexpected work-from-home benefits the COVID-19 quarantine has uncovered. Now we turn to some pitfalls companies and managers must navigate in order to realize all those advantages. To get the most productivity out of employees, companies should avoid making these mistakes.
With record numbers of Americans filing for unemployment insurance and many companies and public entities placing a moratorium on hiring, the once-tight labor market is suddenly overloaded with quality applicants. Stronger competition and fewer jobs make for tough sledding for recently displaced workers, but that is no reason to give up. There are plenty of companies who will survive and even flourish during and after the COVID-19 pandemic. Alternative work arrangements, emerging industries, and government supports will provide ample opportunities for workers with the right skill sets and those who take the right approach to their job search.
As the business community comes to grips with Coronavirus (COVID-19), they are altering the way work gets done. Your company probably has implemented hygiene standards throughout your operations and expanded work-from-home functionality for as many staff members as possible so workers can practice crucial social distancing. Your people’s health is the top priority. But while containing the spread of the virus and exhibiting compassion for those affected, firms still must maintain supply chains, deliver outputs, and service their customers.
As the nature of work evolves, businesses struggle to transform. They face an existential challenge as digitization continues alter the way people work, how labor and jobs are defined, and how workers are recruited and employed.
With the United States flirting with full employment, many cutting-edge companies are turning to consultants, freelancers, and other contingent workers to meet the skills shortages they face. Employing a significant percentage of non-employee workers can build in the flexibility and scalability that companies need in order to compete in today’s competitive environment. Using non-traditional workers and building a pool of outside talent gives your company a jumpstart when you need to quickly increase production, launch a new product, create a new marketing plan, write custom software, or complete any other project that requires specialized skills.
Companies are forced to toe a fine line when trying to motivate their contingent workforces. On one side, labor laws prohibit organizations from treating freelancers and independent contractors the same way they treat salaried and hourly full-time workers when it comes to benefits, payment, and control over how the work gets done. On the other side, psychologists and human resources professionals advise firms to do everything in their power to make contingent workers feel welcome and part of the team by erasing the distinction between internal and external workers.
The convergence of interactive talent engagement tools with a shift in worker mindset has created opportunities for companies to acquire critical project skills more easily and expeditiously. As the preference for on-demand talent spreads across industries, companies must adjust to the new workforce paradigm or be trampled on the battlefield for workers possessing the specialized skills needed to survive the competitive business climate.
Talent for project management, technical development, and creative problem-solving is more difficult to find than ever before. Fewer and fewer skilled professionals are opting for long-term, full-time employment, so traditional hiring practices cannot fill organizations’ personnel needs. But filling the talent gap with contingent workers brings its own risks and shortcomings. Only by adopting a total talent management program can companies put themselves in optimal position to locate, hire, manage, evaluate, and lock in the people who possess key abilities and knowledge.
If your New Year’s resolutions include a promise to institute or more effectively manage your contingent workforce, congratulations! You are on your way to a total talent program that can reduce risk, cut labor costs, and position your organization to respond adroitly to market shifts and industry challenges.