There has been great debate in recent months about a recession. Are we already in a recession? If a recession occurs, will it be light or something more impactful? Or will the economy be resilient and avoid a recession entirely? Enterprises in technology and media industries are already reacting to recession fears by laying off tens of thousands of workers. As we move through the first quarter of 2023, how could a recession impact the extended workforce?
Business As Usual
There’s no doubt we’re experiencing challenging economic times. However, businesses must continue with mission-critical projects and initiatives that often require specialized expertise. The skills gap remains inherent in many enterprises, leading to continued demand for contingent workers. And as the Future of Work Exchange research indicates, 47.5% of the enterprise workforce is comprised of extended workers. That figure cannot be ignored, especially during times of economic distress.
Digitization Evolution and Workforce Mercenaries
Despite the recessionary climate, there is an enterprise evolution occurring: digitization. Whether it’s talent acquisition platforms, accounts payable solutions, or larger enterprise resource planning systems, businesses are transforming from tactical (manual) to strategic (digital) strategies across the operational landscape. And with digitization comes the extended workforce.
The rest of this article is available by subscription only.
Introducing a New Subscription Model
To continue providing valuable insights and resources on the future of work and extended workforce management, we’re transitioning our site to a paid subscription model. While some posts will remain free, subscribing will grant you exclusive access to in-depth analysis, market research, expert interviews, and actionable strategies that will help improve your business. Solution providers and practitioners are invited to join today and gain a competitive edge by tracking the industry’s important innovations, emerging trends, and best practices.
