It makes sense to assume that the ownership of Future of Work execution rests in the hands of HR executives. With much of the focus on total talent management and talent acquisition strategies, HR spearheads much of the decision-making in those areas. However, another business function also plays a critical role in the Future of Work paradigm — procurement. Shifts in global supply chain dynamics and the transition from cost- to value-based supplier management, means Chief Procurement Officers and their teams are well-positioned to support Future of Work initiatives.
Traditionally, procurement focused on cost savings in the supply base and was measured against those numbers annually. However, over time, CPOs realized the criticality of supplier relationships and the resulting innovations that enabled greater marketplace competitiveness. Rather than squeezing pennies from suppliers, the relationships evolved into collaborative, value-added partnerships.
With a value-based approach, procurement is positioned to lead and support various aspects of Future of Work strategies. Let’s look at what both procurement and HR core enterprise contributions entail, followed by how the two functions intersect to complement Future of Work initiatives.
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