Welcome to an exclusive series here at the Future of Work Exchange that will feature predictions, insights, and trends for 2023 that will shape the Future of Work in the months ahead. We polled technology and solution provider executives and asked them how they believe the world of work and talent will continue to evolve in 2023 and beyond:
Tony Buffum, VP of HR Client Strategy, Upwork
“The idea of leveraging on-demand talent to enable faster, more efficient business outcomes isn’t new; however, in 2023, we will see many organizations shift their mindset in evolving their talent strategy to include Talent Access. Organizational leaders that think of talent as a resource that is accessed, rather than just acquired, will see the speed, flexibility and agility they need now more than ever. Access to on-demand talent with highly-specialized skills will enable them to reduce risk, drive cost savings and at the same time, protect their people from burnout.”
Vanessa Miller, Vice President, Talent Technology, Atrium
“Per Upwork’s 2022 Freelance Forward Report, freelancing has hit an all-time high, comprising of 60 million Americans. 39% of the entire workforce is freelancing, 3% up from 2021 and represents a number that continues to climb year over year since 2014 and has accelerated in recent years due to remote work being here to stay. Given independent work is becoming more and more popular, it is confirmed this population wants independence and autonomy in the work they do. Their appreciation and to talent marketplaces that bring quality work to them will grow. Technologies and service companies will, more than ever, be investing in solutions to cater to this trend in 2023, in both technology + engagement channels, i.e., EOR/AOR. I think we will see more creative ways from workforce solutions firms to partner, build, or buy platforms that have “figured out” how to make engagements seamless for independent talent. Firms that are not investing in this area will be left behind.”
“More contingent labor programs will be owned and/or influenced by talent acquisition/HR vs. solely procurement more than ever. While there may not be a complete ownership shift from procurement to HR/TA (which we’ve seen at several companies in 2022), there will be more collaboration within these departments in 2023 to work cohesively to improve/enhance the overall contract talent candidate experience. Here at Atrium we love to see this, because, in the end, the talent wins!”
Antonluigi Gozzi, Co-Founder and Chief Product Officer, LiveHire
“I wonder if we have entered a new era: post-COVID, post-globalization, mid-high inflation, high cost of capital. We had the era of the global conglomerates and multinationals (GE, IBM, etc), we had the exiting era of big tech and visionary founders (which eclipsed many of those earlier conglomerates in value creation), and I wonder if we are now in the era of rationalization and productivity growth.
Capital and human capital (labor) productivity have been in secular decline, in my view due to tech exuberance and cheap capital, we really have thrown money at the problem time and time again. We know, however, that the only sustainable improvement in living standards, innovation, and against demographic challenges, is driven by productivity, which have been in structural decline for so long. This has caused large expansion of public and private debt-to-income ratios, and is unsustainable. So, in the world of work, I think we will be all seeking healthy growth and not “growth at all costs.” Also, at a personal level, people are rebalancing priorities, so they are looking for better individual productivity: get paid more per hour so they can work less hours and be more flexible. This, however, works only if the company is also getting more value for each dollar in wages paid.
In hiring, for example, this will mean that we will be much more deliberate about human capital additions, team composition, skills, and competency gaps. I think businesses will embrace the idea of hiring slowly, having more “fit and slim” organizations, achieving more with less, and be very deliberate about culture, team composition, and specialization. I would think that the type of work arrangement (contract, freelance, employee) and work locations (on site, hybrid, remote) will matter less, as we live in a more liquid society. However, the need of specialization and team self-determination and self-management will matter more than ever, in a Future of Work that becomes ‘agile by necessity and not by choice’.”
Rocki Howard, Chief Equity and Impact Officer, The Mom Project
“DE&I is vital to the future of work, with equity being the most important driver when it comes to talent and their choice of employer. Talent is looking to receive fair and sincere treatment and transparent communication. In our recent Werklabs report we found that companies with effective DE&I program have rated: 57% higher retention, 51% recommend their organization and 39% more productive.”
Athena Karp, CEO and Founder, HiredScore
“Talent scarcity, labor market challenges, and increased business pressure will drive HR leaders to promote solutions that leverage connected-HR-capabilities that converge recruiting, people development, and workforce planning to solve the hardest workforce problems.”
“HR will leverage their seat at the strategic table to drive the organization to expand the way the business collaborates and drives workforce goals and connects with the HR functions in a proactive way, putting their organizations ahead of competitors and unlocking strategic HR capabilities.”
Taylor Ramchandani, VP of Strategy, VectorVMS
“In 2023 with unemployment extremely low and the skill gap continuing to grow, organizations are going to have to continue to be creative in how they are sourcing talent. We will see an increased adoption of talent pooling and direct sourcing technology and a greater emphasis on the candidate experience. The extended workforce will have to be proactively sourced, nurtured and provided a reason to want to engage with one organization over the next.”
