This week’s Future of Work Exchange Podcast, sponsored by Beeline, features a conversation with Steve Dern, EVP of Talent Solutions at Evaluent. Steve and I discuss the growth of the extended workforce, why the mid-market requires more flexible workforce management solutions, and the future of the labor market.
Tune into Episode 616 of The Future of Work Exchange Podcast below, or subscribe on Apple Music, Spotify, Stitcher, or iHeartRadio.
Direct sourcing has dominated discussions around talent, work, and staffing for the past few years because, when executed well, it can deliver incredible value to the greater organization through hard benefits (such as cost savings and a quicker average time-to-fill rate) and soft benefits (greater talent quality, better engagement with highly-skilled candidate, etc.). And, as the overall HR market evolves in the wake of rising worker resignations, smart businesses will prioritize the need for deeper assessment and validation of skillsets and place a greater emphasis on the candidate and hiring manager experience.
The starting point for most will be to build on their existing direct sourcing capabilities and work to develop a true Direct Sourcing 2.0 program…which, of course, is only achievable through the convergence of strategic and automated competencies.
The path to Direct Sourcing 2.0 is paved with technology. While elements such as talent curation, talent pool development, talent pool segmentation, and recruitment stream integration are core to any direct sourcing program, HR leaders and their teams must incorporate digitization and advanced direct sourcing competencies to get to the next level of performance. Achieving Direct Sourcing 2.0 requires advanced capabilities to be coupled with digital recruitment functionality in order to boost talent quality, enhance candidate intelligence, and develop repeatable and scalable methods for reengaging talent to build a truly agile workforce.
While predictive analytics are not commonplace today, soon, a majority of enterprises will look to scenario-building as a way to enhance overall talent intelligence. Predictive analytics, in this realm, will augment the organization’s overall knowledge of its in-house skills as well as the expertise available externally (across all talent communities, including talent pools).
This level of intelligence will spark new and targeted initiatives to find better-aligned candidates with stronger talent engagement efforts and push business leaders to better understand who the strongest candidates are for future roles, positions, and projects.
Sixty-five percent (65%) of businesses plan to link the candidate experience with hiring manager experience. As discussed in the Ardent Partners and Future of Work Exchange Direct Sourcing 2.0 research study, transforming talent acquisition into a consumer-like journey is just one side of the Direct Sourcing 2.0 coin. The other side focuses on the hiring manager experience, which should be seamless in order to streamline the means of finding, engaging, and sourcing talent for a full spectrum of open roles and positions.
While only a third (33%) of businesses have automated candidate experience capabilities in their direct sourcing programs today, 50% more plan to do so within two years. Personalization and sharing more specific details regarding a project/role match, when automated, are repeatable and scalable to ensure that all candidates have a more positive and compelling experience when recruited.
Remember long ago, when we all thought “The Great Resignation” would start to loosen up as we headed towards spring? And remember when a certain Future of Work site called it “The Greatest Resignation” because four-plus million professionals were quitting every month since October of last year? AND, remember when that same site spoke of a “Great Resettling” as these workers began to find a foundation that suited their personal and professional desires?
Of course, we remember. It was just two weeks ago.
The March numbers from the Bureau of Labor Statistics hit last week, and with them, something that collectively made us shake our heads. Over 4.5 million individuals voluntarily left their jobs in March, which is a record thus far since this data was first collected decades ago. (March 2022 to November 2021: “Hold my beer.”)
I said just a couple of weeks ago that there were two pathways for this “Big Quit”: either the numbers would reflect a settling of workers into roles that better suited their desires for flexibility, purpose, etc., or, we’d still be operating in “Great Resignation” mode, continuing to wonder when the tide would finally turn.
The Future of Work Exchange will always remain bullish about “The Great Resettling,” as it reflects exactly how voluntarily-displaced workers will find their calling when the dust figuratively settles…the monkey wrench in that concept, however, is just when the record page of resignations will end. The common refrain, that workers still crave more flexibility, empathy, and purpose, will not change. It doesn’t matter if we’re in the throes of a disruptive COVID surge or in a very awkward period (like we are right now): the collective trauma, experiences, and perspectives going into Year Three of the pandemic will continually translate into workers wanting more and wanting better.
Does that mean a bulk of these workers will join the extended workforce ranks? Absolutely. Does this mean that more and more professionals will become entrepreneurs in a market that, for many tech industries, has become incredibly hot? Yes, of course. Does this mean that those businesses on the backside of those resignations should execute on some self-reflection? 100%, yes.
There’s no one-shot answer to why “The Great Resignation” has become “The Greatest Resignation.” And there’s no firm, calculated timeframe on when we’ll see labor market completely enter a “Great Resettling” phase. All of this means one thing: the changes to 1) the way we work and 2) the workforce itself have become permanent. We’re not going to continue experiencing millions and millions of resignations every month. There’ll be a point in time, which I’m imagining is “soon,” in which those resignations begin to slow…and with it, a newly-resettled workforce that may have finally grasped the flexibility, empathy, purpose, compensation, etc. that they’ve been looking for for so very long.
It’s clear that the world of work and talent has changed. Many facets of modern business have been transformed, from talent acquisition and talent engagement to workplace culture and workplace structure. For today’s business leaders, navigating these revolutionary times requires a Future of Work-first focus on work optimization, enhancement of core workforce management strategies, and major, flexibility-led shifts in how executives think about their talent, their operations, and their workplace.
Ardent Partners and the Future of Work Exchange are excited to announce its inaugural Future of Work event, “FOWX LIVE,” a half-day executive roundtable conference that will bring together business leaders at the historic Harvard Club in Boston, MA on June 14.
The event will include both presentations by industry luminaries and executive roundtable discussions for networking and the sharing of best practices between attendees (as well as an elegant lunch to cap off a whirlwind day!).
Registration is complimentary for procurement, HR, and talent acquisition executives. Sponsored by Utmost, WorkLLama, and Atrium, this event will highlight the major issues driving the Future of Work movement, including:
Register today for FOWX LIVE (June 14; registration begins at 9am ET)!
“Talent quality” can be a nebulous concept. Staffing organizations often have to balance the many innerworkings of such an idea, delicately balancing the intricacies of what they believe “talent quality” to be. In a business world that has been dramatically transformed by a pandemic, changes in how businesses operate, and, of course, the impact of Future of Work accelerants, today’s enterprises, staffing agencies, and other key groups must be focused on broadening the definitions around talent quality and put those at the heart of any extended workforce management program.
The Future of Work Exchange is excited to partner with Glider.ai for an exclusive Q&A event tomorrow (May 5) at 11am ET. Ben Walker, a longtime thought leader and expert in the workforce solutions industry, will join me to discuss:
Click here or on the image below to register for tomorrow’s event. Looking forward to seeing you there!
Earlier this morning, global Vendor Management System (VMS) and Extended Workforce Management Platform Beeline announced that the company received a majority investment from funds managed by Stone Point Capital, a leading private equity firm based in Greenwich, CT. New Mountain Capital, existing investor, will remain a minority investor in the solution, and will maintain representation on the company’s board of directors.
The acquisition represents an ideal scenario for the industry’s largest independent provider of workforce management technology, as the move will allow Beeline and its team to execute on a progressive roadmap and introduce new and innovative solutions in a market dominated by Future of Work accelerants.
“New Mountain was a great home for us and we appreciate the opportunity to continue to partner with them,” said Beeline’s CEO, Doug Leeby. “We are thrilled to be part of the Stone Point Capital family; I’m confident that their support will allow us to follow through on our long track record of innovation and growth in this exciting industry.”
The move will allow Beeline to continue operating as the largest independent extended workforce/VMS technology solution, as well as serving as a catalyst for the company to enhance the way its customers find, engage, source, and managing the growing and evolving non-employee workforce.
The Future of Work Exchange highlights the following in its instant analysis:
“The extended workforce is a critical facet of the Future of Work movement,” said Leeby. “As this workforce grows and evolves, Beeline will continue to do so in parallel. With Stone Point behind us, we have an opportunity to innovate around the unique needs of today’s workforce and provide solutions that can help our customers succeed in a transformative world of work and talent.”
Although it seems as if many regions (and individuals) around the world are acting as if the pandemic is over, the hard truth is that we’re still not close to the finish line. Last week, when pandemic expert and longtime virologist Dr. Anthony Fauci clarified previous remarks and stated that the United States was out of the “acute phase” of the pandemic, it meant that businesses, professionals, and us as people were in an odd gray zone; case counts are rising, but hospitalizations are falling. We’re returning to many of the events and situations that weren’t possible last year, however, we’re still remaining cautious in specific instances.
We know what this means for us as individuals; we can make calculated risks based on our comfort levels, where we are physically within the country (local transmission levels), and our personal networks (i.e., opportunities for infect at-risk family members or friends). However, what does this mean for the typical enterprise?
Well, the Future of Work Exchange believes that this is another opportunity to experiment with how they want to operate from a workplace structure perspective. Although we’ve heard (over and over and over again) that return-to-office plans were in place, there are still tens of thousands of organizations that have still not finalized their strategy regarding how they want their work. And, those that have opened their doors to workers should hopefully be viewing the past several months as the greatest opportunity to see what works, and what doesn’t, in regards to hybrid models.
The remote vs. hybrid vs. all in-person debates have been raging since the summer of 2020, a time when both professionals and people tired of four or five months’ worth of stress, anxiety, loneliness, fear, and frustration. While there was a political storm brewing over when to ease lockdowns, business leaders faced yet another critical quandary in how they were continuing to operate in evolving, previously-unknown conditions.
Last year, I suggested that enterprise utilize their time to experiment with various workplace structures, management methods, and technology-led collaboration to see what made the most sense for when the business world ultimately called for a return to workers getting back to “normal.” While we now know that there is no normal, nor should there be, some organizations tooled with hybrid schedules, fully-remote options for specific functions, and core in-person work for roles that demanded it. There was a massive payoff to this: business leaders were able to glean the productivity benefits, flexibility, and overall worker engagement that resulted from these endeavors. Too, these organizations were also able to determine how to move forward during those uncertain times, all in preparation for when the pandemic would be at a more controllable phase.
While it’s way too early to say that the COVID-19 crisis is nearing its resolution, it is safe to assume that we have entered a more controllable state, one in which vaccines are aplenty, there are antiviral options that can have a tremendous effect on high-risk individuals, and the fact that immunity may be at its highest point. While the specter of another immunity-dodging variant looms, as does a fall and early winter surge, now is the perfect time for those organizations that haven’t experimented with new work models to do so.
What does that entail?
These are just a handful of recommendations for experimenting with new workplace models. If businesses can take advantage of these next few months, they will be better equipped to pivot if required in the event of a fall or winter surge. In addition, experimenting with flexible arrangements will result in several fantastic by-products, such as an improved workplace culture and better worker engagement.
I had a wonderful opportunity to join Beeline’s Chief Procurement Officer, Mike Schiappa, on the CPO Open Mic podcast. In what ended up being one of my all-time favorite discussions, Mike and I chatted about “The Great Resignation” (and how it will become “The Great Resettling”), the growth and impact of the extended workforce, why direct sourcing should be top-of-mind, and how business leadership needs to be more human. Tune in!
Today, AI is prevalent in both full-time/traditional talent acquisition and within the extended workforce arena. Ardent Partners and Future of Work Exchange research finds that nearly 60% of organizations are effectively “blending” AI and human-led processes into the current hiring initiatives, with another 34% expected to do the same over the next 12-to-24 months.
Back in February, I joined Beeline and HiredScore for an exclusive webcast on demystifying the role of artificial intelligence in hiring and extended workforce management. Beeline’s Colleen Tiner (SVP Strategy), HiredScore’s Athena Karp (CEO & Founder), and I discussed how AI could be leveraged to enhance hiring, drive total talent intelligence, and combat the ramifications of The Great Resignation. If you missed the webcast, we’ve got you covered:
Earlier this year, the Future of Work Exchange featured a piece that discussed why the Future of Work movement required more humanity:
“This is where the “human element” enters the picture. Today’s business leaders don’t have to wrap every one of their approaches in a sheen of empathy, they just need to integrate more humanity into how they manage and structure their workforce, as well as how the overall enterprise gets work done. This transformative strategy towards leadership requires a bit of “reimagination” and a dedication to emotions and being purposeful with those emotions.”
Today’s business leaders have been bombarded with recommendations from both sides of the Future of Work coin, feeling they must improve their technology utilization and acumen and enhance they way they manage and lead. It’s the type of pressure that can be too much to bear, especially considering that 1) we’re still in the midst of a pandemic, 2) there’s a war raging on the other side of the world that is both a humanitarian and economic crisis, 3) supply chain disruptions are still the norm, and, of course, 4) a tight and competitive labor market is one giant staffing nightmare (hello, Great Resettling!).
But, the truth is this: no matter how much like it feels we’ve returned to “normal” in some aspects of our lives (back to concerts? Movies? Restaurants?), the business arena is one that will forever be altered by the many Future of Work accelerants that transformed it over the past near-26 months. And it cannot be said loudly enough: the workplace itself has changed and must continue to change in the months ahead.
There’s a “heart” in the center of every organization, one that beats in tune with the way the enterprise treats its workforce, partners, suppliers, and customers. A once-in-a-lifetime pandemic forced us, as people, to give more heart to ourselves and each other. We’ve seen this in parallel with many businesses around the world…but there are too many out there that haven’t bought into this concept. The Future of Work, in 2022, is about empathy. It’s about emotional intelligence. It’s about the humanity within ourselves, our leadership, and our workforce. It’s about the way we treat each other when things are great…and when things aren’t so great.
That beating heart at the center is reflected in workplace culture. It’s reinforced by the way leaders allow staff the flexibility they need to get work done and be normal, functioning humans, parents, caregivers. We’ve talked about conscious leadership, empathy-led leadership, and other non-technological shifts that have welcomed the Future of Work into businesses across the world. The best workplace cultures are ones that prioritize enterprise values and support “beyond-perk” attributes for their staff, such as hybrid work models, true flexibility, and behaviors that reflect corporate, ethical, and social responsibility.
The heart of workplace culture must pump with purpose, fueling both leaders and workers alike with a sense of inclusion, diversity, and wellbeing. These non-technological attributes, when combined, form the foundation of a corporate culture that is appealing to new and existing workers, helping to redefine talent retention. And, critically, in a business arena in which approximately 43%-to-47% of talent operates remotely (according to Ardent Partners and Future of Work Exchange research), the permeation of a positive and human workplace culture means that even staff that aren’t in the physical location will benefit from this major shift in business leadership and corporate transformation.