close

General Insights

The First Thing You Must Know About the Future of Work

Business LeadershipContingent WorkforceDirect SourcingEventsGeneral InsightsTalentTalent AcquisitionTechnology and Innovation by John Yuva on

The Future of Work Exchange (FOWX) and Ardent Partners recently hosted their complimentary webinar, The Five Things You MUST KNOW About the Future of Work, which discussed the critical capabilities that enterprises can unlock to truly optimize the way they address talent acquisition, extended workforce management, and, most importantly, work optimization. Over the next five weeks, we’ll be recapping each of the five things discussed during the event. In our first installment this week, we’ll be diving into the evolution of talent and the ever-present phrase, “The Future of Work.”

The Evolution of Talent and Talent Acquisition

When it comes to the Future of Work, one of the first things to know is the evolution of talent and talent acquisition. And this idea of the “evolution of talent” can be ambiguous. Talent is always evolving and has been for a long time. The way that businesses perceive their talent is also evolving. And, the way that those businesses get connected to talent, and vice versa, continues to evolve. It’s also being innovated through technology and new strategies and new programs.

The fact is nearly half of our workforce today is comprised of extended workers or contingent workers. We have aspects like direct sourcing and digital staffing that are making it much easier for businesses to find the talent they need to get work done to address those mission-critical projects and fill the appropriate roles. FOWX and Ardent research has been focused historically on the extended workforce and contingent workforce, but we’re talking about all types of talent.

Thus, talent acquisition as a function and as a series of processes has also progressed. We need to consider aspects like the candidate experience, and the way that our culture and our brand attract new talent into our organization. Many business leaders think of the Future of Work as being centered around technology, revolving around the idea that technology drives the Future of Work. And we  wouldn’t necessarily disagree with that; technology is a critical piece. And for some aspects and attributes of the Future of Work, technology and innovation are the nexus of those areas.

Technology is a Future of Work Centerpiece

Talent and the growth of the extended workforce represent the first leg of the stool with such things as diversity and candidate experience, but also digital staffing, direct sourcing, online talent marketplaces, and core workforce management solutions (such as MSPs and VMS platforms) These technologies are helping us to redefine the way we think about work. We’re living in a world where even though we don’t want to hear the word “pandemic” anymore, the pandemic really did shape what we think about the Future of Work.

It’s really critical to think about aspects like remote work and the technologies that support a hybrid workplace and how we leverage digital workspaces, digitization, and the idea of the digital enterprise, all rolling up into this notion of digital transformation. New technology and innovation are not the totality of the Future of Work, but certainly a centerpiece of it. And when we look at the transformation of business leadership, we often juxtapose this with business transformation or business leadership transformation, as well. It is leadership that dictates strategy, it dictates vision, and it dictates culture. And by proxy, we transform the way business leadership manages itself, manages its workforce, and how it expands its power and control over the organization.

Thus, the transparent transformation of business leadership is really critical, and honestly has nothing to do with technology. It all revolves around aspects like conscious leadership, empathetic leadership, empathy at work, and flexibility — thinking about how we lead in very new and different ways. It’s turning on its head the idea that “the boss” is always this very strict person who’s known for rigidity in how he or she perceives and manages the workforce. Business leaders are transitioning to be more flexible in their thinking. When you combine all these aspects together, that’s the future of work and the view of the Future of Work Exchange and Ardent Partners as well.

Ever-Present Future of Work

Thus, the “Future of Work” phrase is ever-present. It’s everywhere. Back when our FOWX architect, Christopher J. Dwyer, started using this phrase in 2013/2014, there weren’t many others using it. Today, we see so many conferences named “The Future of Work” as well as many websites and research studies. But unlike a lot of phrases that are hot today, it’s anything but hype. It really is this idea of permanence. Much of the change that we’ve gone through as people, as leaders, as workers, and as businesses, it’s not hype…nor is it a fad. The Future of Work is permanence. It’s not going to fade from view.

Future of Work “accelerants” that were once seedlings to the world of work and talent are now table stakes. Remote work, for example, is not new. Many of us have been working in a remote or hybrid workplace for most of our careers. And there are many others who have done so, as well. But for some business leaders and workers, it’s a very new aspect of their daily work lives.

The “Future of Work” phrase is ubiquitous. It’s an omnipresent way of looking at the current and future state of work. We are now focused on how we can improve the way we get work done, the way we manage talent, the way we engage talent, and the way that we treat our workforce. But we’re also thinking about tomorrow and the ways we’re going to get work done depending on several factors, including the economy, politics, global markets, and other aspects that could change the business arena.

read more

Four-Day Work Week Put to the Test

General InsightsHRTalent by John Yuva on

While remote and hybrid work models are nearly synonymous with the Future of Work, the four-day work week is gaining renewed attention as a characteristic of workplace flexibility. Certainly not a novel concept, the pandemic helped elevate four-day work week discussions as companies sought to bring employees back into the office. Advocates of the four-day work week are encouraging companies to join pilot programs to test the waters and determine its viability.

It is important to differentiate the four-day work week model from a compressed work week. Employees who work a compressed week are still working 40 or more hours over four days. A four-day work week means working 8 hours per day, 32 hours per week with the same pay as a 40-hour week.

However, various studies have shown that a four-day work week can produce higher productivity levels compared to employees working more days with longer hours. A four-day work week can also lead to lower stress levels as well as a happier and more loyal workforce. When employees know that their company values flexibility and work/life balance, there’s a greater commitment toward enterprise goals. It is this insight that led to a drastic change in work hours/days in the early 1900s.

Work Hours and Days Not Etched in Stone

Historically, until the 20th century, the work week spanned six days, averaging 80-to-100 hours per week, with the majority of labor working in factories or heavy manufacturing. In 1926, however, the Ford Motor Company transitioned to five days, 40 hours per week due to productivity insights of its workers. TIME highlighted Henry Ford’s philosophy on this in his company’s Ford News in October, “Just as the eight-hour day opened our way to prosperity in America, so the five-day workweek will open our way to still greater prosperity … It is high time to rid ourselves of the notion that leisure for workmen is either lost time or a class privilege.”

The Fair Labor Standards Act, passed in 1938 and amended in 1940 by Congress, made the 40-hour work week standard. Thus, the notion that the work week cannot be anything less than five days, 40 hours per week is not realistic given our current times. As evidenced by the Future of Work movement, today’s workplace landscape shows yet another tectonic shift in workforce productivity and engagement.

Now, more than ever, with remote work becoming a mainstream workforce model, it is relevant to further explore the four-day work week concept. And that’s exactly what hundreds of companies are undertaking across the world from Europe to North America and beyond.

Largest Four-Day Work Week Pilot Launched in the UK

The largest-ever four-day work week pilot is occurring in the United Kingdom from June to December 2022. Led by 4 Day Week Global in partnership with leading think tank Autonomy, the 4 Day Week UK Campaign, and researchers at Cambridge University, Boston College, and Oxford University, there are more than 70 organizations varying in size and sector participating in the six-month trial, including over 3,300 employees who are being paid one day off weekly during the six-month pilot.

According to Joe O’Connor, 4 Day Week Global CEO, “The organizations in the United Kingdom pilot are contributing real-time data and knowledge that are worth their weight in gold. Essentially, they are laying the foundation for the future of work by putting a four-day week into practice, across every size of business and nearly every sector, and telling us exactly what they are finding as they go,” he says.

“We are learning that for many it is a fairly smooth transition and for some there are some understandable hurdles — especially among those which have comparatively fixed or inflexible practices, systems, or cultures that date back well into the last century,” O’Connor adds.

With the pilot now at its halfway point, all participating organizations were sent a series of questions with multi-choice answers on a scale of 1 to 5. According to 4 Day Week Global, of those that responded (41 out of the 70 companies), here are some insights on the four-day work week at this juncture in the trial:

  • 88% of respondents stated that the four-day week is working “well” for their business at this stage in the trial.
  • 46% of respondents say their business productivity has “maintained around the same level,” while 34% report that it has “improved slightly,” and 15% say it has “improved significantly.”
  • On how smooth the transition to a four-day week has been (with ‘5’ being “extremely smooth” and ‘1’ being “extremely challenging”), 29% of respondents selected ‘5’, 49% selected ‘4’ and 20% selected ‘3’.
  • 86% of respondents stated that at this juncture in the trial, they would be “extremely likely” and or “likely” to consider retaining the four-day week policy after the trial period.

A Bright Future for Workplace Flexibility

The outlook is encouraging for four-day work week adoption for some of the companies involved in the pilot. The fact that 49% of the company respondents are seeing an improvement in business productivity is something to note as well. The Future of Work Exchange will follow up once the pilot concludes in December.

In the meantime, if your company is interested in a 4 Day Week Global pilot in the United States or Canada, information can be found here.

Ultimately, companies will need to determine how a four-day work week impacts their business and workforce model. Flexibility of any kind within today’s enterprises is critical to talent acquisition and retention. Companies that tested but decided against adopting a four-day work week have still realized the importance of flexibility and implemented other measures from no-meeting Thursdays to seasonal half-day Fridays. Determine what is meaningful from a stress and work/life balance perspective and use that as a starting point for a flexible workplace program.

read more

The Heightened War for Talent

Contingent WorkforceDirect SourcingGeneral InsightsPodcastSolution ProvidersTalent by Christopher J. Dwyer on

The Future of Work Exchange podcast features coverage of industry news, software developments, Future of Work happenings, and, most importantly, conversations with industry thought leaders.

Several months ago, I chatted with Steve Dern, EVP of Talent Solutions at Evaluent (click to listen to the full interview). Steve and I discussed the growth of the extended workforce, its impact, and what lies on the horizon. Today’s article is a recap of our conversation. [Note that this excerpt has been edited for readability.]

Christopher Dwyer: You’ve been in this space for such a long time. From your viewpoint, you probably have a dynamic take on the state of the contingent and extended workforce. What are your thoughts on the growth of the extended workforce, its impact, and where do you think we’re heading?

Steve Dern: As I look back on all this, especially the last 2.5 to 3 years, the COVID-19 pandemic has changed everything in terms of how we work, not only with contingent labor but also traditional employee labor. Remote work structures became the norm because they had to. And that challenged some organizations and maybe pulled the blinders off. Many companies with staffing offices and remote office locations closed their brick-and-mortar buildings because the investment wasn’t necessary. We can work effectively being remote or have a hybrid model, which is becoming the norm as people return to the office. Interview processes changed, as did the time to act when hiring talent. Whether it’s traditional, permanent, or contingent hiring needs, you’ve got to act very quickly now. Today’s talent has the leverage due to talent economy dynamics. As a result, companies are increasing wages for premium talent.

In the production and manufacturing environment specifically, there’s a heightened war for talent. And from a partnership and sales perspective, it was more difficult to build and cultivate newer relationships over the last two years. We were remote talking through a computer camera and a headset as opposed to shaking hands with people and breaking down social barriers that may exist. Reading body language was difficult as well. We work in a very different way now.

In terms of workforce trends, there’s a demand for more flexibility on the part of the hiring organization. Do we need employees to come into the office five days per week? What is the flexibility of some pre-pandemic requirements, such as college degree mandates or pre-employment screenings? With legalization of marijuana in some states, there may be some flexibility there.

There is also a significant gap in talent for manufacturing, distribution, and fulfillment centers. Here in Ohio, where we’re only 10 hours away from half the U.S. population, there’s a huge presence of retail distribution and fulfillment centers. And those fulfillment centers are having a tough time finding workers. To widen the talent pool, they’re considering Second Chance talent. These are folks coming out of jail with possible felonies in their background. However, many distribution and fulfillment center operators are seeing good retention rates and performance output.

From a company perspective, we (Evaluent) handle both direct hire and contingent labor placement. On our staffing entity side, we saw a large increase in the direct hire needs — one of our sales reps said 80% of new business activity was direct-hire related. So, there has definitely been a shift from a client perspective overall. Ten years ago, we were just hearing about this concept called direct sourcing. I was fortunate to see it succeed early in a couple of my accounts.

Back then, direct sourcing was pitched as having the ability to take over 80% of the staffing leads that we had. And it really didn’t end up being that way. Instead, it was focused on high-volume needs that were repeatable, with evergreen types of requisitions. That’s where companies were able to leverage direct sourcing not only for contingent but also for direct hire as well. Flash forward to 2021/2022, we’re now beginning to see direct sourcing gain some traction. More and more, I see RFPs coming out asking about direct sourcing partners and strategies, as well as what the technology, curation, and AOR models look like. Two years ago, I was rarely seeing that showing up in RFPs. That’s where some of the biggest changes have been in recent years.

 

 

read more

Unretired but not Irrelevant

Contingent WorkforceGeneral InsightsTalent by John Yuva on

Since the beginning of the Great Resignation in 2021, millions of workers have left the workforce — many retiring from the job market altogether. However, some of those retirees have now unretired and reentered the workforce. According to Nick Bunker, economic research director for North America at the Indeed Hiring Lab, as of March 2022, 3.2% of workers who retired a year earlier are now employed. What does this mean for companies and the Future of Work? Essentially, there remains a large talent pool of unretired seniors who bring varied skillsets and interest in remote work — a perfect combination for a pipeline of contingent labor.

The Pandemic Spurs Mass Retirement

Most of the planet can relate to how COVID-19 affected our work lives. Throughout the first two years of the pandemic, many senior workers decided to retire from the workforce. However, it occurred in unprecedented numbers.

During a Federal Reserve Bank of St. Louis podcast titled “Retirements Increased During the COVID-19 Pandemic: Who Retired and Why?,” Miguel Faria-E-Castro, a research economist at the Federal Reserve Bank of St. Louis, remarked on the number and the reasons for retirements beyond what was expected as the baby boomer generation exits the workforce.

“… And actually, I find that there were about 2.6 million excess retirees on top of what those trends would predict. And there are many reasons why people are retiring during COVID-19. There’s the fact that older people tend to be more susceptible to severe illness from COVID-19,” he says.

“There’s the fact that many of these older workers had to care for loved ones who used to be in daycare institutions that were now subject to lockdowns, and there’s also the fact that asset values were rising very rapidly during the COVID-19 pandemic, which might have influenced the value of pension and retirement accounts,” Faria-E-Castro adds.

Despite the reasons behind retirements, 2022 witnessed the return of many retired workers to the workforce.

A Generational Return

While retirement numbers reached unprecedented levels, the availability of COVID-19 vaccines, along with simpler and more obvious reasons like boredom and a sense of purpose, prompted retired workers to find employment.

Other reasons to return include:

Inflation. According to the latest U.S. Department of Labor data, the inflation rate for the United States is 8.3% for the 12 months ended August 2022 — an increase of 8.5% previously. Higher prices throughout a variety of industry sectors including food and beverage and consumer products are causing financial hardships for retired workers. Returning to the workforce is helping to ease that burden as well as pay for rising healthcare expenses

Tight labor market. A tight labor market means available jobs. Prior to the pandemic, employment opportunities for older workers were less plentiful and even scarce. However, with the enticement of flexible hours and remote work to fill open positions, enterprises are opening their doors to unretired employees — and they’re taking those opportunities.

Higher wages. Companies understand that the lack of talent requires a higher wage to lure candidates. Unretiring to supplement pension and Social Security payments is helping to offset inflationary pressures on monthly expenses.

Leverage Senior Talent for Greater Value

Now that senior workers are returning to the workplace, how can companies best utilize this unique talent pool? In her Forbes article, “Is the ‘Great Resignation’ Actually a Mass Retirement,” Avivah Wittenberg-Cox, CEO of 20-first, a global balance consultancy based in London, highlighted three critical areas for how companies can retain older workers.

Build senior talent into your hiring strategy. When examining the makeup of your workforce, how many are older employees? It is critical to know the age distribution of your workplace for a variety of reasons. First, it may be a sign that the enterprise lacks variability in its senior talent. There is much to be said about a multi-generational workplace and the advantages of pairing younger workers with more seasoned employees. Second, tribal knowledge is rarely written down for the benefit of others. Whether it’s processes, procedures, or shortcut efficiencies, companies rarely capture that knowledge before employees retire and it’s gone forever. Third, transparency in your age distribution can lead to a strategic outlook on potential succession plans. It should also serve as a significant part of your knowledge management process.

Invest in professional development. As humans, we’re always learning. And in today’s enterprises, change is a constant. With that in mind, professional development should not be an investment for only younger talent. Despite many multi-generational workforces, ageism is still present within companies. Today’s hiring initiatives should focus on removing that practice and the barriers it creates for senior employees. Having purposeful work is just as important to the older workforce as any other segment. Unretired employees often want to learn new skillsets to broaden their experiences and provide meaningful outcomes to the enterprise.

Flex the workplace model. As retired workers return to the workforce, they’re looking for remote and work/life balance opportunities — which complements the Future of Work paradigm. Understanding the purpose of why an employee is unretiring can help shape how best to utilize their skills. It also opens a dialog about the potential tenure of a senior employee. Rather than a sudden departure that often occurs with traditional retirement, companies can plan eventual exits and ensure knowledge capture and a succession strategy.

The Future of Work is not generation-specific. It encompasses all generations within the workforce from Gen Z to Baby Boomers. In fact, it is Baby Boomers who can serve as a valuable source for continent labor. Those coming out of retirement to find a second calling or support a former company or industry in a new and beneficial way have much to offer. And leveraged strategically, the knowledge of this generation of workers can spark innovation and provide a unique dynamic within multi-generational teams. At the end of the day, age is just a number.

read more

Direct Sourcing’s Future of Work Impact

Contingent WorkforceDirect SourcingGeneral InsightsPodcastSolution ProvidersTechnology and Innovation by Christopher J. Dwyer on

The Future of Work Exchange podcast features coverage of industry news, software developments, Future of Work happenings, and, most importantly, conversations with industry thought leaders.

Several months ago, I chatted with Sunil Bagai, CEO of Prosperix, for an insightful Future of Work-oriented discussion (click to listen to the full interview). Sunil and I discussed the changes in how businesses engage talent, the continued growth of direct sourcing, and some interesting Future of Work predictions. Today’s article is a recap of our conversation. [Note that this excerpt has been edited for readability.]

Christopher Dwyer: Seeing how our world of work and talent has been changing so much, you’ve had a front-row seat being where you are in workforce management software space. From your perspective, what do you feel are the biggest changes in the way businesses engage talent and get work done, and how the pandemic has shaped those aspects over the past couple of years?

Sunil Bagai: That’s a really good question. Several changes have been happening. Some of them were obviously sped up by the pandemic. For example, businesses are now much more open to hiring remote workers. And when we say remote, it’s kind of like an umbrella where everybody can be under that remote category. But the reality is we need to slice it a bit further. Remote can be onshore where they’re local to that office, so they can at least still come into the office. Remote can be not local to the office, so some other state or anywhere else in the country. Remote can also be offshore where a person can be in the Philippines, Colombia, India, or somewhere else in the world supporting that organization. There are a variety of different ways to slice and dice what remote really means. And that nuance is new. And it’s important going forward.

Another trend that I’ve seen happen in the last few years is much more openness to a variety of different marketplaces. And that means being able to hire talent directly by going onto a portal, for example. So, that trend has taken off. What that does, however, is create a challenge in these organizations. Why? Because enterprises are not equipped to deal with the nuances of being remote or how to integrate hiring marketplaces into their existing hiring processes. So, for example, their ATS and VMS platforms are not fully equipped to integrate with those new ways of hiring. That’s creating some more challenges and friction, which will get ironed out and addressed as the next few years go on.

CD: Direct sourcing has become such a hot strategy. And the more we talk about it on the Future of Work Exchange, the more we’re educating the market on something that seems to be dominating conversations not only around the Future of Work but also talent acquisition and workforce management. I think back to some of my first encounters with the Crowdstaffing platform, and you were one of the pioneers of direct sourcing. What are your thoughts on where direct sourcing is going and where it could be headed?

SB: Let’s start by differentiating what is traditional direct sourcing. What we’re doing with a hiring marketplace is a step towards direct sourcing without having to necessarily, say, get rid of your suppliers. Because direct sourcing today assumes that you’re sourcing every candidate on your own without the use of suppliers. And I believe there’s a middle ground where you can still use suppliers — your incumbents or your initial supplier pool. The network can be a second supplier pool that can give you more access to talent as well as lower costs. And then you have a third option which is the bucket of direct sourcing, where you can engage talent directly using your brand. I believe that all can coexist.

And the aim is to use technology to publish your jobs across all diverse hiring channels. Each of these becomes a hiring channel…and may the best channel win. It shouldn’t matter where the talent comes from, as long as it’s the best talent and the best price (hopefully). From there, it’s about optimization and being able to select based on quality, based on price, and based on speed for your talent fulfillment. If you can do that, then that’s your ideal solution. It’s not one or the other, it’s a mix of all the options available through one common technology platform to help you achieve your talent needs.

CD: What are some of your 2022 Future of Work predictions — not just technology, but the space in general?

SB: For 2022, you’re already starting to see some interesting things happen in the industry. We’ve seen some large acquisitions, and we’ll probably continue to see consolidation where certain companies try to acquire other companies to have a larger presence in the space and diversify their solution portfolio. And there will be more consolidation of customers, as well.

We’re also starting to see MSPs really up their game and add much more value than they were traditionally accustomed to. Before, MSPs were managing programs, and now they’re really trying to differentiate themselves by offering more capabilities within their solutions. New technology will also continue to surface and add a different spin on how the workforce should be managed. That’s what I’m seeing for the remainder of this year.

read more

The Business World of 2019 is Extinct

Business LeadershipGeneral InsightsHRTalent by Christopher J. Dwyer on

I’m sure many of the Future of Work Exchange’s readers remember the fantastic television series LOST. Sure, it floundered for a bit during the middle seasons, but in the long run, it was one of the most memorable TV shows of the past 20 years.

In the infamous Season Three finale, the directors of the show tossed in a “rattlesnake in the mailbox” twist ending: the famous flashbacks that were routine during every episode were, in fact, during this season finale, flashforwards to moments several members of the cast were off the island and back home. Remember when Jack met Kate in a dark parking lot and screamed, “We have to go back!”?

Well, that’s what it sounds like every time a business leader, writer, pundit, etc. insists that pandemic-era organizational attributes are either going to fade or lose their steam in the months ahead. There was the “very bad take” on remote work from Malcolm Gladwell last week. CNN recently featured a piece from SHRM CEO Johnny C. Taylor, Jr. that featured a take on why remote work will dissipate:

Though seen as a necessity during the pandemic, some business leaders doubt the current level of remote work is sustainable. And they’re right. A fully virtual workplace misses some of the key drivers for performance, productivity and growth, which are top of mind right now for businesses facing the prospect of a potential recession. Understandably, they want workers back in the office because they’re preparing for an ultra-competitive environment, which calls for maximizing efficiency. Fully remote work doesn’t cultivate the level of interpersonal relationships that business leaders see as vital to workplace synergy, collaboration and innovation. It can’t replicate the rich, robust, direct two-way, in-person communication that is critical to complex and creative work.

When companies are responding to market shifts and economic stresses, new ideas, problem solving and brainstorming all become essential. And brainstorming sessions are much easier to conduct in person, where workers can hash out their ideas on collaboration boards in conference rooms or shared workspaces. Remote workers, meanwhile, are more prone to distractions at home that can inhibit their concentration and participation.

Taylor, like many others, speaks from a pro-business perspective. And…that’s okay. It really is. This is a discerning time for the corporate world: still in the throes of a pandemic, inflation still rampant, and the specter of recession lingering overhead. Some businesses have already ignited layoffs in fear of the recession’s impact. Others have tightened budgets and have begun forecasting what their revenue, finances, and expenses will look like in the months to come if a recession truly hits. So, it’s no wonder that many executives point to the coming months as some sort of gateway to the past, particularly those fond days before a once-in-a-lifetime pandemic brought unrivaled havoc to the world at large.

It’s become a common refrain for professionals to say the phrase “getting back to normal” when it comes to the way businesses operate. However, as we’ve learned time and time again, we’re not going back. Never. While many executive leaders have realized that the transformative shifts we’ve experienced are permanent, there are unfortunately many others who have not. One aspect that Taylor, Jr. evokes in his piece for CNN revolves around the concept of flexibility: “The flexibility we embraced during the pandemic should go both ways. Workers will need to bend a bit, especially when the viability of the workplace is in jeopardy.”

The viability of the workplace is not in jeopardy. The workforce itself is in jeopardy. We can all agree that The Great Resignation wasn’t going to last forever, however the millions of quits happening so frequently (even if they slow during these late summer weeks) prove that workers will never go back to a business arena that lacked remote work, better working conditions, and access to the flexibility that has allowed them to balance their work-life integration in such a way that both their personal and professional lives are purposeful.

The great war for talent will still rage on no matter the economic conditions of our business world. In 2019, remote work was a piece of corporate life. In 2022, it’s a permanent and foundational fixture. When we hear someone say “we have to go back!” in regards to dining at restaurants or attending concerts, yes, by all means, it would be great to get to that point as COVID becomes endemic. However, when we hear that same phrase in regards to business life, it’s an unfortunate desire to go back to a world that no longer exists (for many good reasons).

No, we don’t have to go back. We need to keep progressing forward. It’s the Future of Work, after all.

read more

The Future of Flexibility

Business LeadershipGeneral InsightsTalent AcquisitionTechnology and Innovation by Christopher J. Dwyer on

“Flexibility” has become the de-facto, hot-button phrase to describe how the Future of Work should operate. However, if we dig deeper, the very notion of flexibility transcends the confines of remote and hybrid work.

Take a deep breath for a moment. Think about your current role before the pandemic. Now think about it in the throes of 2020 and 2021. Now think about your role today and how you’re working. Chances are there are some very stark differences between these three moments in time.

For one, the very modes of work have shifted tremendously over the past two-plus years. Those that worked remotely found the transition was easy: just stay the course. Those that already had a hybrid schedule understood how to change their mindsets while also transforming their leadership and collaborative styles. And for those in which remote work was a new concept, there were some growing pains.

As we sit more than halfway through 2022, there are more questions than answers in regard to the concepts of flexibility in the workforce, the workplace, and the work itself. While flexibility has become a core piece of our pandemic-era business lexicon, the truth is that there is so much more to the idea of flexibility than what we’ve experienced thus far:

  • Flexibility also translates into agile thinking regarding the makeup of our workforce. This doesn’t just mean that businesses should increase their utilization of non-employee talent (which, of course, has become a value-driver during these uncertain times), but rather dig deep into all available talent sources and develop a truly agile workforce. Talent marketplaces, digital staffing outlets, and direct sourcing strategies can all enhance the depth of current talent communities and ensure that businesses can be flexible when needed (market conditions, business issues, etc.).
  • Flexibility should cascade down into attributes such as purpose, work-life integration, etc. For far too long, being a “dedicated worker” meant a gold watch at the end of a very, very long tunnel. Now, in the wake of the biggest health crisis of our lifetime, talented professionals seek more from their jobs; the realm of “purpose” and “work-life integration” both translate into workers craving meaningful work that enables them with flexible hours, flexible projects, and a flexible model that allows for unplugged time, more task-oriented collaboration (rather than open-ended coordination), and the ability to reevaluate career paths more frequently.
  • Flexibility means reviewing workplace structures to provide a malleable foundation rather than a rigid “return-to-office” setup. If there’s anything we learned about the coronavirus behind COVID-19, it’s that it’s become an unpredictable harbinger of disease and disruption. Fall and winter surges fill hospitals over capacity, shutter public attractions, and force governments to reevaluate social safety and public health regulations. This all means that hardline, return-to-office planning should not only be canceled, but outright replaced by a flexible foundation that is based on science, the overall productivity of the organization, and what works best for the workforce. Too many business leaders believed that this far into the pandemic was the ideal time to bring workers back to physical locations, when they should have been experimenting with new models and assessing what was best for the business and the mental wellness of its talent.
  • Flexibility should apply to workforce technology and process automation, as well as data science and artificial intelligence. AI and data don’t need to be at the center of every single facet of the contemporary business, but it needs to be at the forefront of how businesses shape talent acquisition and address how work is done. Enterprises must understand the flexibility inherent in today’s crucial workforce and talent tools, like VMS, MSP, direct sourcing, and digital staffing, and tap into the modules that they may have ignored in months and years past. Requisition management and financial/administrative tools are table stakes, however, leveraging “deeper” functionality such as AI-led analytics, expansive candidate matching, candidate experience tools, talent community development, total talent intelligence, and digital recruitment are all incredible doorways into making workforce technology more flexible for an evolving business.
read more

What Would a Possible Recession Mean for the World of Talent and Work?

Business LeadershipGeneral Insights by Christopher J. Dwyer on

Inflation, a seemingly slowing economy, and an expected second straight federal 0.75%-point increase in its short-term rate (which would mark the first time this has happened in nearly 30 years) all point to one thing: a classic recession that would bring uncertainty, doubt, and fear to the greater business arena.

In an article by the Associated Press (linked here from Boston.com), the markers for a recession are clear yet many pundits aren’t fully embracing these as a surefire sign that a crisis is looming:

Treasury Secretary Janet Yellen on Sunday said the U.S. economy is slowing but pointed to healthy hiring as proof that it is not yet in recession.

Yellen spoke on NBC’s “Meet the Press” just before a slew of economic reports will be released this week that will shed light on an economy currently besieged by rampant inflation and threatened by higher interest rates. The data will cover sales of new homes, consumer confidence, incomes, spending, inflation, and overall output.

The highest-profile report will likely be Thursday, when the Commerce Department will release its first estimate of the economy’s output in the April-June quarter. Some economists forecast it may show a contraction for the second quarter in a row. The economy shrank 1.6% in the January-March quarter. Two straight negative readings are considered an informal definition of a recession, though in this case economists think that’s misleading.

Yellen argued that much of the economy remains healthy: Consumer spending is growing, Americans’ finances, on average, are solid, and the economy has added more than 400,000 jobs a month this year, a robust figure. The unemployment rate is 3.6%, near a half-century low.

The National Bureau of Economic Research defines a recession as “a significant decline in economic activity that is spread across the economy and lasts more than a few months,” yet economic activity isn’t stalling as much as a traditional recession. On top of this, the 1) jobs added figure and 2) an historically-low unemployment rate point to something else entirely: a recession that doesn’t feel like a recession.

With interest rates sky high, home sales are falling and falling, a much different scenario than the past 18 or so months, in which the market was incredibly competitive. Fewer home sales typically mean fewer purchases related to homes, such as appliances, home decor, professional home services, etc. This could cause a ripple effect on the economy, however, with consumer spending so robust right now, it certainly clouds any future visions of recessionary activity. Axios’ Neil Irwin refers to the current economic state as “the great weirdness,” stating:

But in this topsy-turvy environment, the Fed wants to see consumer demand slow enough to temper inflation. The report shows solid demand, yet it might not be strong enough to tip the committee in favor of an ultra-big full-percentage point interest rate hike, particularly given another reading out this morning that we discuss below. The bottom line: There are plenty of risks ahead, but American consumers are chugging along for now, which could keep overall growth in positive territory.

Alright, so we (maybe) understand it now: the U.S. could head into a recession, but maybe not…and if it does, it won’t be a traditional recession. Okay, got it. What does it mean for talent? What about the extended workforce? What about “work” itself?

  • First things first, no matter what happens, the extended workforce will continue to grow…and it will grow considerably faster if we do head into a recession. The 2008-2009 financial crisis saw the biggest jump in utilization of contingent labor in history. The “pandemic era” saw another spike in utilization. The odds favor this workforce closing the gap to half of total enterprise talent within the next 18 months. A recession, even a “minor” one by the weird standards we’re currently facing, would see some enterprises executing layoffs (but not to the extent (40 million people) that we saw during the early pandemic-fueled recession of 2020), which in turn would lead to more independent talent on the market, and those same enterprises leveraging extended talent to remain competitive. All in all, growth is in the forecast for the extended workforce.
  • Businesses must focus on the depth of their talent and leverage the necessary tools to help their workers thrive. A highly-skilled workforce (both FTE and extended) will help the economy grow; an enhanced output of products, services, etc. often leads to differentiation in core competition, a very strong link to businesses succeeding regardless of current financial conditions across the market. If that talent is spread out amongst many businesses within a given industry, there’s little room for those organizations that don’t value their workforce and don’t prioritize the employee experience. Can process automation enable workers to thrive with additional power via technology? Should digital workspaces be implemented to improve remote and hybrid workplace scenarios? Can we get over the digital transformation hump to ensure that the workforce blends the best of human and machine? Too, leveraging tools to reskill and upskill the workforce can perform wonders when it comes to helping workers recession-proof their positions and contribute to the future success of the organization.
  • Talent acquisition over the next few months becomes a critical endeavor. This is the time for talent acquisition executives to shine. They’ve been dealing with a frenetic labor market with candidates that are seeking purpose, flexibility, and lifestyle improvements; these are not attributes that are easy to quench for any TA leader, even the most seasoned. For many businesses, talent acquisition must become more dynamic and more agile to deal with both the fallout from The Great Resignation and the anticipated ramifications of whichever recession-sparked issues arise over the next several months. Leveraging the company brand, its culture, and what it can offer beyond compensation are all crucial factors for talent acquisition teams to revolutionize hiring over these next several months.

Look for more on this topic in the coming weeks on the Future of Work Exchange.

read more

The State of Talent Today and the Future of Work

General InsightsHR by Christopher J. Dwyer on

I recently had the pleasure of joining Utmost‘s VP of Marketing, Neha Goel, on the company’s Contingent Workforce Radio podcast. Neha and I chatted about the state of today’s workforce, the continued transformation of work, how empathy and the candidate experience are altering talent acquisition strategies, the ultimate impact of remote work, and much more. Tune in below.

read more

When Societal Change Contributes to Work Transformation

Business LeadershipGeneral Insights by Christopher J. Dwyer on

I’m technically a millennial, however, my musical tastes are mostly skewed towards more nostalgia-tinged acts rather than the latest pop singles. I couldn’t name a single current hip-hop, pop, or country act that wasn’t around when I was in my twenties, but I could sure tell you the exact setlists for each time I’ve seen U2 or Metallica in concert.

So you could imagine my reaction to news that Beyonce’s latest single, “Break My Soul,” references The Great Resignation:

Now, I just fell in love / And I just quit my job / I’m gonna find new drive

Damn, they work me so damn hard / Work by nine, then off past five / And they work my nerves

That’s why I cannot sleep at night / I’m lookin’ for motivation / I’m lookin’ for a new foundation, yeah

And I’m on that new vibration / I’m buildin’ my own foundation, yeah/ Hold up, oh, baby, baby

You won’t break my soul

Now, I cannot imagine every single one of the 4.4 million individuals who left their positions in the month of April alone are merrily singing and dancing to this tune…however, the message is on point, for sure: a new foundation and a new motivation sparked by burnout, fatigue, and disillusionment.

This is admittedly not a pure reflection of the Future of Work, but is surely the tip of the iceberg when we think how society itself is shaping how work is done. Never before has there been so much overlap between our public and professional personas, in a time when politics, the economy, and current events are shaping how we think about work and how it fits into our lives.

I wrote recently that the COVID-19 pandemic fundamentally changed the link between us as humans and us as professionals. We were rethinking the role of “work” in our personal lives, and that, on top of other conditions (such as the need for flexibility and empathy), has caused many (many!) of us to reimagine what work meant to us and what we needed out of it.

No matter where a business leader stands personally regarding the recent overturn of Roe vs. Wade, the bigger question is: “How does affect my workforce? My people?” Thousands of very large enterprises with national followings have already made it known where they stand by offering their employees a safe environment in which to request paid leave and secure the necessary medical appointments. This does wonders for the very culture of these businesses and proves, once again, that societal change is actively transforming the way we work.

When we as business leaders and executives cultivate a positive, inclusive, and engaging workplace culture, and when we align that culture with the beliefs that matter to the workforce, new doors are opened. The negative ramifications of The Great Resignation pale in comparison to an enterprise that understands the perspectives of its staff and prospective talent.

What does this all mean? It boils down to this: “work” was once a separate part of our lives (a large one, albeit). Since the pandemic began, we saw the lines begin to blur. Economic and social behaviors changed and so did the ways we thought about work and our careers. Work means so much more than it ever did before, thus we as humans now actively seek self-fulfilling, flexible, and purposeful work. And as societal change continues to become a symbiotic element of work and business, it will be a critical attribute in how a company operates and how it is viewed from brand, workplace, and culture perspectives.

read more
1 … 7 8 9 10 11 … 13
Page 9 of 13