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Optimize Your Workforce with Recession-Proof Strategies, Part Three

Business LeadershipContingent WorkforceDiversity and InclusionGeneral InsightsHRTalentTechnology and InnovationUncategorized by John Yuva on

Today concludes our three-part series exploring several contingent and workforce strategies to achieve a recession-proof enterprise.

We’re now two months into the second half of 2023 and economically speaking, things are looking positive. The Bureau of Economic Analysis reports that GDP grew 2.4% in the second quarter of 2023. The labor market remains tight with unemployment at 3.6%, a rate not witnessed in decades. However, according to the U.S. Bureau of Labor Statistics, the tight labor market provides the Federal Reserve with the flexibility to continue raising interest rates to fight inflation. Currently, inflation rests at 3%, a percentage point higher than the Federal Reserve’s longer-run goal of 2%.

Does the state of the current U.S. economy equate to a “soft landing” and the evasion of a recession? Maybe, maybe not.

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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.

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Optimize Your Workforce with Recession-Proof Strategies, Part Two

Business LeadershipContingent WorkforceGeneral InsightsHRTalentTechnology and Innovation by John Yuva on

We’re now two months into the second half of 2023 and economically speaking, things are looking positive. The Bureau of Economic Analysis reports that GDP grew 2.4% in the second quarter of 2023. The labor market remains tight with unemployment at 3.6%, a rate not witnessed in decades. However, according to the U.S. Bureau of Labor Statistics, the tight labor market allows the Federal Reserve to continue raising interest rates to fight inflation. Currently, inflation rests at 3%, a percentage point higher than the Federal Reserve’s longer-run goal of 2%.

Does the state of the current U.S. economy equate to a “soft landing” and the evasion of a recession? Maybe, maybe not. Due to the expectation of continued interest rate increases and the potential ramifications, uncertainty remains among executives and their enterprises. Thus, many are considering strategies over the next six to 12 months to recession-proof their critical workforce and their organizations.

With that in mind, the Future of Work Exchange features part two of a three-part series exploring several contingent and overall workforce strategies to achieve a recession-proof enterprise over the next few weeks. Part two explores the next three strategies.

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.

Click here to learn more.

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Optimize Your Workforce with Recession-Proof Strategies, Part One

Business LeadershipContingent WorkforceGeneral InsightsHRTalent by John Yuva on

We’re now two months into the second half of 2023 and economically speaking, things are looking positive. The Bureau of Economic Analysis reports that GDP grew 2.4% in the second quarter of 2023. The labor market remains tight with unemployment at 3.6%, a rate not witnessed in decades. However, according to the U.S. Bureau of Labor Statistics, the tight labor market provides the Federal Reserve with the flexibility to continue raising interest rates to fight inflation. Currently, inflation rests at 3%, a percentage point higher than the Federal Reserve’s longer-run goal of 2%.

Does the state of the current U.S. economy equate to a “soft landing” and the evasion of a recession? Maybe, maybe not. Due to the expectation of continued interest rate increases and the potential ramifications, uncertainty remains among executives and their enterprises. Thus, many are considering strategies over the next six to 12 months to recession-proof their critical workforce and their organizations.

With that in mind, over the next few weeks, the Future of Work Exchange will feature a three-part series exploring several contingent and overall workforce strategies to achieve a recession-proof enterprise. Let’s begin part one this week with a look at our first three strategies.

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.

Click here to learn more.

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Five Ways AI Can Transform Talent Management

Business LeadershipTalentTalent AcquisitionTechnology and Innovation by Christopher J. Dwyer on

Artificial intelligence has the potential to transform the many ways businesses find, engage, source, and manage talent, as well as how they structure business operations in a candidate-centric world. Today on the Future of Work Exchange, we present another exclusive infographic, “Five Ways AI Can Transform Talent Management,” that reflects how AI is primed to not only disrupt talent acquisition, but also influence, impact, and revolutionize the Future of Work movement.

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HR Transforms into FOW Advocate

Business LeadershipContingent WorkforceDiversity and InclusionGeneral InsightsHRProcurementTalentTalent AcquisitionUncategorized by John Yuva on

Human resources as a function is experiencing a transformation as the Future of Work paradigm extends into more enterprises. Previously a benefits-focused department, HR is now regarded as a strategic partner in attaining business goals and objectives. Chief human resources officers are now tasked with leading total talent management efforts across the organization, ensuring the right talent is at the right place at the right time.

Growing Priorities, Balancing Demands

The Future of Work includes many tenets from flexible works models (remote and hybrid) to work/life balance considerations to diversity, equity, and inclusion (DE&I) programs. HR must now balance those priorities, along with talent acquisition and talent management demands that align with the current and future needs of the enterprise. That’s no small feat!

With contingent labor comprising nearly 40% of the total workforce, according to Future of Work Exchange research, HR must collaborate cross-functionally to not only understand staffing needs but the skillsets behind those roles. HR has evolved where partnerships with business managers and executive leadership are essential to the future competitiveness of the enterprise. In many ways, HR is now becoming the central role for both workplace and enterprise strategy execution.

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.

Click here to learn more.

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Soft Skills Becoming the ‘Real Skills’ in the Workplace

Business LeadershipDiversity and InclusionGeneral InsightsHRTalent by John Yuva on

For enterprises to succeed today, it requires a focus on skills beyond the vocational. This doesn’t imply that sales, procurement, or financial expertise are unnecessary or less important to an organization’s operational success. Rather, it means that “soft skill” attributes are now equally critical as hard skills within the workforce. In the competitive marketplace, agility, flexibility, and resilience are imperative to weather ongoing volatility and uncertainty. What enables this? It is soft skills, or as Seth Godin, entrepreneur, best-selling author, and speaker, calls them — real skills.

Soft Skills Transformed

The growing criticality of soft skills seems a natural part of the Future of Work transition. Skills such as empathy, communication (oral and written), adaptability, collaboration, leadership, and strategic thinking are now table stakes for managers and executives. However, it’s no longer the higher ranks where real skills are necessary and desired. These skills are now core attributes for any role in today’s organizations. Imagine a workplace where, regardless of role, soft-skill development was an integral workforce strategy.

This means that real skills such as communication, collaboration, and strategic thinking are occurring at every enterprise level and among employees and project teams. Essentially, soft skills become core principles that drive organizational success and competitiveness. Making that vision a reality, however, requires a shift in executive behavior.

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.

Click here to learn more.

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Business Leaders Reap Flexibility Rewards

Business LeadershipGeneral InsightsTalentTalent AcquisitionUncategorized by John Yuva on

In the last 12 months, several high-profile enterprises have rolled back their remote work policies, requiring employees to return to the office. Most cite more effective communication, collaboration, and team bonding as primary reasons. While corporations like Disney, Apple, and JPMorgan will dominate the headlines with their announcements of in-person work, recent Ardent Partners and Future of Work Exchange research (2023) indicates an overall preference for workplace flexibility.

The research revealed that 97% of business leaders prefer some level of flexibility in their workplace. Consider this breakdown of leader preferences: flexible and remote options (64%), a mix of remote and in-person (33%), and fully in-person/office (3%). While there may be some validity to the myriad of reasons organizations are reverting to in-person work, the global workforce coupled with today’s collaborative technologies solves many of those challenges. Obviously, it largely depends on the nature of the work — an office environment versus a manufacturing plant.

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.

Click here to learn more.

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Technology Adoption an Accelerant for Future of Work

Direct SourcingGeneral InsightsHRSolution ProvidersTalentTechnology and Innovation by John Yuva on

Within the last few months, coverage of technologies like artificial intelligence (AI) and augmented reality have heated up. With apps such as ChatGTP, anyone can test the AI waters and its relevancy to workplace efficiencies. Recent Ardent Partners and Future of Work Exchange research indicated the adoption of new workforce technology and solutions is an enterprise imperative for 68% of survey respondents.

One of the defining characteristics of the Future of Work is digitization. Enterprises are now operating with more remote and hybrid workplaces. Thus, technology is imperative to a cohesive and efficient workforce. What this means for the individual employee is more daily immersion in various technological platforms and solutions. Upskilling will be a critical aspect for workers as they harness more advanced technologies to communicate, collaborate, and execute their roles.

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.

Click here to learn more.

read more

The Link Between Direct Sourcing and Talent Sustainability

Direct SourcingTalent by Christopher J. Dwyer on

In just a few weeks, Ardent Partners and the Future of Work Exchange will publish their Direct Sourcing 2023: Scalable Processes, Sustainable Talent research report. “Talent sustainability” is a key focal area not only for direct sourcing strategies, but greater talent acquisition initiatives, as well. Let’s revisit a critical piece from 2022 on the link between these talent-driven programs.

Many HR, talent acquisition, and contingent workforce program leaders overlook particular phases of direct sourcing, especially talent curation and segmentation, since they have been conditioned to manage their processes within the confines of a traditional contingent workforce management (CWM) initiative that follows more procurement-oriented procedures (i.e., supply management, heavy cost focus, etc.). Even under a centralized CWM program, the most critical direct sourcing strategies and capabilities require more time, focus, and resources than what is typically available with non-employee workforce management.

For example, talent curation is a critical piece to the direct sourcing puzzle and is considered crucial to the entire hierarchy of the process. In a direct sourcing program, recruiting expertise (via an MSP, talent curation partner, etc.) curates talent for the business, ultimately helping its client build a deep talent cloud or community using a series of augmented approaches, including branded job portals, targeted ads and recruitment marketing campaigns, and artificial intelligence-led candidate matching. The solution that is leading the direct sourcing program can also leverage the organization’s brand power to attract potential candidates, as well.

While some enterprises maintain deep pools of talent that are more “general” in scope, these may not be effective from an agile workforce perspective. Organizations typically overlook talent pool segmentation and maintain a single repository of talent pool candidates; this failure to segment is a missed opportunity to build a nimbler approach to finding candidates based on geography, skillset, role, etc. Talent pool segmentation enables enterprises to better “organize” their candidates for easier, faster, and better alignment with future requirements, as well.

A typical first step in talent community segmentation is to conduct due diligence around candidate skillsets, past work history, compensation, proficiency, and overall enterprise hiring alignment. Segmentation is what allows a business to be more dynamic in how it addresses its talent needs. It also answers many current sourcing challenges while fostering relationships with candidates with emerging and new skillsets or expertise.

By spending more time in the initial phases of direct sourcing (and, subsequently, executing consistent maintenance of internal talent communities/pools), businesses are able to build a more seamless bridge to “talent sustainability,” which the Future of Work Exchange defines as a by-product of leveraging workforce solutions (such as extended workforce technology, VMS, etc.), direct sourcing channels, and both private and public talent communities, etc. to build self-sustaining outlets of talent that 1) map to evolving skills requirements across the enterprise given product development and the progression of the greater organization, 2) reflect existing expertise and skillsets across the enterprise that can be leveraged for real-time utilization, and, 3) allow hiring managers and other talent-led executives to leverage nurture and candidate experience strategies to ensure that all networked workers are amiable and open to reengagement for new and/or continued projects and initiatives.

The Great Resignation has become more volatile, and with its wide-sweeping ramifications playing critical roles in how enterprises structure their workforce in the second half of the year, it is crucial that strategies such as direct sourcing contribute to overall talent scalability. Leveraging the power of direct sourcing’s key elements (and associated technology) can assist businesses in maximizing the positive elements of the “Talent Revolution” and parlay them into means of attracting the best-fit, highest-quality talent. Talent sustainability will be the way businesses thrive in the near future…and direct sourcing is a direct link to get them there.

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