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:
Kevin Akeroyd, CEO, Magnit
“2023 will mark the year when the three largest opportunities within contingent workforce management stop being ‘discussions’ and ‘buzz words’ and start gaining real adoption and driving real value for companies. The C-suite is finally paying attention and necessary corrections are coming fast in these critical areas:
- Direct Sourcing. In the current economic environment, saving $300-$400 million out of every $1 billion in staff augmentation contingent spend that goes to the disintermediary vs. to the talent or the enterprise’s bottom line is simply too much to continue to ignore.
- SOW. This another area where $300-$400 million out of every $1 billion in professional services procurement contingent spend in known/acknowledged waste is simply too much to continue to ignore.
- Data/Analytics. The industry spends billions on annual survey data to edify FTE salaries, which is 50% of their workforce. They spend virtually nothing to edify Contingent Labor rates, which is the other 50% of their workforce. That has to, and will, change, starting in 2023.”
Amy Doyle, and Global Leader, Talent Solutions TAPFIN
“Talent practices and strategies will need to keep better pace with increasingly rapid evolution of work. What worked to get us here is quickly losing impact. Mere execution – driven by growth of our ecosystems is not enough; organizations and solution partners alike are prioritizing the value of strategic partnerships in enabling agility and collaborative innovation.”
Kevin Poll, SVP of Strategy and Business Development, WorkLLama
“I think a big trend for 2023 will center around how companies are branding themselves to all talent and delivering similar experiences to candidates, regardless of how a person engages with the company (full-time, SOW, contractor, freelancer). As companies move towards an omni-channel talent acquisition strategy, a consistent candidate experience is critical. Not only does it increase engagement and referrals, but a positive candidate experience can also turn even rejected candidates into brand ambassadors, increasing the quality of future candidates and lowering cost-to-acquire. Without a total talent approach to finding, attracting, and nurturing candidates, companies lack a holistic talent strategy, which can hurt their bottom line.”
Sunil Bagai, CEO, Prosperix
“2023 will be about volatility as some companies downsize and others ramp up. Amidst this chaos, businesses will be seeking to increase workforce productivity in lieu of financial constraints, improve visibility and insights into their entire workforce, and find a balance between local, remote and offshore teams.
A few tenets will remain strong in 2023, including the intentionality of remote work so it is flexible and meets the social and performance needs of the business. Additionally, the pursuit of meaningful work will be more prevalent as bad managers, lack of business transparency and poor culture drive individuals into new work environments that are more aligned and enriching.”
“Productivity is passé. As the world faces a global crisis in employee engagement (Gallup reports only 20% of workers are engaged) and as many companies tighten their budgets, the question to ask is not “How much are we producing?” but “Are we producing the most effective outcomes?”
Organizations with people-first organizational cultures are attracting the world’s best talent by promising healthier work-life integration, flexible schedules, and an investment in professional development. What that translates to is employees exerting a greater sense of control over when, how, and where they work, but with a higher quality of output and higher probability of long-term retention.
In 2023, companies that want the best people doing their best work will understand the importance of planning, goal-setting, and focus on shared objectives. Rather than overworking people to the point of burnout, we’ll see more great leaders steering their teams toward a vision, and empowering them to reach it.”
Steve Dern, EVP of Talent Solutions, Evaluent
“Direct sourcing will include not only technology implementation, but the strategic inclusion of diversity EOR/AOR suppliers who can provide curation services, allowing traditional talent acquisition teams to focus on the internal hires that remain mission critical. As direct sourcing yields benefits to evergreen hiring needs, these solutions will expand their reach across the enterprise. A key component of this success will rely on the proactive marketing of the brand and culture of the organization, positioning itself as a destination of choice for both potential employees and contingent workers alike.”
