Extended Workforce Archives - Page 5 of 14 - The Future of Work Exchange

Web 3.0 Is Here to Disrupt the Way We Work

Technology and Innovation by Christopher J. Dwyer on 01/18/2023

The next generation of digital technology is here. Web 3.0 is on the horizon and it’s poised to have a significant Future of Work impact due to its revolutionary nature. Web 3.0 is defined as the integration of blockchain technology, artificial intelligence, machine learning, the Internet of Things (IoT), and augmented reality, with the convergence of these advanced digital solutions presenting an innovative transformation for the modern business.

The advent of Web 3.0 is not just a natural evolution of the internet at scale, but rather a calling for a new era of decentralization, automation, and intelligence exchange.

A crucial impact area of Web 3.0 is workforce decentralization. By integrating blockchain, professionals will have more control over their personal data, profiles, and accolades, and thus, will be able to monetize their skillsets via decentralized platforms linked by blockchain technology. By being more empowered and autonomous, the non-employee workforce will be enabled with more control, as well as new and more opportunities, for freelance, contract, and gig-based work and positions.

This autonomous, digitally-enabled decentralization would, in essence, catalyze a boundaryless and frictionless stream of work opportunities matching with available talent and expertise…a true Future of Work disruptor that would transform the way we think about recruitment, hiring, and talent acquisition.

Another impact of Web 3.0 on the Future of Work is the automation of tactical and repetitive tasks. With the integration of AI, robotics and other automated systems will be able to perform menial and repetitive activity, freeing up human workers to focus on more creative and strategic work, a boon for efficiency and productivity.

The promise of Web 3.0 also revolves around the idea of transformative data exchange, with IoT concepts driving seamless sharing of critical data between enterprise devices, platforms, and systems. In a remote-work-driven business arena, this is a crucial element in enabling workers, no matter where they may be, to drive decision-making by leveraging real-time enterprise data. Too, this quashes much of the concern of the distributed workforce: giving on-demand, enterprise-grade access to data via Web 3.0 technology convergence means that workers will always be robustly interconnected to their peers, colleagues, and leaders no matter the workplace model.

There are some concerns that these technological advancements may negatively impact the global workforce, displacing some jobs and roles (and even creating income disparity). It will be incumbent on enterprises and government entities to invest the time and resources for reskilling and upskilling initiatives that would ensure that workers are prepared for a new digital age with the proper and aligned skillsets to adapt.

The future of the Future of Work is based on many factors (as we detailed yesterday). Web 3.0 and its digital experience will prove to be a major disruptor for the world of work and talent.

The Continued Rise of the Extended Workforce

Contingent Workforce Talent Talent Acquisition by Christopher J. Dwyer on 01/16/2023

During The Great Recession of 2008-2009*, businesses faced a harsh reality: do more with less…or else face a reckoning. Tens of thousands of enterprises were forced to lay off swaths of their staff in the wake of rough financial times, with so many others undertaking additional cost-cutting measures beyond slashing their total headcount.

Many incredibly talented professionals found themselves out of a job, and many once-thriving organizations found themselves without the same level of expertise they once maintained. However, unlike recessions of past, an interesting event occurred: a bounce-happened quick enough that those very businesses required talent to meet a rising demand for their products and services. And, those professionals who were cut from their positions became open to flexible work and new working arrangements.

Enter the “perfect storm” that signaled a revolution.

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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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Procurement 2023: Big Trends and Predictions

Business Leadership Events Procurement Technology and Innovation by John Yuva on 01/11/2023

For the past decade, Ardent Partners analysts Andrew Bartolini (Chief Research Officer) and Christopher J. Dwyer (SVP of Research and Managing Director of the Future of Work Exchange) have taken executives on a late January ride through the big trends shaping the business arena and the predictions that could come as a result.

2023 will be no different, as Bartolini and Dwyer will join Beeline and iValua for a lively discussion on Thursday, January 26 (10am ET) regarding the big trends impacting both the procurement arena and Future of Work movement right now…and what’s just up ahead for these two distinct areas in the year ahead. Join us as we discuss:

How economic factors will impact the procurement function in both the short- and long-term.
Why the extended workforce will play a pivotal role in business agility.
How next-generation technology and innovation are driving enhanced value to the modern enterprise, and;
The big Future of Work predictions that will shape enterprises operations in the year ahead.

Click here to register for this exclusive webcast. Hope to see you there!

Welcome to the Future of Work in 2023

Business Leadership Contingent Workforce Technology and Innovation by Andrew Bartolini on 01/06/2023

Happy New Year!

At the behest of our rock star analyst, Christopher Dwyer (also our SVP of Research), Ardent Partners launched this site in the summer of 2021 to help HR, talent acquisition, procurement, IT, and finance executives understand the critical convergence of talent and innovation and the impact that the extended workforce has had and will have on business operations and bottom-line performance. I would argue that as we kick off the new year, nothing is more important to a business than understanding the Future of Work in 2023 and having the right strategies, tools, and approaches to manage it well.

The Future of Work in 2023 already looks very different from just a few years ago, driven by a few large trends that are discussed below.

AUTOMATION

One of the biggest drivers of change in the Future of Work is automation and the tools used to perform tasks that were previously done by humans. This can include everything from manufacturing and assembly line work to data entry and customer service. As automation is adopted and becomes more prevalent within the enterprise, efficiencies and perhaps more importantly, effectiveness, increase as staffers can spend more time on deeper strategic elements of their work.

With today’s growing extended workforce, enterprises need flexibility and scalability. Automation can bridge the various data points related to recruitment, onboarding, and payroll, allowing HR to focus on strategic workforce development and management planning. Through direct sourcing initiatives and automation, an enterprise can flex its extended workforce requirements quickly and efficiently, providing the necessary support before ramping down.

AI

Another significant trend in the Future of Work is the increasing use of artificial intelligence (AI). AI refers to the development of computer systems that can perform tasks that normally require human intelligence, such as learning, problem-solving, and decision-making. AI is already being used in a variety of industries, including healthcare, finance, and retail. We are in the early stages of an AI revolution, but this technology is almost certainly going to play an even larger role in the way we work, potentially leading to the creation of new job roles and a better understanding of how to staff the most successful teams and projects.

Of all the technologies available to enterprises that help automate key workforce processes, AI is the pure representation of the Future of Work. However, there are different shades of artificial intelligence helping organizations optimize the way they get work done and how they think about talent. It’s more than having an artificial persona to help figure things out and make decisions — instead, it’s enabling smarter decisions.

If bias can be removed from decision-making and technology, and AI is set up in such a way that there is no unconscious bias, then it is possible to understand how diverse the workforce truly is. The Future of Work Exchange has long said (including many years ago) that a diverse workforce is the deepest workforce. Being able to bring in different voices from different cultures allows businesses to be more innovative and think outside the box. And AI is a perfect conduit for that.

THE HYBRID WORKFORCE

In addition to automation and AI, the Future of Work is also likely to be influenced by the increasing popularity of remote work and flexible scheduling. With the advancement of communication technologies such as video conferencing and project management software, it is becoming easier for employees to work from anywhere in the world. This trend is being driven by a variety of factors, including the desire for work-life balance, the need for companies to access a global talent pool, and the cost savings associated with remote work.

Progressive companies realize the importance of hybrid work options for employees. While compensation remains a major factor when accepting a job offer, it is benefits such as hybrid work that are attracting more job candidates. Hybrid work models are also contributing to healthy employee well-being and mental health — both of which can have a significant impact on the bottom line. A hybrid workforce makes healthy sense to workers and fiscal sense to the enterprise.

SUMMARY

As technology continues to advance at an unprecedented pace, Ardent Partners expects to see significant changes to the way we will work in the coming years. Whether it is through upskilling and retraining or embracing new technologies, the key to success in the Future of Work will be adaptability and a willingness to embrace change — namely automation, artificial intelligence, remote work, and flexible scheduling.

And, as the Future of Work continues to evolve, it is important for both individuals and companies to stay abreast of these trends and to be proactive in preparing for the changes that are likely to come. That’s where THE FUTURE OF WORK EXCHANGE site comes into the picture — if you haven’t already, bookmark this site and make it a regular stop as you pursue your workforce goals and objectives in 2023 and drive to become a Best-in-Class operation.

The Recession-Ready Enterprise

Business Leadership Contingent Workforce Direct Sourcing General Insights Talent Acquisition Technology and Innovation by John Yuva on 01/03/2023

There has been great debate in recent months about a recession. Are we already in a recession? If a recession occurs, will it be light or something more impactful? Or will the economy be resilient and avoid a recession entirely? Enterprises in technology and media industries are already reacting to recession fears by laying off tens of thousands of workers. As we move through the first quarter of 2023, how could a recession impact the extended workforce?

Business As Usual

There’s no doubt we’re experiencing challenging economic times. However, businesses must continue with mission-critical projects and initiatives that often require specialized expertise. The skills gap remains inherent in many enterprises, leading to continued demand for contingent workers. And as the Future of Work Exchange research indicates, 47.5% of the enterprise workforce is comprised of extended workers. That figure cannot be ignored, especially during times of economic distress.

Digitization Evolution and Workforce Mercenaries

Despite the recessionary climate, there is an enterprise evolution occurring: digitization. Whether it’s talent acquisition platforms, accounts payable solutions, or larger enterprise resource planning systems, businesses are transforming from tactical (manual) to strategic (digital) strategies across the operational landscape. And with digitization comes the extended workforce.

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Managing the Extended Workforce Requires Agile Automation

Solution Providers Talent Technology and Innovation by Christopher J. Dwyer on 01/02/2023

A few weeks ago, I had the pleasure of joining VMS and extended workforce platform Beeline for an exclusive webcast focused on transformative technology’s role in the Future of Work movement. Alongside Lesley Walsh, the solution provider’s VP of Client Relationship Management, the event discussed how the new world of work and talent requires agile automation to navigate an uncertain 2023, as well as the role of extended workforce technology in supercharging contingent workforce management (CWM) programs and initiatives.

Lesley and I not only chatted all things Future of Work (including the state of work today, the volatile labor market, etc.) and “human”-led concepts (such as empathy-driven leadership and more flexible, human-focused enterprise thinking), but also revealed some brand-new research findings from the Ardent Partners/Future of Work Exchange research study, Why the Extended Workforce (and Future of Work) Requires Agile Automation…which can be accessed here. And, enjoy an excerpt below:

The Future of Work Exchange frequently states: “Flexibility is the Future of Work.” The ultimate state of “work optimization” is more than reimagining specific facets of enterprise operations. In essence, there are three main tenets of the Future of Work movement: 1) the evolution of talent engagement and talent acquisition, 2) the impact of new technology and innovation, and 3) the transformation of business leadership.

The extended workforce of 2023 comprises nearly half of the average company’s total talent (47.5%); the growing size and strategic impact of this workforce requires that businesses leverage tactical and strategic efficiencies to get work done effectively and adeptly. Extended workforce management, much like typical CWM, requires end-to-end efficiencies and high flexibility. These operational elements allow executive leaders to shift, scale, and re-form their workforce initiatives as shifts in economic and global markets arise.

In 2023, the fluid and evolving nature of the extended workforce means that businesses must navigate uncertainty while ensuring that top-tier talent is engaged and sourced effectively. While more mature CWM programs can withstand these new, converged pressures, all businesses must move from tactical to strategic when engaging and managing their extended workforce to drive the most value from these unique skillsets and expertise.

“Traditional” elements such as cost savings and time-to-fill rates are obviously crucial attributes to any extended workforce management program. However, it is the way enterprises blend contemporary nuances of today’s evolving talent architecture that determines how they will thrive in 2023.

Download the new research study here, and, if you missed last month’s webcast with Beeline, check out an on-demand replay here.

Employee Engagement Still Lacks Execution

Business Leadership Contingent Workforce General Insights HR Technology and Innovation by John Yuva on 12/26/2022

Today’s enterprises can be characterized as fast-paced, ever-evolving to effectively respond to a more dynamic marketplace. Within the hustle and bustle lies a critical workforce need that is often overlooked: employee engagement. The concept can be confused with simply offering employees certain monthly perks identified from a quick survey. However, it goes much deeper than that and reaches beyond permanent, full-time employees to those in the extended workforce, as well.

A well-rounded definition of employee engagement comes from Engage For Success: “Employee engagement is a workplace approach resulting in the right conditions for all members of an organization to give of their best each day, committed to their organization’s goals and values, motivated to contribute to organizational success, with an enhanced sense of their own well-being.”

Powerful, Yet Underutilized

It is that commitment toward oneself and the enterprise that makes employee engagement such a powerful workforce approach. Yet, as a Gallup survey indicates, only 36% of U.S. employees are engaged in their work and workplace. The number is even lower on a global scale, with only 20% of employees engaged at work.

However, for those enterprises with a fully entrenched employee engagement system, the results speak for themselves. According to Gallup, those leading organizations are experiencing the following benefits:

An increase of 18% in productivity (sales)
An increase of 23% in profitability
A decline of 40% in quality issues (defects)

Achieving these results requires engagement with every worker. With nearly half (nearly 48%) of today’s enterprises comprised of contingent workers (per Ardent Partners and Future of Work Exchange research), employee engagement must include this critical workforce segment. When faced with the possibility of losing extended talent following a project or other initiative, employee engagement could be the competitive differentiator to retain them.

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The Six Trends That Will Shape The Future of Work in 2023 (On-Demand Webinar)

Events by John Yuva on 12/20/2022

Last week, Ardent Partners and the Future of Work Exchange hosted an exclusive webcast focused on the six critical trends that will shape the Future of Work in 2023 and beyond. The Six Trends That Will Shape The Future of Work in 2023 featured an in-depth discussion on the various strategies, approaches, technology, functionality, and innovation that are set to pave the way for work optimization in the year ahead. The Exchange‘s Managing Director, Christopher J. Dwyer, discussed:

How “non-technological” strategies, such as diversity, equity, and inclusion (DE&I), will have a massive impact.
Why direct sourcing and omni-channel talent acquisition will play major roles in 2023’s talent acquisition initiatives.
How the transformation of business leadership (including conscious leadership styles) will be required for workforce management.
The roles of extended workforce, VMS, direct sourcing, and MSP solutions on talent engagement and workforce management, and;
How businesses can best prepare to thrive in 2023 by leveraging the power of their talent and talent strategies.

Check out the on-demand edition of the webcast below, and be sure to participate in our new research study to gain complete access to our entire research calendar, which will include studies, reports, and thought leadership pieces centered around direct sourcing, total talent management, DE&I, HR’s role in the Future of Work, extended workforce management, and much, much more.

The Future of Work Exchange Podcast, Episode 705: A Conversation with Athena Karp, CEO and Founder of HiredScore

Podcast by Christopher J. Dwyer on 12/14/2022

An all-new episode of the Future of Work Exchange Podcast, sponsored by Beeline, features a discussion with Athena Karp, CEO and Founder of HiredScore. Athena and I discuss the power of artificial intelligence in talent technology, its impact on diversity, equity, and inclusion (DE&I), and what lies ahead for the Future of Work movement in 2023.

Tune into Episode 705 of The Future of Work Exchange Podcast below, or subscribe on Apple Music, Spotify, Stitcher, or iHeartRadio.

Quick Reminder: Two Great Webinars This Week!

Events by John Yuva on 12/13/2022

Join Ardent Partners and the Future of Work Exchange for two exclusive webinars this week. Later today, our own Christopher J. Dwyer will join Lesley Walsh of Beeline for an exciting webcast featuring discussions around the extended workforce, going “beyond VMS,” and what it means for the Future of Work:

And tomorrow, join the Exchange again to learn which trends will shape the Future of Work in the year ahead: