Workforce Technology Archives - The Future of Work Exchange

Five Things You Must Know About the Future of Work (Revisited)

Business Leadership General Insights Talent Talent Acquisition Uncategorized by John Yuva on 12/19/2024

As we reach the end of 2024, now is a good time to look back at the Five Things You Must Know About the Future of Work. The Future of Work Exchange (FOWX) and Ardent Partners hosted this complimentary webinar, The Five Things You MUST KNOW About the Future of Work, discussing the critical capabilities that enterprises can unlock to truly optimize the way they address talent acquisition, extended workforce management, and, most importantly, work optimization. What follows revisits the five critical FOW areas.

#1 The Evolution of Talent and the Future of Work

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.

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The Role of Blockchain in Candidates’ Digital Identities

Business Leadership General Insights HR Technology and Innovation by John Yuva on 12/12/2024

A more digital Future of Work environment also means an increase in data volume. Information about potential job candidates collected through direct sourcing efforts, as well as more process digitization puts an abundance of sensitive data at HR’s and business leaders’ fingertips. Concurrently, cybersecurity risks continue to grow as threat actors attempt to thwart individuals’ and corporate efforts to defend against them. Enter blockchain, a technology that holds the potential for capturing and securing sensitive personal and workforce data.

What Is Blockchain?

At its core, Synopsis defines blockchain as “a decentralized, distributed, and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.” For each ordered record (i.e., transaction) a block with a timestamp and transaction data is created and linked to subsequent blocks forming a blockchain. Whether it’s financial records, supply chain transactions, or personal information, blockchain guarantees a record of integrity and trust for all parties — without requiring a third party for verification.

Blockchain is most associated with cryptocurrencies like Bitcoin to secure a record of transactions. However, it is gaining more attention in industries outside of banking, including pharmaceuticals, aerospace and defense, and food and beverage, with several companies piloting blockchain technology for track-and-trace initiatives. For example, in the food supply chain, a supplier is unable to alter transaction data such as batch numbers, ensuring the ability to appropriately track and trace specific food shipments in the event of a recall.

The technology is now making its way into the HR function. This week, we’ll look at blockchain from the individual level (digital identity), followed by part two, exploring areas where HR can leverage blockchain to benefit the enterprise.

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Talent Experts on FOWX — The Current and Future State of Direct Sourcing and More

Business Leadership Direct Sourcing Diversity and Inclusion HR Podcast Solution Providers Talent Technology and Innovation by John Yuva on 03/14/2024

Our “Talent Expert Series” on FOWX features podcast excerpts of today’s Future of Work thought leaders who appear on The Future of Work Exchange Podcast. The series continues with an excerpt from Season 7, Episode 15 featuring Christy Forest, CEO and Executive Director at LiveHire, who discussed the current state of direct sourcing, the future of this high-impact strategy, the reality of total talent management, and much more.

Click to listen to the full interview. Note that this excerpt has been edited for readability.

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Optimize Your Workforce with Recession-Proof Strategies, Part Two

Business Leadership Contingent Workforce General Insights HR Talent Technology and Innovation by John Yuva on 08/07/2023

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.

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Strategic Workforce Planning Impacts MSP Effectiveness

Business Leadership Contingent Workforce General Insights HR Solution Providers Talent Acquisition Technology and Innovation by John Yuva on 06/12/2023

The Future of Work is an all-encompassing paradigm that transcends any one area of talent acquisition and talent management. Thus, when developing a workforce planning strategy, it must comprise every department and role in the enterprise. Yet, few organizations approach such a strategy from a holistic perspective. This can be detrimental to an organization’s skills development initiatives, talent retention efforts, and overall collaborative effectiveness with MSP and VMS partners.

Lack of Enterprise-Wide Approach to SWP

A study released by eQ8, which provides a dedicated end-to-end SaaS solution for strategic workforce planning (SWP), revealed the criticality of having an enterprise-wide approach toward SWP. Here are a few of the major takeaways from the study:

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Data Delivers … But With Privacy Controls

Business Leadership Direct Sourcing General Insights HR Technology and Innovation Uncategorized by John Yuva on 05/22/2023

The innovative technologies available to enterprises for talent acquisition and talent management are growing exponentially. Along with the growth in HR technology is the vast amount of data that comes with it. Direct sourcing solutions, for example, collect an enormous volume of data about potential candidates. Now with the power of artificial intelligence (AI), an even deeper analysis of employee data can be accomplished. While these insights can be game-changing for workforce productivity and employee engagement strategies, there remains a question about employee privacy.

Technology Pushes Privacy Boundaries

HR is the keeper of the most sensitive employee data in the enterprise from social security numbers to performance reviews to salary information. This standard information has always been under lock and key. However, technology is now extending data into more delicate areas, leading to privacy and security concerns. Consider wearables technology that enterprises are now experimenting with. Used extensively in retail and logistics environments, organizations can now track employee behaviors and health metrics, such as blood pressure, sleep patterns, and daily steps to monitor well-being and engagement.

While HR technologies can help with employee and organizational engagement, enhance efficiencies, streamline processes, and improve executive and managerial decision-making, what are the privacy and security issues of such advancements?

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Skills-Based Is the New Workforce Frontier

Business Leadership Direct Sourcing Diversity and Inclusion General Insights HR Talent Acquisition Technology and Innovation Uncategorized by John Yuva on 02/06/2023

We have recently talked about gamification and digital credentials as strategies for greater employee engagement, collaboration, and skills development. As enterprises re-engineer their workforce architectures toward a skills-based organization, these strategies will play a critical role in that initiative.

Why is skills-based the next workforce frontier? Simply put, traditional, antiquated job description-defined roles are ineffective in today’s volatile business landscape. Enterprises require agility and flexibility to respond appropriately to operational and market changes. A skills-based workforce architecture supports that requirement by aligning employee skills with project-focused initiatives. Deploying employees with specific skill sets to solve problems and ensure business continuity is a Future of Work vision.

Purpose of Work Redefined

With a nimble and responsive workforce, enterprises can leverage their talent using a more holistic approach while generating a greater sense of work purpose for employees. According to an article in Training magazine, “Skills-based organizations have a more agile and employee-centric approach to work where employees are valued for their skills rather than their job title, level, or educational qualifications.”

“It is a new operating model of work where employees are matched to tasks and projects based on skills, capabilities, and interests. Focusing on skill sets instead of job experience can help organizations optimize their talent pool.”

However, the success of this workforce model depends heavily on the ability to define work within the enterprise. What is the work that can ultimately provide a competitive advantage in the marketplace? Where in the organization does the most critical work reside? What skillsets and capabilities are most valued to accomplish the work required? How does the enterprise capture, structure, and utilize skillset data?

The critical answers to these questions are all part of the foundation of a skills-based structure.

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The Second Thing You Must Know About The Future of Work

Business Leadership Contingent Workforce Diversity and Inclusion General Insights HR Talent Technology and Innovation by John Yuva on 10/25/2022

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 second installment this week, we’ll be diving into the “first-mover advantage” and what that means for innovation and resiliency.

Adoption of Future of Work Accelerants

The number two must-know about the Future of Work is that the first-mover advantage (in this case, early adopters of Future of Work-era strategies and solutions) translates into urgency for innovation. During the scary early days of the pandemic, businesses were either struggling for survival…or were thriving. When we think about where we are today, let’s look at the organizations that adopted some of these Future of Work accelerants: they tapped into remote work, became more diverse and inclusive with their workforce and in their workplace, while also improving their workplace culture and overall work optimization strategies.

Businesses also embraced aspects like artificial intelligence and used their technology more expansively. For example, a Vendor Management System (VMS) wasn’t used just for requisitions, but also to build scenarios and leverage predictive analytics to scale the workforce and understand what could happen tomorrow based on today’s numbers. Doing so could lead to smarter and more educated and intelligent-led talent decisions. Thus, there is an urgency for innovation.

This is not simply about thriving, but surviving as well. Those businesses that have adopted some of these accelerants, whether they’re strategic or technology-led, are much more likely to thrive in the months ahead. The first-mover advantage sets these organizations up very nicely for the future.

Thrive Through Understanding and Embracement

The Future of Work Exchange’s architect, Christopher J. Dwyer, highlighted a discussion he had with a director of talent acquisition, who said it was easy for her company to transition to a remote workforce because it was already a hybrid workplace. The company took what it learned in pre-pandemic times over so many years that it was fairly simple to transition to remote work. It already leveraged both HR and contingent workforce technology and had those systems integrated, so it knew where its workers were across the globe — a company with approximately 300 global locations. She said the company had the capability to know who was working on what projects, where they were located, when their assignments ended, and what locations were being hit hard by a COVID-19 surge, which allowed them to react in real time. Speaking with her months later, said Dwyer, the company was thriving because of the lessons learned and its embrace of Future of Work accelerants during the early days of the pandemic.

This is not to say that a business struggling in 2020 couldn’t be thriving today. The first-mover advantage means that enterprises shouldn’t sit back and watch others pass them by in terms of what they’re adopting and embracing from Future of Work, innovation, and progression perspectives. What else is happening out there? What are their peers and competitors adopting from a technology perspective? How are their business leaders managing the workforce? How are they treating their workforce? Why are they losing talent to other organizations? Why are they getting hit harder by The Great Resignation than others?

The next economic recession will be unique because of existing inflation; however, many industries are doing well and thriving because of lessons learned and the collective trauma experienced over the last three years from the pandemic. During the next downturn, companies are likely to weather the storm much better because of the technology they’ve adopted and the new strategies they’ve embraced. The innovative thinking that comes from those decisions makes companies better suited to handle the challenges of today.

Flexibility Cannot be Underestimated

What does this mean for the workplace? In many respects, hybrid is the ideal workplace model because of the flexibility that workers crave. Obviously, many workers are unable to work remotely because of their job description. And, some businesses look at remote and hybrid work models with concerns about productivity and workforce control. However, time and time again, workers have proved that avoiding a 90-minute commute to and from work allows them to be more productive each day.

It also speaks to the flexibility of taking care of life events. The ability to go to the dentist or pick up a sick child from daycare or school can mean a great deal to workers. Workers are humans, not just numbers on a spreadsheet. It doesn’t matter if you’re a contractor that worked 4.5 hours or an employee who has been with the company for 40 years. These are not faceless workers. We are humans and humans crave flexibility. We want the ability to feel connected to the organization.

A famous CEO of the world’s largest search engine said that “the Future of Work is flexibility.” We’ve been saying this for a long time on FOWX and it’s true: the Future of Work is built on flexibility.

The First Thing You Must Know About the Future of Work

Business Leadership Contingent Workforce Direct Sourcing Events General Insights Talent Talent Acquisition Technology and Innovation by John Yuva on 10/17/2022

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

Technology is a Future of Work Centerpiece

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.

The Industry Is At A Crossroads

Technology and Innovation by Featured Contributor on 02/08/2022

[Editor’s Note: Today’s article is a guest contribution from Neha Goel, Vice President of Marketing at Utmost.]

We are interconnected in all aspects of our lives, and work is no exception. We have become global citizens, and organizations are utilizing talent outside traditional full-time employees in record numbers. In fact, a company’s workforce is becoming inherently external, made up of episodic, variable, and dynamic engagements.

People are choosing careers that are no longer hierarchical or linear, and demanding flexibility in how and where they work. Similarly, companies want to capitalize on collaborating with a talent ecosystem that can deliver speed and value with highly-skilled, hyper-specialized workers.

Today, this looks like a large and complex network of extended global workers, spanning staff augmentation contractors, Statement of Work (SOW) project-based workers, independent consultants, freelancers, gig workers, and consultants. Now, it’s up to the enterprise to determine how best to capitalize on this new world of work.

Many companies are doing just that. New data from LinkedIn (via Forbes) finds there has been a 60% increase in “future of work” job titles and a 304% increase in titles where “hybrid work” has been included in the past two years. The job title Head of Future of Work was listed as one of the most in-demand job titles available today.

Once you have the people in place, leadership also must get on board with how all talent wants to be engaged. Today’s market “requires leaders to develop a much deeper empathy for what employees are going through and to pair that empathy with the compassion—and determination—to act and change,” said a recent McKinsey article on the role leaders play in understanding attrition. “Only then can employers properly reexamine the wants and needs of their employees—together with those employees—and begin to provide the flexibility, connectivity, and sense of unity and purpose that people crave.” Our findings support this to be true.

Finally, the next challenge becomes finding a technology that can support the risk, size, and complexity of today’s workforce. This must be done in a way that makes it easier to find, engage, and attract top talent while meeting them how and where they want to work.

As I’ve said before, it’s not just about managing suppliers and vendors and merely augmenting a contingent workforce management agenda on the world of talent, but rather looking at how to manage the workforce effectively in optimizing how work gets done.

Whether you believe in acquisition and consolidation of the VMS/EWS market to expand functionality or are skeptical of the “FrankenSuite” approach and believe a purpose-built system is favorable, many organizations find themselves at a crossroads now that almost half their workforce is made up of non-employee labor with no seamless, scalable way of managing it.

As companies compete for greater access to on-demand, agile, highly specialized talent at better rates, faster access to information and analytics, and the ability to meet today’s workers where and how they want to work is imperative.

Whatever companies decide, it’s clear workers need to be redeployed faster, have agency over their information (with PII and diversity top of mind for all parties), and have a positive user experience that makes it easy to come in and out of companies and projects with ease. This is the new world of work, and if companies don’t embrace the changes quickly, they may be left behind when it comes to finding talent that ensures their success in the market.