July 01, 2017

Mid-Year Recap: 2017 Workforce Trends

2017 is halfway over, which means it’s time to do a mid-year recap of workplace trends. Most companies today use non-employees, whether as gig, contract or contingent workers, or independent contractors. There’s no doubt that finding the talent they need in real time and on-demand is a necessary reality for businesses through the remainder of the year and beyond.

Talent from any source and any pool is welcome as long as its quality and meets or exceeds their expectations. Finding and managing contingent workers is an accepted workforce trend, which still has Procurement, HR, and IT teams at every workplace scrambling to do thins right, even as the share of contingent workers in a company’s total workforce is increasing at a rapid pace. No wonder that the new world of work requires innovative new strategies, especially as expert estimates predict that 50% of the workforce will consist of contingent workers by 2020.

Below are some of the workforce trends that company mangers and executives should be tracking through the remainder of the year.

Job market realities: The job market is facing many challenges as baby boomers retire at the rate of 10,000 heads per day leaving talent shortages and positions open due to a lack of skilled workers to fill them. Contingent workers help to meet demand spikes and short term needs for any type of company or position.

Innovations in talent sourcing: The gig economy is big on innovation and alternative talent sources, using mobile applications, online platforms, and social media. Work can be performed remotely from virtually any location. Forward-looking workplaces are striving to adopt every possible capability and functionality available in technology. By leveraging the right technology to access external experts and operating in a lean agile manner when it comes to sourcing talent, these companies are able to gain big competitive advantages.

Teaming up: Companies are beginning to recognize that they need to partner with internal stakeholders to leverage their knowledge and experience to ensure the success of the business as a whole. By building mutual trust, sharing insights, and knowledge sharing, they are better able to manage business effectively and derive the best out of vendors such as staffing suppliers and other elements of their talent sourcing supply chain.

Ignoring tradition: Many organizations are starting to experiment beyond the tried and test formulas or are letting go of old technologies that do not offer them the latest industry developments or innovative capabilities. For example, vendor management systems (VMS) that don’t offer advance intelligence, such as artificial intelligence and predictive analytics, may no longer be the best fits for organizations looking to propel their workforce strategy into the future.