You have probably read several articles about talent shortages with advice about how companies can address them. Despite all of the literature out there, finding, engaging, and retaining talent remains a challenge.
Why you can’t put faith in the status quoImagine: It’s the Roaring Twenties. Automobiles and televisions are getting more popular every day. Everyone is talking about Babe Ruth, jazz music, and moving pictures. You operate a successful business in one of the towns along U.S. Route 66. Because of all the travelers on the busy highway, you do a brisk business. Life is good. Sometimes you worry that the boom can’t last forever, but you’re busy, so you avoid thinking too much about it. Eventually, you begin to hear rumors that they are planning to build a new high speed interstate that will let motorists bypass your town…and your booming business. You and the other business owners around town do a lot of talking and worrying about the new highway, but in the end, you don’t take much action. Soon, motorists begin to bypass Route 66 for the newer, faster-moving highway. It doesn’t take long before your business starts to feel the effects. Before long, your prosperous town transforms. Little by little, it will become one of many ghost towns whose fate was sealed as soon as the interstate passed them by. Your business, and many just like yours, ceased to exist. Was it all in the name of progress? Not exactly. Smart people are never satisfied with today’s success. That is why they anticipate and plan for future changes. The moral of the story: Don’t fear the future, just be ready for it.
The only thing that is constant is changeEverything changes, but you don’t have to suffer like a 1920s motel owner, bemoaning the changing times. You can get a leg up on the competition by planning for future changes. At Beeline, we know attracting top tier talent is important. Research shows that 62 percent of organizations feel contingent labor is a vital component in achieving their goals. Like most people who manage their organization’s human supply chain, you rely on your contingent workforce program to drive business results. The harsh truth is, what you are doing now will not be good enough in the future. If you don’t want to go the way of the dinosaurs, you have to adapt. That’s why it’s so important to understand the trends that enable you to prepare proactively instead of scrambling once it’s too late. Ardent Partners has identified three types of contingent labor (traditional, complex, and independent contractors). Where can you source each type of contingent labor? What tools and solutions will help? Can you reinvent your contingent workforce program?
To be successful, you need to be readyWhen entering into uncharted territory, how do you know what is coming down the pike without a crystal ball or tea leaves? It’s important to start by taking a look at where we stand. Today, traditional sources dominate when it comes to contingent workforce management. Staffing suppliers and agencies account for 88 percent of contingent talent and personal networks account for 54 percent, but that’s expected to change. According to Ardent Partners, by 2016, the sources of contract talent will look a lot different. When that time comes, if you are using outdated methods, you might neglect the top talent that could help your organization tackle tactical and strategic initiatives. In other words, you need to prepare for the rise of other sources of talent so you aren’t left behind.
The future belongs to those who prepare for it todayBusiness is like chess. It’s smart to think several moves ahead. Just like the roadside business owner who had it made because Route 66 drove customers to his doorstep, you probably have a system that works now. Ask yourself, will it still work in a few years? As you’ve seen, the top sources of skilled talent look different in the future. To recap:
- private talent pools are expected to grow by 16 percent
- social media and social networks are expected to grow by 22 percent
- online labor marketplaces/freelancer networks are predicted to double
- automated B2B supplier networks are expected grow by 15 percent
- “Human Cloud” solutions (i.e.: crowdsourcing) is predicted to grow by 20 percent