In part one of this blog series, we talked about how to adjust your contingent workforce strategy to address the immediate implications of the coronavirus pandemic on your business. While we aren’t quite out of that stage of this crisis yet, it is time to begin thinking about what’s to come.
Addressing economic uncertainty with workforce agility
The economic fallout from the coronavirus crisis is far from over. Many experts are predicting multiple cycles of normal business activity and imposing shutdowns as the virus runs its unpredictable course. This will vary by geography and the restrictions put in place by state and country leadership officials, creating a complex business environment whether your company is operating nationally or globally.
While a curve is expected, whether it’s an L, U, W or something else entirely is yet to be determined. What this inevitably means is that the only way to prepare for the immediate future is to be resilient and expect the unexpected. For that, you need workforce agility.
The definition of agility is “the power of moving quickly and easily.” When we think of large workforces made up of employees, contingent labor, and service providers, quick and easy access to talent doesn’t immediately come to mind. You must be able to harness the power of both your relationships and your technology for your workforce to truly be agile.
Driving agility with private talent pools
The answer to workforce agility lies in private talent pools.
Who makes up your private talent pool? Furloughed employees, retirees, former interns, and other known, vetted talent who have a history with your company. During times of crisis, having access to these resources allows you to streamline or even forgo the lengthy screening, training, and onboarding processes that can slow you down.
But it’s more than just knowing who these resources they are. It’s also about understanding how they can contribute to your business. You’re only as good as your data, and formalizing a private talent pool gives you the opportunity to capture the important workforce data you need to act quickly in times of crisis.
Once you know who they are and how they can help, you can deploy these known resources in flexible ways to meet the changing needs of your business. For example, furloughed employees can be given contingent assignments or remote-enabled workers can be redeployed to where your business needs them. And on an ongoing basis, all new skills and experience at the individual worker level can be captured so you know exactly who qualifies for any need you might have.
With Beeline’s Direct Sourcing, organizations get direct access to expanded pools of qualified talent. Not only will this help you meet your immediate workforce needs, but it also puts your organization in a better position to utilize your known resources effectively in the future. This will ultimately allow you to create deeper relationships with your talent, save on unnecessary recruiting costs and fill your workforce needs more quickly.
If you’re a Beeline customer, reach out to your relationship manager at any time to learn more about Direct Sourcing and how to stand up your private talent pool for immediate results. If you’re not a customer yet, register for our next live demo to see it in action.
In our final post of this series, we’ll take a long look at what has changed forever in the world of work and what it means for your business.