Wake Up and Smell the Coffee: Tracking the Workforce Trends in 2017 | DCR Workforce Blog

Wake Up and Smell the Coffee: Tracking the Workforce Trends in 2017

The year is nearly half over, and it’s time for companies to wake up and smell the coffee and geared up to meet the workplace realities and challenges for the rest of 2017. Most companies today use non-employees, whether as gig, contract or contingent workers, if not as independent contractors. There’s no doubt that finding the talent they need in real time and on-demand is the chosen way ahead for businesses for the remainder of 2017 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 things right, even as the share of contingent workers in a company’s total workforce is increasing at a rapid pace.

It’s no wonder then that the new world of work requires brave new strategies even as continued estimates predict that 50% of the workforce will consist of contingent workers by 2020.

Managing 2017 workforce trends

Stay ahead of the curve and strategize to win the war for talent by tracking the workforce trends in 2017.

Job market realities – The job market is facing many challenges of its own as baby boomers retire at the rate of 10,000 heads per day leaving talent shortages behind and positions remaining open for want of skilled and adaptable workers to fill them. Contingent workers always meet demand spikes and short term needs of any business. Now, contingent workers come in not just as labor or as software analysts – but in many forms, and could be consultants, project leaders, advisers or even CXOs across many functions in a business.

  • Talented, young professionals are keen to take up gig work for its flexibility and making optimum use of new technologies to achieve this goal.
  • Specialized talent and niche skills in certain segments like IT are especially driving this trend.
  • Workers come in with the necessary skills and are productive from the get-go.
  • Alumni, who are familiar with the specific needs and culture of the organization, are in high demand.
  • Businesses can access the right skills and expertise needed without the overhead costs associated with payroll benefits and administration.

Innovations in talent sourcing - The gig economy is all about innovation and alternative talent sources, using mobile applications, social media and online platforms. Work can be performed remotely from any global location. Innovative workplaces are striving to be future-ready and adopt every possible capability and functionality that technology can provide them with. Companies gain great competitive advantage when they leverage the right technology to access external experts, operate in a lean and agile manner to find the required talent. Engaging, warehousing and re-engaging talent directly is now a chosen strategy of contingent labor programs.

Team up – Teams today recognize the need to partner with internal stakeholders to leverage their knowledge as well as experience and ensure the success of the business as a whole. They build mutual trust, share insights and educate each other on the various aspects of managing the business effectively and derive the best out of the vendors such as staffing suppliers and other elements of their talent sourcing supply chain.

Chuck tradition - Its high time businesses refused to stick to tried and tested formulas or stayed committed to old technologies which refuse to stay ahead of industry developments or offer innovative capabilities such as those that may not have been a part of a Vendor Management System (VMS) originally. An effective VMS ensures process automation, centralization and standardization, while providing total talent visibility and control, project status, performance measurement, compliance and more when accessing global talent in real-time, expanding the sourcing channels and tracking spend while mitigating risk. Some VMS programs are impacting the management of contingent work programs in revolutionary new ways by bringing in new workforce management trends.

Make sure that your contingent workforce management program is well-articulated and goal-oriented. Ensure that the a workforce technology like a VMS enables you to gain complete control over your program and offers analytics and reporting features, using artificial intelligence and predictive analytics, to help you to track your performance and fix any issues with the program without delay.

Coffee, anyone?

Does your VMS program help you decide which kind of worker would suit your needs for a given role, or track your statement-of-work (SOW) projects from end-to-end until the deliverables are met and invoices paid? Talk to our team at sales@dcrworkforce.com to learn more about what innovative features DCR’s VMS Smart Track offers, so that you can finish 2017 with a bang! Let’s grab a cup of coffee and discuss how we can help you manage your contingent and non-employee workforce with little effort using Smart Track.

 


Disclaimer:
The content on this blog is for informational purposes only and cannot be construed as specific legal advice or as a substitute for competent legal advice. They reflect the opinions of DCR Workforce and may not reflect the opinions of any individual attorney. Do contact an attorney for advice specific to your issue or problem.
Lalita is a people/project manager with extensive experience in operations, HCM and training and development across industries like banking, education, business consulting, BPO and information technology. She believes in a dynamic approach to life and learning as change is the only constant.