Curate Your Resource Network to Thrive in a Talent-Starved Business Landscape

Today’s issue was guest-authored by MBO Partners’ VP of Enterprise Solutions, Kristian Rayner ?

As technology evolves, disruption is a constant. Today’s workplace is no exception.

The prevalence of flexible working arrangements, major economic and geopolitical disruptions, and growing social and economic pressures have greatly impacted the U.S. labor market.?

This spells trouble for organizations with workforce strategies that are stuck in the past.?

Challenges All Around?

Even though the jobs market is showing signs of cooling , there still aren’t enough workers to fill open roles. And this isn’t a trend that will slow down any time soon. The older segment of the U.S. workforce is steadily retiring, taking with them a wealth of skills and experience sorely needed in a workforce suffering from skills gaps .?

Meanwhile, though quit rates have declined, a significant portion of workers are detached from their roles. According to Gallup , only 30% of U.S. employees are actively engaged in their work.?

These are concerning trends for any business pursuing goals and growth targets.??

Here Come the Independents?

There is still hope. The 72-million strong independent workforce (grown precipitously since the pandemic) is primed to help enterprises weather the storm plaguing today’s business landscape.?

Forward-thinking organizations have already begun optimizing their respective processes to more effectively leverage and integrate independents across all levels of their organizations.??

However, it is not enough simply to recruit independents that meet your enterprise’s needs… you have to prioritize their engagement as well.?

In a tight labor market where competition for the best and most skilled contractors remains stiff, it is imperative that you become a client of choice.?

This starts with curating talent based on the skills needed by your enterprise.??

Think of it this way: If you build a talent network filled with every possible contractor and skill, you’ll have a hard time finding the right talent when you need it and it’ll be harder for you to continually engage with members of this network.?

The result? Organizations that take a more focused approach with engaging their contractors will always win out when push comes to shove.?

By building a narrower and more focused talent pool, you’ll be able to gather contractors who fit the expertise you need and you’ll be able to nurture your connections with them more effectively.?

To foster better contractor relationships and become a client of choice, consider the following approaches:?

1. Ensure contractors are seamlessly incorporated - No one likes to get left behind, even if they’re working with a client for a defined period of time.?Independents work best when they are seamlessly integrated into an enterprise’s operations since they’re able to bring value at a much faster pace.
2. Provide talent with opportunities for learning - Now more than ever, independents are under pressure to continuously upskill and upgrade their knowledge base due to rapid introduction of new technologies such as artificial intelligence (AI) and large language model (LLM)-based tools.? ? By fostering a culture of continuous learning, you’ll be able to retain the professionals in your talent pools.? ?
3. Create a positive work environment - Today’s workers are less inclined to work in toxic environments.? ? Even if today’s jobs markets have shown signs of cooling, the current generation of professionals won’t hesitate to leave clients when they see an opportunity to work for organizations with a healthier environment.? ?
4. Make independents feel that their work is valued - Workers feel much more engaged with their roles when their employer or client provides them with feedback about their work.? ?
5. Craft sensible processes - Since independents work on a per-project basis, it is imperative to have them work in an environment that can help them accomplish project tasks efficiently.? ? This means cutting out processes that hinder workflow and stifle talents from fully leveraging their skills and expertise.??

Nurturing Talent is Key

Thanks to economic shifts, geopolitical tensions, and demographic changes, enterprises of today have to do more work with fewer resources.?

If you want to come out ahead, you need to focus your efforts in acquiring and retaining the talent you need to meet your short- and long-term objectives.??

I believe businesses that understand this will be able to meet present and future challenges far more effectively than those that remain in the past.?

Trending Topics

• For the past few years, workplace trends such as quiet and loud quitting have become prevalent. To effectively address these trends, a Forbes contributor suggested keeping track of metrics such as retention rate, employee satisfaction rates, average length of employment, turnover rates, turnover cost, time to hire, time to fill, and absenteeism.?

• "Hush-cations" —the act of going on clandestine out-of-town trips without filing leaves are becoming more common among remote workers.?

• Research conducted by Bevi, a Boston-based water cooler company, revealed that workers are spending longer hours in the office despite spending fewer days working on-site.
• OpenAI has unveiled its plans to create a “Media Manager” that will enable artists, creators, and content owners to claim ownership of their works and specify whether they can be a part of training OpenAI’s models.
• Starting May 13, 2024, Dell will track the onsite presence of hybrid employees through electronic badge swipes, Virtual Private Network (VPN) monitor, and a color-coding system.

• It is expected that in the coming decades, age diversity will become a key fixture in the global workforce. In the U.S. for example,? 25% of men and 17% of women over 65 are projected to remain in the jobs market by 2032.