Four years ago this month, I remember tuning into news reports that the NBA had indefinitely suspended its season after a player became ill with COVID-19. As an avid sports fan, that’s when the reality of the pandemic first hit home and I realized that our world was about to change.
Looking back, I couldn’t have imagined the pace of change. Some of these shifts have been well-documented, such as the popularity of remote work and the rise of technologies like Zoom and Microsoft Teams that enable us to conduct meetings in new ways. Other changes — like the shift toward skills-based hiring, which emerged as just one of many ways employers are grappling with ongoing labor market tightness — might take a generation to fully appreciate.
As we mark yet another pandemic anniversary, I’m pleased to share AgileOne’s Workforce Solutions Market Overview: 2024 Outlook. Part of our expanding body of labor market research, it brings clarity to the trends that have dominated our collective consciousness in the aftermath of COVID-19: most vividly, the uncertainty and change present in the global labor market. it’s a critical tool in our journey to achieve true transformation on behalf of our clients, who stand to benefit the most from a data-informed approach. And it’s true to our name, offering recommendations that are responsive to the economic climate yet agile enough to withstand global market shifts.
Here are five key takeaways from our report that underscore just some of the changes I’ve observed over the past four years — and how companies are thinking outside the box to build resilience into their workforce strategies:
- The pandemic heightened the focus on closing skill gaps, with 58 percent of respondents in a McKinsey Global Survey prioritizing workforce reskilling and upskilling in response to new workplace norms and labor market tightness. Companies would be wise to implement their own reskilling and upskilling programs, equipping their workers with new skills — or enhancing existing ones — to adapt to changing needs. AgileOne can help, mustering the support of our managed services program (MSP), which provides hiring managers with critical insights into their workforces with the data needed to make informed decisions and hire smart.
- Corporate culture has entered the spotlight as another strategy for attracting and retaining talent in a competitive landscape. Yet, according to a recent study, only 2 in 10 employees feel connected to their company’s culture. In order to stay competitive in a high-employment environment where workers have many choices, employers must recommit themselves to creating an environment where workers want to work. This includes promoting open communication, encouraging employee engagement and recognition, aligning values with actions, and investing in professional development and team-building activities.
- Technology continues to drive change — especially in the workforce solutions industry, where it has helped companies save valuable time and resources amid economic fluctuations. At AgileOne, we simplify the selection and integration of more than 450 technologies for talent attraction and management, offering a unified suite that includes vendor management, statement-of-work processes, and compliance tools. Additionally, our team specializes in emerging technologies like artificial intelligence, guiding businesses of all sizes in understanding the full spectrum of benefits and risks.
- Diversity, equity, and inclusion programs have entered the mainstream since 2020. It’s a winning strategy for employers looking to tap into a deeper talent pool amid continued labor market tightness. Hiring a diverse workforce isn’t only the right thing to do; it makes good business sense. According to one study, companies willing to open up jobs to nontraditional candidates will benefit from a larger — and more diverse — talent pool. Furthermore, organizations that embrace a diverse workforce have been shown to outperform across several criteria, including attitude and work ethic, productivity, quality of work, engagement, attendance, and innovation.
- Don’t expect the pace of change to slow anytime soon. According to data presented in our report, roughly one-in-four jobs are likely to see movement — either through the creation of new roles or the elimination of existing ones — by 2027. The survey also highlights industry-specific expectations: for example, the supply chain and transportation, as well as media, entertainment, and sports industries, are predicted to experience higher-than-average job churn. Conversely, the manufacturing and retail and wholesale of consumer goods sectors are expected to face lower-than-average churn.
Mixed signals in the global economy coupled with shifts in worker habits and expectations have created an environment of uncertainty where companies have a lot to lose by being uninformed.
As we move deeper into the new year, it’s never been more important to have a partner you can trust at your side. That’s why we offer AgileOne’s Workforce Solutions Market Overview. It’s free to access and available to everyone, regardless of whether you are an existing client or not. That’s just one way we’re living up to our saying: #TogetherWeWin.
