"Restarting" in the midst of a COVID-19 world: Watch out for these trends to keep thriving in the future of work!
In this event, MBO’s Chief of Market Strategy, Bryan Peña, and I shared our thought leadership on how the pandemic is changing the global workforce. You may access and view the recording of the webinar here. Would you like to know more about the main points in this discussion? Continue reading the article below. We’re shedding light on what you can do to set up your own brand for success in the future.
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"Restarting" in the midst of a COVID-19 world: Watch out for these trends to keep thriving in the future of work! The world today is in a state of transition. Since the onset of the COVID-19 pandemic in 2020, lots of changes have happened, especially in the workforce structure. … and while we are not yet in full post-COVID-19 territory, many companies are starting to reopen and navigate what the future of work looks like. Major changes like transitioning to a remote work setup were done by necessity, and some firms had to quickly adjust their structure and workflows. However, as lots of workers continue to work in this new environment, organizations need to have a more active say on how they adapt their business models to remain profitable and competitive.
On August 25, 2020, MBO Partners conducted a webinar titled, “Building an Agile Workforce in a Post-COVID World.” Here, MBO Partners’ Chief of Market Strategy Bryan Peña and I shared our thoughts on how the pandemic helped accelerate major changes in the workforce. We also gave insights on what businesses can do to continue to thrive in a new work environment. The discussion covered:
Let’s get into these topics in detail… Overcoming the Challenges of “Restarting” While running a business during the COVID-19 pandemic is far from easy, there are still positive changes that emerged from this crisis. Some of these positive changes? Many organizations have recorded a rise in productivity from their remote workers, and others have adjusted their operating models to attract new customers or clients! In a survey involving MBO’s clients and client prospects, 43% of respondents indicated that reducing friction and increasing efficiency in their firms were top priorities. Aside from that, the study generated these results:
Based on these outcomes, we believe that to develop a business model that will thrive amid a changing business environment, companies must identify the right revenue opportunities and embrace an agile work structure. Even large companies will benefit from adopting a start-up mentality where they react quickly and personally to customers’ needs, explore new lines of businesses, and invest in collaboration tools that aid in transparency and efficiency. In our humble opinion, firms that are able to quickly scale and adjust their operations based on the current market conditions will be more resilient and agile, and find themselves on safer ground. Rethinking How Work Gets Done There are several important forces changing the world before and during the COVID-19 pandemic, and these trends aren’t going anytime soon. We believe these factors will have a HUGE impact on organizations into the future of work. The first trend is that in the future, a larger portion of the workforce will be made up of independent professionals vs. full-time employees. This means as the number of independents continues to grow, companies will need to adapt a new business model that welcomes outsourcing these kinds of workers. The second trend is companies will increasingly utilize project-based outcome arrangements over full-time hourly rates. This is due to the increasing need to tap into specialized deep skills vs. generic skill sets, and the need to accomplish work in quicker sprints. The third trend is the current workforce is in a talent shortage, not talent surplus. This means a world where there is too much work to be done but too little workers. To prevent this trend from worsening, we think broader recruitment strategies, targeted skills training, and better plans for talent retention should be implemented. The fourth and last trend is that global wage scales are normalizing for white-collar jobs. This is because the same job and function can now be accomplished remotely and done by people working in locations with lower costs of living. As a result, companies need to grow used to having both a remote and more transient workforce. We hope you’re not getting overwhelmed by these kinds of information! By striving to create a frictionless business model, companies can adapt to a changing work environment and transform ideas to reality to create value for customers. … and one of the ways to achieve a frictionless business model? Embracing the independent workforce! We believe these types of workers are critical to effectively build an agile workforce. By accessing a wide array of talent using multiple modes of engagement, businesses can experience a myriad of benefits like:
In fact, a 2020 study by freelancing platform Upwork showed 59% of hiring managers agree that organizations not currently adopting a flexible workforce risk falling behind. This explains why nearly three-quarters of hiring managers are now increasing their usage of independent professionals to get several tasks or projects done. — The time for change is NOW… and whether or not enterprises are ready, they need to quickly adapt to how work gets done. It’s great that there are new technology platforms that facilitate an exchange of value nowadays—recruiters and managers can search for and engage with the talents they need, and independents can put their skills to use and work the way they want. By using these technologies, companies are able to provide program management support, streamline administrative processes, and increase overall efficiency. We hope you learned lots of great business management insights from our past webinar! Through:
… you can help increase your team’s agility and develop strategies that will enable your brand to adapt to the future of work. Happy Friday! |
