The Emerging Talent Ecosystem: How can you be a "Client of Choice" in a constantly changing work environment?

Friday: Mindfulness by Miles FROM THE DESK OF MILES EVERSON: Happy Friday, everyone! We hope you’re doing well. In May 2022, we conducted a webinar titled, “The Emerging Talent Ecosystem - Unleashing the Power of Your Workforce.” Here, we invited Mavenlink’s Executive Chairman Ray Grainger and Deloitte Global’s Chief People Officer Jonathan Dunne to share their thoughts on the talent ecosystem that is emerging in the world today. 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 highlighting the key messages in the event and how you, as a business leader or independent professional, can benefit from this emerging talent ecosystem. CEO, MBO Partners Chairman of the Advisory Board, The I Institute

The Emerging Talent Ecosystem: How can you be a "Client of Choice" in a constantly changing work environment? The rate of change is accelerating. According to an article published by the Consulting Magazine, at this time, it is critical that business owners, leaders, and other top management executives make strategic considerations in terms of client demand, talent demand, and skills management. Why? This strategy will enable them to maintain a diverse, healthy, and thriving workforce within their firms AND prevent workers from experiencing overutilization and burnout. On May 5, 2022, we (MBO Partners) conducted a webinar titled, “The Emerging Talent Ecosystem - Unleashing the Power of Your Workforce.” In this event, Mavenlink’s Executive Chairman Ray Grainger, Deloitte Global’s Chief People Officer Jonathan Dunne, and I shared our thoughts on the talent ecosystem that is emerging in the world today. We mentioned that since the rate of change is accelerating, the best workforce of today will be those that are capable of learning and adapting the fastest. We also discussed how the balance of power has shifted from the employer to the employee. Nowadays, workers have a choice to create multiple income streams due to the convergence of technology and hybrid work setup. The result of that? Companies need to think about becoming the “Client of Choice” for the worker! This is the opposite of the mindset in previous years where an employee should be the one to feel honored to work at a certain company. Strengthening Corporate Culture in a Remote Workforce It’s tough to build a corporate culture in a remote work world. Without personal connections, it’s just “a job, a list of tasks, and there’s no loyalty to a company.” Sure, remote work has advantages; however, this setup also poses risks. When not managed properly, this can leave employees feeling detached or unsure how to approach a co-worker, or start a conversation about something that’s not work-related. This shows companies with the highest satisfaction rates are those that recognize the advantages of working from home and also find ways to bring people together. For example: Open-core software company GitLab offers a travel stipend for employees who want to co-work together. The company was already on a remote work setup prior to the pandemic, but it still encourages workers to meet one another whenever they can. Here are a few more examples… At the start of the pandemic, information technology company Infosys made a significant investment into chartering flights for employees and their families who were stranded outside their home country. The company also announced there would be no workforce reductions tied to company performance. In other words, employees’ jobs were safe. Despite working remotely, the management’s actions reinforced an already strong culture regarding employee welfare and strengthened the “Infosys Family.” Meanwhile, technology company IBM’s culture of inclusion prompted a “Work From Home Pledge” that specified how workers should support each other in balancing work life and personal life while working remotely. The pledge included being sensitive to everyone’s needs for family time and staying socially connected with one another. What other strategies should companies do to maintain a strong corporate culture even in a remote work setup? Here are some of our tips: Establish a virtual, inclusive work environment. Employers and team leaders need to make sure their members still feel connected and protected even when working online and away from one another. It’s important to cultivate a work environment where workers feel their entire team is working together, staying productive, and valuing each other’s opinions. To do this, leaders and managers should regularly check up on their staff. Reinforce trust. When both employees and managers are aware of the day-to-day work activities of their team members through various workflow and communication tools, that knowledge establishes trust. When trust is present, there would be no need for managers to micromanage their teams. Additionally, trusting one another to do their jobs excellently will promote a healthy work culture—whether online or offline. Maintain transparent communication. Keeping communication lines open is critical to maintaining a strong corporate culture while employees are working remotely. This also establishes trust and gives employees an impression that a company has a hands-on perspective. Other ways to maintain a strong corporate culture while remote working include: Embracing asynchronous collaboration Staying alert for drops in performance and morale Stamping out proximity bias Using technology to help people connect with one another Through these tips, we believe businesses will not only thrive and expand their reach but also maintain a strong, competent, and healthy workforce. — As stated in MBO Partners’ State of Independence Report in America in 2021, the number of independent workers grew by 34% from 2020 to 2021. By 2025, we predict the number will be over 50%. This shows remote work is not slowing down anytime soon. In fact, it might even emerge as a more dominant setup in the future of work compared to the traditional in-office setup. As a result, enterprise leaders need to think of culture beyond their full-time employee population and rethink how work is getting done. Why? It’s because today’s workforce is not so much about forcing workers to sit in front of their computers to do a 9-to-5 job and yet not accomplish much. Now, it’s more about giving workers the flexibility to finish their work comfortably and conveniently. By building a strong corporate culture in the midst of a remote and hybrid workforce, companies can engage their workers—both full-time employees and independent contractors—to drive value creation, access top talent, and maintain innovation. We hope you gained lots of insights from our key points in the webinar! Remember: In today’s changing workforce landscape, it’s no longer a sound strategy for organizations to rely only on key team members to bear the brunt of development, customer service, and operational success. To continue to thrive, enterprises must properly investigate the core elements of talent management. This will not only enable them to attract skilled and competent workers but also develop sound strategies for effectively navigating a constantly changing work and talent environment.   Follow us on LinkedIn.