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Friday: Mindfulness by Miles
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FROM THE DESK OF MILES EVERSON:
Hello!
I’m excited to share with you another interesting topic in today’s “Mindfulness by Miles.”
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Every Friday, I write articles about health, wealth, and the future of work in hopes that you’ll be compelled to apply these tips and insights in your career and personal life.
Today, I’ll focus on the topic of workforce optimization.
Keep reading to know why it’s important to optimize your workforce and how you and your company can benefit from this approach.
CEO, MBO Partners
Chairman of the Advisory Board, The I Institute
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Work SMARTER, not harder: How can firms actually do more in a changing work environment?
You must have heard about the 4-day work week in Iceland and Belgium, and how other parts of the world are following suit. Strategies like that are attempts at optimizing the workforce, with goals to increase workers’ productivity levels and reduce burnout in the workplace.
Due to the changes in the business world nowadays, the focus has shifted from quantity to quality. Instead of hiring more employees, firms are now looking for ways to optimize their existing resources.
The result of this?
Businesses are not only able to operate efficiently but also provide excellent customer service!
Workforce optimization allows companies to access the talent they need in an agile, cost-efficient way so they can thrive in the future of work. This entails optimizing organizational processes to improve customer satisfaction and employee productivity.
However, having the right talents to effectively and efficiently run a business is no easy feat. As the modern workforce model shifts towards engaging independent workers, firms must learn to adjust how they get their jobs done.
That’s why companies must embrace this change by aligning their workforce with a strategic mix of full-time, independent, and offshore workers. This will help them become increasingly competitive and agile.
Why is workforce optimization such a big deal for businesses nowadays?
- It leads to customer satisfaction. Operational optimization translates to high-quality work that makes customers happy and more likely to transact with high-performing businesses again.
- It builds a competent workforce. A competent workforce is not easily fazed by problems. With proper planning and scheduling, such organizations can resolve issues without delays and prepare for the inevitable.
- It leads to employee satisfaction. This metric is often overlooked by businesses that cling to higher sales and only focus on customer satisfaction. However, the best companies are those that strive to constantly improve their performance without causing any stress or burnout for their employees.
- It contributes to a company’s progress. Optimizing the workforce requires business leaders and managers to regularly review their systems and processes in detail, offering insight into each aspect of the business. This enables them to improve processes for better results.
Basically, workforce optimization accounts for workers’ physical and mental health. It helps employees add to their skill sets and makes them happier, more satisfied, and more empowered in their careers.
Now that we’ve made the importance of workforce optimization clear, let’s talk about some of the benefits firms can get from this strategy:
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Access to Top Talents with In-Demand Skills
By shifting focus from hiring an employee to do a specific job to engaging an independent for a defined project, companies rethink the types of talents they need to hire.
For example: Independents with a wide range of skills are often more cost-effective than a full-time employee who is boxed within a certain job and may require costly benefit packages.
This is because independent contractors have built a career around their skills, not vice versa. Their talents are highly sought after in competitive areas like IT, marketing, engineering, consulting, etc.
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Increased Company Agility
A blended workforce provides firms with the ability to scale their work up and down depending on market needs.
This approach lets businesses easily meet budget constraints, quickly react to project demands, and remain open to innovation.
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Increased Operating Leverage
Instead of relying on a third-party intermediary to fill talent gaps, enterprises nowadays are increasingly implementing a direct sourcing strategy that allows managers to source needed talents internally.
A recruiter who understands where and how to find the right talents can proactively stock a company’s talent pool, allowing for on-demand deployment for current and future projects.
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Cost Savings
There are lots of cost saving opportunities that accompany workforce optimization. Three of these include:
- Flexibility in talent acquisition - Lowers payroll costs and time-consuming recruitment activities.
- The ability to move recruiter functions in-house - Reduces third-party recruiting costs.
- Reduced compliance risk - Helps reduce costly lawsuits, fines, and penalties associated with worker misclassification.
Other cost savings take the form of combined worker expertise. For instance: When independents work together in teams or are engaged to work as a team, they can take on longer and bigger projects… and a team of independents is a great way to approach a task from different perspectives and contribute various skills.
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The phrase, “work smarter, not harder” captures the essence of workforce optimization. In an era where expectations of customer satisfaction, service delivery, and excellence rise, firms should be looking for ways to increase productivity and efficiency within the existing workforce.
I hope you find today’s article insightful and helpful!
Remember: Workforce optimization consists of multiple factors working together to boost a company’s productivity and help employees perform at their best.
Sure, this is not an overnight task, but it will help you, your business, your colleagues, and your staff serve your organization’s ultimate purpose in the long run.
How can you apply workforce optimization in your own firm today?
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