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Are You Prepared for a Flexible Workforce?

Written By: , Co-Founder and Co-CEO, Catalant Technologies

The workforce landscape is changing – dramatically. Top talent is increasingly seeking more flexibility and choice in the way that they work and live. Because of this movement towards independent work (i.e. freelancing), particularly amongst top business professionals, organizations are being forced to reevaluate the way in which they access and manage talent in order to stay competitive.

Catalant recently conducted a survey to understand how companies view the changing workforce landscape, and how they are preparing for this ‘future of work’. The results suggest that companies increasingly recognize that they need better access to outside talent to be successful – and that many are behind in preparing for this future.

The full results of the survey can be found in the infographic below, but some key learnings include:

  • 81% of respondents believe that great people, ideas, and capabilities lie outside the walls of their company
  • 83% believe a flexible on-demand workforce will be a key driver of the ‘future of work’
  • But only 43% believe their company will be ready for this future

This final point is an important one – companies understand that an on-demand workforce will be a critical component of their future talent strategy, but are unprepared for this shift.

The reason that companies are behind is that they are not traditionally structured to take advantage of highly skilled independent labor. In Catalant’s most recent whitepaper, Winning With a Flexible Workforce, we examine the rise of independent workers, the role of digital platforms in accessing and optimizing this new talent pool and, perhaps most importantly, the steps that organizations need to take in order to fully benefit from an on-demand workforce.

To enable a new way of working, organizations must take a rigorous approach to accessing and managing independent talent. This involves shifts across five key areas: planning and budgeting, procurement and legal, technology, human resources, and training. Organizations that focus on systematically moving to this new world of work, beginning with a formalized and prioritized ‘future of work’ initiative, will have a competitive advantage over their slower moving peers through new ideas, new growth opportunities, and new efficiencies.

 

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For more on this topic, download the full whitepaper, Winning With a Flexible Workforce.