With the rise of technological disruption across industries right from transportation, retail, manufacturing to even our personal life’s aspects such as dating and marriage. Both
our professional and personal lives has become almost unrecognizable from what they were 10 years ago.
Today every business is facing challenges to move quickly, be agile in order to address a key opportunity of managing, the always changing & demanding customer expectations.
In response, the available workforce is changing almost as rapidly as the industry itself. Along with Gen Y going up the ladder and millennials entering the workforce, they are influencing perceptions about work, life, and how to balance the two. This expanding community of professionals who value the freedom and flexibility of working as independent contractors, rather than the security offered by the more traditional office environment, is revolutionizing our organizations talent pool in a drastic manner.
Chaos in Hiring & Retaining
A shakeup of the status quo often leads to Innovation
It is a great opportunity for forward thinking leaders and organizations, but also poses a challenge to traditional & follower mind-set firms needing to meet hiring objectives in a new world. Incumbent organizations face two major problems here:
1. Gap in Skills
First, there is a widening skills gap. Business leaders globally are facing a shortage of highly skilled & relevant professionals every passing day.
Simply not enough people with the necessary & relevant skills are available to get the job done.
As a result of this skills shortage, leaders are forced to delay or cancel strategic initiatives. The inability to execute on such projects creates a cycle of shrinking profits and threats to growth, which serves to further widen the gap.
2. Increased Competition
The second problem that traditional companies face is an increasingly competitive hiring market. The average company’s lifespan on the S&P 500 index is 20 years, down from a 33-year average in 1965, according to an Innosight corporate longevity study. With a solid majority of CFO’s expecting to increase wages in order to find or retain needed skilled talent,
it’s clear they are feeling the talent crunch.
3. Processes Killing Speed & Agility
Companies are looking to hire highly skilled individuals to meet their needs, are unable to move faster to bring the right expertise in the organization because of tedious and lengthy processes. As today top business professionals have more career opportunities than ever before, and they have the opportunity to pick their full-time or part-time employers and the enterprises who have the ability to take decisions faster in the hiring process usually win.
Closing the Talent Gap
Given this challenge, how can firms compete for, win over, and retain the best talent? The short answer is that they need to be as flexible and agile as startups, while touting their key offerings.
The good news is that online talent marketplaces give traditional enterprises new life. Offering more flexibility than standard human resources departments, digital on-demand platforms enable corporations to post their project needs, interact with potential business talent in real time, and review bids from several talented hand-picked experts. In a matter of days, the right business professional can be there to handle the company’s latest initiatives.
Rather than fighting the constantly changing technology and evolving consumer demands, enterprises that find innovative ways to go with the flow and embrace the future of work will be the ones to stay ahead of the hiring curve.