Gain competitive advantage with a flexible workforce
“The right talent, in the right place, at the right time, is the equation for success in today’s world”
The biggest hurdle that organizations face to meet their business objectives, pre-or post-Covid 19, is finding the right talent. In a recent study conducted by PWC, 77% of CEOs described talent gaps as one of the main limitations to company growth and performance. Dealing with a pandemic and uncertainty, now more so than ever, successful businesses are seeing the value of tapping into the flexible workforce to find the right skills, scale teams quickly or have access to added resources as needs of ebb and flow. In a recent in-depth publication by Harvard Business Review on the analysis of the flexible workforce, the on-demand revolution is here to stay and the ones that can embrace this model, are the ones that will build competitive advantage.
Covid-19 is making the future happen faster
Covid 19 is making the future happen faster. To begin with, it has pushed companies towards embracing technology. Pre-covid, working from home was viewed with a sceptic eye, but thanks to digital toolls like Microsoft teams, Zoom, Trello, Slack – in post corona- this is the norm. Secondly, Covid-19 is hastening the pace in which businesses are transitioning towards an on-demand workforce model, as the gap between supply and demand for specialized skills and experienced talents are widening. Covid 19, an environment of uncertainty is pushing companies towards building a more agile, quick and flexible organization. Hence, the businesses that will survive and thrive in the new normal are the ones that are able to embrace a flexible workforce and a transition towards an on-demand talent model.
The Gig Economy is on the rise-and not in the form as you may know it
The gig economy is not a new term, most people are familiar with it when talking about gig work in the sharing economy such as Uber and Lyft, but the gig economy is seeing another type of work on the rise. This is a surge in companies looking part time/temporary C-suite talents such as CHROs, CFOs and CEOs .But it is not only futurists, future of work experts, that are aware of this surge in demand. From the survey conducted by HBR, 90% of business leaders report that on-demand talent would be somewhat or very important to their organization’s future competitive advantage and a way for businesses to solve their issue of finding “the right people, with the right skills, at the right time”.
As a result, this is a trend that must be understood and addressed if an organization wants to leverage the skills of the best talent in the world.
Embrace a flexible workforce with Interim Management
The pandemic has provided us with a lot of uncertainty and unforeseen events, and we can expect the ever changing and fragile environment to continue. Hence, for businesses to build resilience, building a more agile, nimble, and flexible organization, through blending a mix of full time and part-time workers, will be the ones gaining a competitive advantage. But how can companies adopt this flexible workforce? Through Interim Management, companies can get access to highly skilled, experienced and professional C-suite talents.
What are the benefits of Interim Management?
The report by Harvard Business Review highlight three advantages and reasons for companies to transition from a traditional model towards on-demand workforce models.
Increased labor-force flexibility
An on-demand workforce through interim management allows companies to do more work without increasing their fixed costs. This means that companies can experiment before deciding whether a business truly wants to invest in hiring full-time employees with the new or specialized capabilities. It can allow companies to access different skill sets for different needs.
Accelerated speed to market
A hurdle that most companies face is the issue of not being able to find the right people at the right time. Instead of wasting the long process of finding a full-time employee who is highly qualified and specialized for the job, firms can now, through interim management, find the right talent with the skillsets needed for a temporary time.
Innovation through new business models
The analysis also shows that more people use freelance specialists/interim managers as a supplement to permanent employees in order to be able to experiment with their own setup and thereby be able to increase productivity and find new business models.
Dig deeper into the benefits that interim management provide for businesses operating in a changing environment in one of recent blogposts.
Find your skilled C-Suite today
Organizations and their leaders are under more pressure than ever before. Businesses are required to embrace new technologies more quickly and to innovate, as well as capture opportunities in weeks rather than months or years. To do so, businesses need to gain access to deep expertise and experienced workers. This new reality that businesses are facing, both in terms of the uncertainty, combined with the growing number of highly skilled and qualified workers choosing to work independently on projects, means that becomes imperative for businesses to view the flexible workforce model as a strategic necessity.
Want to know more?
Nextt Management are experts in Interim Management and have operated in the industry since 2003. Our philosophy is to provide top quality managerial solutions so that your business achieves your desired results.
Contact us today if you found this blog post relevant or if it sparked your interest. We are happy to have an informal talk with you on how an interim manager can create positive results to your business.