[Editor’s Note: This article originally published on the Future of Work Exchange website]
The Future of Work is many things: technology, transformation, work optimization, innovation, collaboration, and, of course, talent. Depending on who you’re talking to, the Future of Work movement’s nexus could be defined as any of those previous attributes, and rightfully so: technology and innovation drive the optimization of how work is done, while the transformation of business leadership translates into an enhanced ability to retain top talent while attracting new skillsets and expertise.
The extended workforce has long been a critical realm within the concept of the Future of Work, fueling a strategic approach towards talent management that has a variety of key benefits ranging from shorter-term engagement, more focused projects and initiatives, access to the world’s deepest skillsets, and the traditional cost savings that have long been associated with this type of labor.
And, speaking of the “traditional” aspects of the extended workforce: the Future of Work Exchange defines this talent as the natural evolution of the contingent workforce, meaning that, at its core, this workforce is still comprised of non-employee talent, however, its impact, value, flexibility, purpose, and accessibility have all progressed to become key elements of the Future of Work movement (even more so than ever before).
There has been so much transformation over the past two-plus years regarding the way work is done, from the absolute domination of remote and hybrid work to massive changes within the realm of business and executive leadership. We’re now two years deep into a pandemic that is finally (hopefully?) just beginning its escape from its “emergency” phase into one that is, again, hopefully more livable. Other aspects of the Future of Work, specifically changes in leadership and the realm of innovation and new tech, have clear pathways ahead of them.
The question remains, then: where does the extended workforce go from here?
The extended workforce of 2022 and beyond is a force that will continue to grow in size, scope, impact, and value. Future of Work Exchange research pegs contingent labor at 47% of the average company’s total workforce, a statistic that is only expected to grow in the months and years ahead. When we’re talking about nearly half of all talent that is found, engaged, and sourced via this realm, we’re essentially discussing a critical piece of the Future of Work puzzle that should be considered the contemporary nexus of all things related to how work is addressed and done.
Consider that business leaders are experiencing the most volatile labor market of their careers, with a dearth of options for filling critical positions as The Great Resignation continues its rampage. And, too, the Talent Revolution is becoming more of a reality for enterprises as workers fight for better conditions, more flexibility, and enhanced benefits. The extended workforce already sits within the crucial inner-workings of the Future of Work movement and will continue to drive value if enterprises:
- Leverage the extended workforce as a primary means of getting work done.
- Transform the “hiring manager experience” to make it simpler and easier to align enterprise needs with open talent across talent pools, talent communities, supplier networks, and alternative talent channels.
- Harness the inherent flexibility of the extended workforce to navigate a challenging, evolving, and frustrating labor market.
- Utilize total talent intelligence to configure how the extended workforce will influence future hiring initiatives, and;
- Lean on the extended workforce’s top-tier skillsets and expertise to “future-proof” the greater enterprise at scale.
Perhaps the most interesting facet of today’s extended workforce is the fact that technology and innovation are abound: only several years ago, the technology landscape for managing the contingent workforce focused more on the tactical elements of this realm of talent. Today, it’s a much different story.
Platforms like Utmost are bringing a Future of Work-first focus to how business leverage their non-employee workforce to get work done. Beeline continues to progress its technology to match the evolving needs of HR, procurement, and talent acquisition practitioners. PRO Unlimited (who just made another major move this week) continues to expand its innovative platform philosophy. Prosperix just unveiled its VMS Network solution, which seamlessly connects businesses, talent suppliers, and job candidates together in its unique ecosystem. VMS solutions like Eqip, VectorVMS, FlexTrack, Pixid, and ELEVATE are also offering technological differentiators to the extended workforce solutions marketplace.
WorkSuite has a powerful engine from its Shortlist days (and a business outcome-focused variety of technology), while once-traditional talent marketplaces such as Upwork, Toptal, Bluecrew, and Talmix offer enterprise-grade innovations that represent the fluidity, flexibility, and long-range strengths of the extended workforce and freelance talent.
