• The last 5 years saw a rise in contract and freelance workers. This has been partly accelerated by the fact that the world has been living at the mercy of a raging pandemic. Experts predict this trend to continue into the near future, not only to cut costs but also as a means to increase flexibility and productivity. At the same, businesses that are focused on long-term business strategies will also continue to hire full-time employees. Both these trends are predicted to exist side-by-side along with re-onboarding and re-skilling due to the constantly changing market.

    There is going to be an increase in diversity in terms of type of staff hired at a company, i.e. freelance/contract and permanent. Companies who are experiencing this phenomenon for the first time will have a comparatively hard time adjusting to this dynamic while organizations who have already been practicing this flexible or liquid style of the workforce will have a greater and richer mix. These changes also have a couple of implications on HR policies, programs, and technology. HR will have to consider various viable strategies to attract and retain freelance and contract-based temporary staff while also hiring permanent staff to increase agility and adaptability. These include but not limited to Employee Engagement, Learning and Development, Performance Metrics, and benefits for full-time staff and temporary staff.

  • In this day and age of AI, where companies are seeking agility, adaptability, and expertise to compete in a dynamic environment, it also demands an increasing number of remote and flexible workplaces. Liquid Workforce is a viable option business may explore. It is a term coined by Accenture in 2016. “A liquid workforce is one in which a firm draws from a variety of resources in order to meet business needs, then adjusts those resources as needs change”, says their blog. It includes regular employees, internal pools, contract workers, and consultants. The mix can be uniquely adapted to meet specific business needs. The “liquidity” does not come from simply blending various combinations of internal and external workforce. It also is derived from recombining internal resources to achieve individual development goals. A liquid workforce can also potentially be a solution to a fluctuating workforce, such as the one we are facing now in the Pandemic.

  • The first thing required for a start-up is a mission statement, the “Why” or the reason for its existence. Many companies, even though they formulate their mission statement before the start of their venture, do not follow through with their mission, resulting in the mission statement reducing to a mere group of words with no meaning, whatsoever. Being a purpose-driven organization means turning the mission statement into more than just those words. We have already explored the importance of being purpose-driven. What competent leaders do is adapt this mission statement and use it to guide their business and rally the company to what it needs to be. Here are the top five tips from members of Forbes Business Council on how to create a purpose-driven organization in the 21st Century.