Earlier this month, Staffing Industry Analysts’ CWS Summit brought together over one thousand contingent workforce leaders, industry experts, and suppliers to discuss the latest trends impacting our organizations and the clients we serve.
Throughout the week, the Acara and Broadleaf teams spoke with and heard from a myriad of attendees who—like us—are determining the best paths forward in a labor market that’s evolving rapidly due to shifts in our business climate and the rise of new technologies.
Takeaway #1: Businesses of all sizes are feeling the impact of today’s tight labor market.
Many organizations are facing a conundrum that ten years ago would have seemed implausible: They need workers to meet growing demand for their products and services, while U.S. unemployment is at its lowest rate since 1969.
The tight labor market is not just a problem for local businesses; even some of the country’s largest companies are feeling the pressure. As one panelist put it, “The war for talent is over—talent won—now, we are in talent scarcity.”
To fill open jobs, businesses are exploring new talent acquisition models and strategies that leverage outside resources and technologies.
Takeaway #2: Middle-market companies, in particular, are seeking out MSPs to streamline and enhance hiring practices.
More so than organizations of other sizes, mid-market companies looking for managed service programs want customized solutions, outstanding customer service, and program teams that are highly qualified and experienced.
The largest firms offering MSPs can’t always deliver the white-glove approach and top-tier teams that midsized companies desire, leading to frustration and gaps between what was promised and what’s being delivered—but, at the same time, creating a niche for providers like Broadleaf that cater specifically to these types of clients.
Further, as much as businesses would like to manage their contingent workforces in-house, stakeholders recognize that they currently lack the expertise, experience, and bandwidth to do so properly. Partnering with outside firms to get programs up and running, then transitioning program management to internal resources, is a model that seems to be gaining steam.
Takeaway #3: Now more than ever, the staffing industry needs to bring new solutions to the table.
As organizations lean more heavily on outside firms to support their talent acquisition efforts, it’s vital that we continue offering new and innovative solutions that drive measurable results. It’s not enough to just maintain the status quo.
Outside resources must create value for their clients, bringing forth new ideas and solutions to deliver and manage qualified talent more efficiently and at a lower cost. To do this, we need to consider clients’ talent and workforce ecosystems holistically.
We cannot operate on an island, but instead should work closely with stakeholders to find process gaps and inefficiencies, and propose innovative ways to address them.