Why Remote Teams & Flexible Talent Are Here To Stay
Flexible Talent & Remote Teams
COVID-19 changed the world in the space of weeks, and companies along with it. Now, many of the initial challenges have shaped up into opportunities. In particular, the adoption of remote work and flexible talent - once termed “trends” in workforce discussions - have transformed into long-term talent strategies for more agile and productive organizations.
What is flexible talent?
While we all know what remote work is by now, not everyone is familiar with the terms flexible talent or flexible workforces. A flexible workforce is one that engages talent on an as-needed basis or “on demand”. Flexible workforces inject the skillsets and competencies they need, when they need them, by integrating part-time and temporary talent into their teams. This group of workers are referred to as flexible talent, and typically consist of freelancers, contractors and gig workers.
As companies strive to become more agile in the face of disruption, these on-demand workforces will be critical for the future of work.
Remote work and the pandemic have fueled the adoption of flexible workforces
Let’s take a step into a small time machine. It’s 2019 - and although the adoption of flexible talent and remote work was growing, the rate of adoption was still be held back. Despite all of the benefits behind flexible talent (which we’ll detail below), companies hesitated to step out of their comfort zone and hire people who didn’t fit their nine to five, full time, in-office norms.
Then 2020 hit. Teams went remote. Businesses took financial hits and needed to find efficiencies fast. Employees, especially parents, needed flexibility to care for families and kids now at home. Consumer behaviour changed, forcing businesses to innovate or die. Companies became more open to trying new ways of working - because they had to.
In comes flexible talent. Now that all employees - full time or other - are working remotely, the concerns about the effects or lack thereof from an office environment have become irrelevant. As companies pivoted, they needed new expertise - particularly digital talent - to help them adapt to changes in consumer behaviour, regulations, and marketing. Many companies took up freelancers and contractors to help change their strategy quickly, and they continue to need these newer skills to improve their digital solutions. The question now is - why limit flexible talent to just one or two areas when the benefits are widespread? What companies will be able to leverage their flexible workforces to leapfrog competitors?
Benefits of flexible and remote talent
Remote work and flexible talent are complimentary. Here are the top benefits pushing more companies to adopt both for the long term.
MONETARY SAVINGS
Real estate is a significant budget line item - especially if you need to be in a desirable area to attract employees. With remote teams, companies can reduce or completely eliminate their real estate footprint, along with all of the utilities and micro-expenses that go with it. The savings are so significant that 74% of CFOs reported that they expect to permanently move previously on-site employees remote after the pandemic.
Another flexible office solution that had picked up popularity pre-pandemic, and that we expect a much larger adoption of post-pandemic, is the use if co-working companies such as WeWork. Co-working companies offer rentable office spaces across cities. Companies or individuals can rent desk space, offices or entire floors. This gives employees a flexible option to work in a more office-like environment when they need it, without companies being chained to one location or a whole building.
WIDER TALENT POOLS
Once you remove location as a hiring requirement, your pool of talent to choose from grows exponentially. You can hire employees from any region or company, including people who do not want to move for a job. This advantage means you can find the perfect fits for your company, regardless of niche.
Additionally, the flexibility of location and time keep your talent happy. Studies have repeatedly shown that workers achieve a better work-life balance when they work remotely and can choose flexible hours. Commuting time benefits no one, and can often be the reason someone chooses to leave a company that they otherwise enjoy working with . Now you’re letting your remote employees take back and handle their own time, which is invaluable to them.
INNOVATIVE EXPERTISE ON-DEMAND
Flexible talent allows organizations to inject expensive and experienced talent only where they need it. Companies save money while tapping into the specialized expertise they might never be able to at a full-time rate.
Similarly, more and more employees are embracing the gig economy. The gig economy has surged by 6 million people since 2010. People are looking to take back control of their workdays and choose the projects they work on. They work extra when they want to, less when they want to, and get paid at their own rates.
On-demand talent doesn’t stop at front-to-mid level employee teams. Recently there has been a rise of fractional and interim executives. These executives are hired on a part-time basis or for a specific period of time to accomplish initiatives. More and more future-focused companies are engaging disruptive and technical leaders on-demand to help them pivot and accelerate innovation. This rising trend is giving companies a new found flexibility and agility at strategic level, and not just an operational one.
PRODUCTIVITY
Even before the pandemic, studies demonstrated that working remotely and with flexible hours increases productivity. It allows people to focus better, the commute doesn’t distract them, and there were a whole host of other benefits. The pandemic did not change that.
Flexibility improves employee satisfaction and decreases turnover. In fact, companies allowing remote and flexible work have shown a 25% lower employee turnover than those that don’t. This significantly reduces interrupted work, costly hiring, and the loss of top talent.
In sum - the results are in, mindsets have been changed, and the world of work has undergone disruption that presents lasting benefits for both businesses and employees. Companies are no longer asking themselves “Why adopt remote work?” or “Why hire flexible talent?”. The question has changed to “Why not?”.
Are you interested in making your workforce more flexible? Contact us today to see how we can help you grow with our network of flexible executives and talent.
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