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Flexibility in the Workplace as a Means of Attracting the best Talent

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In recruiting, it is important to keep up to date with the demands of the workforce, as well as informing your clients about workforce changes that can impact their organization. Not only just recruiters, we are also the “go-between”. We are responsible for creating that bridge of information to share between candidates and employers; our goal is to keep both of them successful and “in the know”.

To attract the best talent, we take into account the generational needs and make sure that the most up to date information is communicated throughout the recruiting team. Things like what does the current workforce look like, what is the best way to communicate with both clients and candidates, and how to incorporate a work culture that spans all 5 generations in the workforce.

Each generation has a unique skill set, as well as unique needs in the work realm. The 5 generations that you may see include Traditionalists, Baby Boomers, Generation X, Millennials, and Generation Z.

Understanding the Workforce

Traditionalists – this generation was born between 1928 and 1945, you don’t see many of them in the workplace. However, they still make up around three percent of the workforce.
Baby Boomers – were born between 1946 and 1964, this group is also referred to as the “me” generation. They’re predominately in their 40s and 50s and are well-established in their careers.
Gen X – Generation X has around 44 to 50 million Americans who were born between 1965 and 1980. They’re smaller than the previous and succeeding generations, but they’re often credited for bringing work-life balance. This is because they saw first hand how their hardworking parents dedicated so much time to work and not enough to family. Members of the generation are in their 30’s and 40’s and spent a lot of time alone as children. This created an entrepreneurial spirit with them. In fact, Gen Xers make up the highest percentage of startup founders at 55 percent. Even if they’re not starting their own businesses, Gen Xers prefer to work independently with minimal supervision. They also value opportunities to grow and make choices, as well as having relationships with mentors. They also believe that promotions should be based on competence and not by rank, age, or seniority. Gen Xers can be motivated by flexible schedules, benefits like telecommuting, recognition from the boss, and bonuses, stock, and gift cards as monetary rewards.
Millennials – born after 1980, this tech-savvy generation is currently the largest age group in the country. They’re in their 20’s and are beginning to come into their own in the workforce. They’re the fastest growing segment of today’s workforce. That’s not to say that you can’t motivate this generation because you can by offering skills training, mentoring, feedback. Culture is also extremely important for Millennials. They want to work in an environment where they can collaborate with others. Flexible schedules, time off, and embracing the latest technology to communicate are also important for Gen Y. Millennials also thrive when there’s structure, stability, continued learning opportunities, and immediate feedback. If you do offer monetary rewards, they prefer stock options.
Generation Z – This generation is right on the heels of Millennials. And, they’re starting to enter the workplace. Even more interesting, they make-up one-quarter of America’s population, making this generation larger than baby boomers or Millennials. This generation is motivated by social rewards, mentorship, and constant feedback. They also want to do meaningful work and be given responsibility. Like their predecessors, they also demand flexible schedules.

Flexibility and Work-Life Balance

The main recurring pattern of these generations is a work-life balance along with a flexible schedule. But what does that mean?
Flexibility in the workplace along with work-life balance, span across the generations. But what does flexibility look like? According to candidates, flexibility is the ability to have time for work, while also having an employer who allows for life events. Let’s say a family emergency arises, employees want to know that they have security in a job, while also being able to be a contributing family member. They want to know that their family life will not suffer, that there is a realistic expectation in regards to work-life balance. Work is important, but family and relationships are also very important. Another example would be commuting to work. In many cities, traffic jams can cause much time to be wasted. If an employer is flexible, the employee could have the option to work from home, telecommute, or to arrive at a time that avoids heavy traffic. This allows for less stress on the part of the employee and the opportunity to build trust as an employer. Here’s an example of what it could look like:

Of course, this is going to look very different for each individual. If any portion seems to be taking more time from another, it could lead to burnout and resentment. As an employer, you want professionals to feel accepted in their role, along with respecting how valuable their time is. SourceMatch understands how important top talent is to your organization. That is why we keep up to date with the demands in the labor market, communicate openly with our clients and assist them in deciding on ways to meet them.

Many companies now offer competitive work-life balance options. Some companies offer flexible schedules, child care, telecommuting, gym access, cafeteria access, paid breaks, wellness programs, cash incentives, and even college tuition reimbursement. Professionals have options now. With a booming economy, we need to attract and keep that talent. Utilizing a flexible schedule and work-life balance in accordance with acceptable wages, has been shown to attract and keep professionals engaged and not worried about burnout and similar effects.

Have you noticed the shift towards more work-life balance? In what ways does this affect your recruiting and company values? Us at SourceMatch are here to match your work culture with the current workforce. Reach out to us!

What Does the Independent Workforce Look Like?

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How does the independent workforce change the game in America’s economy nowadays?
This powerful workforce is adding $715 billion annually to the economy through their freelance work, according to Freelancers Union.

The traditional 9-to-5 schedule has become a less common job schedule. Professionals have new opportunities, whether these concern work-life balance, flexibility, diversified project-based openings, access to an independent life, financial benefits and so on. Businesses in return, can access talent at the right time for the necessary time frame, and with the right skill sets.

The Infographic below reveals the 56.7 million freelancers in America, divided into 5 categories:

1. Independent Contractors (17.6 millions)
2. Diversified Workers (17.6 million)
3. Moonlighters (14.7 million)
4. Temporary Workers (3.4 million)
5. Freelance Business Owners (3.4 million)

This type of work causes economic changes: where there’s demand, there should be more work. However, there’s a cultural and social shift as well. “With effects on social structures around civil rights, workforce participation, and even democracy itself, so too will this shift to a more independent workforce have major impacts on how Americans conceive of and organize their lives, their communities, and their economic power.” – says the independent study commissioned by Freelancers Union & Upwork.

The US labor market is changing fast. Talent platforms are reducing the costs of finding talent, and they’re not only providing more work to freelancers but also growing economies. By 2025, these online talent platforms could boost global GDP by $2.7 trillion annually, according to a report released by the McKinsey Global Institute (MGI)

Millennials are the largest generation in the U.S. labor force that are driven by flexibility when it comes to when and where to work, and freelancing offers both. That is something we should take in consideration when looking for new talent.

This study from 2018, surveyed more than 6,000 U.S. workers and revealed new findings each year (starting in 2014) that showed us how much Americans spend on freelancing.


Will Talent make or Break the Future of your Organization?

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The concept of Talentism has been coined down by Charles Schwab (founder of the World Economic Forum) back in 2012 as being the only logical era to replace capitalism. Capital has been one of the key drivers for the industrial era, fueling technology innovations as well as the development of private companies to carry out the entire process from product creation to market delivery as opposed to being state-owned and state-driven. This improved productivity and enabled consequent competitive advantages that stood for a few decades.

The New Economy is not fueled by capital, but rather by talent.

Whereas capital is important, it is no longer the presence of it that significantly influences the potential to succeed of an organization. It was capital that made it possible for the main technologies to taken certain industries from zero to one: i.e. the steam engine which multiplied the potential of many industries tenfold. Information technology plays a significant role as well being among the revolutionary advances (i.e. 3D printing – which leads the democratization and digitization of manufacturing), being considered by some economists as one of the general purpose technologies along the telegraph and the steam engine.

In the era of Talentism, talent becomes the driver for many of the advances that revolutionize industries (i.e. Uber, Airbnb, Tesla). We can see its impact when creativity, combined with the proper skills, tools, and information technology creates tremendous organizations (i.e. see Google, Microsoft, Apple, etc.) These no longer find themselves in the areas of activity that they initially started but have become organizations with a mission to change the world (see Google that started as a search engine trying to take the lead on autonomous cars, or Facebook – a social media platform – trying to take the Internet to everyone on the planet, just to mention a few).

None of these companies lack the capital. In fact, they have a significant amount of cash available on their hands. However, by far, they are in a group for themselves (although some consider them to be monopolies), which exist by the sheer advantage that their talent has given them. A competitive advantage that took them by an order of magnitude in technology beyond their competitors.

Talent and the future of work

Now that organizations have understood the importance of talent they are faced with the challenge of the skills gap. It has pushed them to find new ways to source talent, primarily by giving up on geographical limitations, switching to a remote work relationship (either from home or through outsourcing to vendors operating in nearshore or offshore models). That opens up a whole new way of working, bringing up other quasi-challenges such as finding the right communication means (i.e. phone, text chat, conference meetings), switching to cloud software platforms, adjusting for cultural variations, or time-zone differences. Other solutions may be found through freelancers or collaborative workspaces/hubs.

Never before was the future of work so interconnected with the past. Social media platforms provide a network of information, organizations, and individuals who can easily be accessed to locate the right talent, vet them through references and even carry out background checks.

The future of work also calls for professionals to consider that an education is not an insurance that guarantees a successful career throughout their lives. On the contrary, professionals need to be open to life-long learning alternatives (i.e. certifications or online course platforms) and developing an alternate primary skill. This gives way to varied work opportunities and increases their flexibility to switch from one project to another.

Talentism is changing the face of businesses around the world as they strive to become and stay competitive in the New Economy. How will you take advantage of the vast array of talent available across the world?

I would love to hear your experience about capital versus talent. How have both shaped your strategy in the past 5 years? How about the next 5-10 years?

Leave your comments below, and don’t hesitate to contact SourceMatch about how we can help you leverage talent for your organization.