According to Oxford Economics, 40% of the entire United States workforce and 45% of the Canadian workforce will be comprised of contingent workers.
Not only globalization, but there are new drivers of change for the contingent workforce transformation since the COVID-19 pandemic swept across the globe. The workforce is operational with ambiguity, coping with revenue losses, and disruptions. Several small businesses are facing a financial crisis.
vTech Solution, Inc, in our efforts to help our clients and partners make informed decisions during these turbulent times, had organized a panel discussion. The speakers were experts from both the US and Canada in the contingent workforce industry. They shared their insights on the impact of COVID-19 on the staffing industry.
Watch out this space for our recent panel discussions!
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Here’s a snapshot of what the industry leaders predict –
1. Remote work on the rise –
It’s now become a new norm for many full-time and contingent workers. It has flexible work options, which may become a permanent prerequisite offered by several companies. However, this will compel employers to have clarity on who is working for them, at what time, and how.
2. More of MSP and staffing agencies –
While some companies have kept offboarding key contingent workers waiting for the economic rebound, some have amplified their hiring efforts to fill job roles to be well-positioned when a job is available.
3. Fluctuations in talent demands –
It is one of the remarkable contingent workforce trends. Industries such as travel, gaming, auto parts, oil, and gas are affected the most by the pandemic. They have suffered massive losses in revenue and employment. However, sectors like healthcare, finance, retail, and insurance are witnessing a rise in hiring to meet demands. Such kind of fluctuations will prevail.
4. Focus on priority-based projects and company strengths –
To get back to speed, businesses will focus on past experiences that helped them earn revenue. Capital availability will be the driving factor to decide the funding of various programs and innovations.
5. Corporate communications to be revisited –
Several companies have figured that communicating messages of condolence, hope, emergency, etc. to varied teams of employees, contingent workers, is a tedious task. Hence, it still misses large groups of workers. So, now the HR and corporate communications team may revisit their messages and seek modified ways to communicate with all kinds of resources.
It is a trying time as we navigate the uncertainties. We are all in this together, and vTech is here to help! We bring enhanced performance and scale to your business through our services. We provide premium quality IT Professional Services for our customers in the most cost-effective manner.
We have local & remote support services operational in various regions of the United States and Canada to implement and deliver both large and small projects on time.
For more details, Let’s Talk.