The HR department has a crucial part to play in the success of any business. This has always been true, but the role of HR has become particularly significant this year, with so many organizations working hard to meet their human capital requirements and keep costs under control against the backdrop of COVID-19.
In this unique environment, it's worth taking a fresh look at your HR strategy to ensure it's fit to meet your company's current needs.
Here are some of the ways you might be able to update your approach not just to survive today, but to be competitive in the future:
Leverage flex talent
If you're not yet taking advantage of the flexible labor market, you could be missing out on valuable talent opportunities. You're also running the risk of falling behind your competitors in the race for the strongest candidates.
Various studies have highlighted recent growth in the number of people working on a temporary or contract basis and the proportion of firms leveraging this portion of the labor force.
Three-quarters (76%) of HR leaders now include contingent talent in their workforce, according to a recent edition of the Randstad Sourceright Talent Trends study.
The 2019 Global Business & Spending Outlook survey by American Express showed similar results. Three out of four companies (75%) said using contractors, freelancers and temps will be important to their employment practices two years from now. This was up from 43% in 2018
Flexible staffing can help you achieve benefits like:
- Access to contingent workers when you need them most - during one-off projects or limited periods of high demand, for example
- Opportunities to access specialist freelancers and contractors offering niche skills
- Avoiding the time and cost commitments of permanent hiring
- Easing the burden of a heavy workload on your permanent staff
- Covering absences caused by illness, maternity leave, unpaid leave or sabbaticals