3 Challenges to Address Today to Ensure a Better Tomorrow

During a time of sweeping change, an organizations ability to evolve is often what will determine whether it can achieve long-term sustainability. 

Today, this evolution begins with being prepared and responding to the predominant challenges brought forth by the widespread workforce crisis, the evolution of business models, and the rising level of competition.

Workforce

The current workforce crisis is impacting service delivery as well as putting additional pressure on those that have remained in the workplace. Addressing the gaps in current need and how to meet the increase in demand, requires leadership to focus on three areas: Recognition and care of those currently on the team, filling urgent positions, and designing a model for the future.

Under ideal circumstances, these areas would be addressed and resolved sequentially, but the personal and professional expectations that have been established during the last two years means leaders must take on all 3 simultaneously. 

Is the traditional 9-to-5 job relevant in terms of the way business is being conducted today? Do leaders need to determine how to create more on-demand employment offerings and access gig economy talent in a different manner? Are organizations filling same old positions or are they exploring what the future business model of a service line will be and identifying the type of talent that goes along with it?

To successfully navigate today’s workforce, leadership must adopt new ways of thinking. From recruiters tapping into creative ways to draw in talent: to finding new places to access talent: to reshaping the way they market their organization and open positions; establishing a strong and comprehensive differentiation strategy will set organizations apart and give them a competitive advantage. 

These types of changes are significant and may require piloting ideas to minimize risk, especially with new staffing models. CEOs, senior teams, and directors should allocate time to think about the new capabilities that will be needed for the business models of tomorrow. 

Business Model

A business model is our ability to deliver value in a financially viable manner. As technology enables our business models to evolve, it also adds a great deal of complexity to decision making and changes the skillsets and capabilities needed within the workforce.

Given the fact that it is unlikely that things will return to the way they were, organizations must figure out how to move forward while addressing the need for their business model to evolve. 

Begin by taking the time to evaluate each service line or revenue stream and determine how it has evolved or how it should evolve given the new landscape and technological capabilities.

Capture your client experience by mapping a series of processes, data points, and interactions, so that it can be reviewed for modernization. Explore what systems can add capacity, what new ways of doing business can add better value, or how staff can be supported or augmented in the process. Exploring ideas and solutions around these topics will help guide organizations when addressing some of the major issues they are facing today.

Competition

Not only are organizations facing increased levels of competition from their peers, but they are now contending with traditional service delivery slowly being replaced by niche solutions being offered by companies that are utilizing technology to increase efficiency. 

This is driving widespread consolidation of the market through mergers and affiliations and the need for partnerships with technology providers that are disrupting the industry and sectors. 

Consolidation strategies enable organizations to scale and achieve economies and margins, which can then be invested back into workforce wages and new capabilities. Larger organizations also have at the advantage of having access to a larger pool of resources that can be invested in scalable technology solutions.

While size can also present challenges, those risks can be minimized by developing a global and local plan for services. Identify what technology or supportive services need to be centralized and what services close to the client/customer should remain decentralized at the local level.

Strategic partnerships are also viable models for integrating or maintaining close key relationships that could bear fruit in the future. Partnerships may involve exploring pilot projects with tech companies that are disrupting certain sectors, or partnerships may be force multipliers towards hiring or increased capacity. 

There are many advantages to partnerships, but it is important to understand their long-term potential when entering into discussions concerning short-term solutions/opportunities.

While some organizations may be holding off on addressing these 3 strategic areas due to the influx of COVID relief dollars, it is important to plan forward for when those dollars run out. Beginning discussions while in a place of balance will be far more productive than having them during a fiscal crisis.