Workforce agility platforms can also help companies adapt and thrive through economic headwinds. When organizations start hiring fewer people, they must position their current employees to be productive and take on new roles and projects. Beyond sticking to rigid, vertical career ladders, people are empowered to create portfolios of multi-directional development opportunities, broadening their skill sets, and in turn minimizing the company’s overall talent acquisition costs.
Yet, doing more with less is exceptionally challenging. Leaders need to make high-impact decisions that will shape the future of their organization. And to do that strategically, they need a workforce intelligence solution that can analyze thousands of constantly evolving skills (whether supplied by the talent or in-demand by the business), and distill crucial insights for strategic workforce planning.
Gloat’s workforce agility model combines our AI-powered talent marketplace with workforce intelligence, so businesses can navigate through and beyond the recession. Our platform enables leaders to do more than quickly redeploy and reallocate employees; it empowers them with the insights they need to make the talent management decisions that will set their business apart. At the core of our workforce intelligence solution is the ability to produce real-time job architectures and skills inventories, which are updated automatically. Jobs and skills reports become outputs, not inputs, of the system, enabling business leaders, HR business partners, and analytics specialists to spend more time strategizing (and less time organizing and updating data.)
The potential economic recession raises the stakes for every choice that gets made. Although some leaders may hope that the downturn signals the end of the Great Resignation, quit rates continue to hit record highs, even amidst market uncertainty. Consequently, no business can afford to be complacent when it comes to employee engagement.
Employees must believe that it’s worth staying with your organization through good times and bad; otherwise, you won’t have the talent you need to thrive when things turn around. Many businesses faced this exact challenge during the 2009 Great Recession. Reduced training budgets during the peak of the financial crisis gave way to skill shortages and hyper-competitive hiring practices in its aftermath. Organizations shouldn’t make the same mistakes this time around.