The so-called “Great Resignation” has seen millions of US workers leave their jobs in 2021, contributing to the most competitive talent marketplace in decades. It’s shifted the balance of power to employees and triggered a surge in demand for talent. No wonder so many of our top Insights articles this year explored challenges and opportunities related to the workforce and workplace.
Adapting to a Changing Workplace
As we reported in our original research study, Human Agility in the Now of Work, disruption can be a catalyst for positive change. “Companies with a deep-rooted culture of innovation, fueled by an agile workforce managed with empathy, are more likely to experience benefits from macro events and encounter fewer obstacles.”
In this roundtable discussion, leaders from RGP’s Talent team talk about how they’re approaching the current challenge and how we serve as a next-generation human capital partner for our clients—enabling talented consultants to build portfolio-based careers where they have “editorial privilege” to choose the types of work they’re passionate about.
RGP’s Senior VP and Head of Advisory & Project Services Paul Rundzieher works with some of the company’s largest clients, on some of their biggest projects. He knows that in the day-to-day work, it’s really about being human first—focusing on the consultants who deliver high-quality results for our clients.
Workplace culture, shaped by shared beliefs, values and behaviors, has always been an important competitive advantage and an important factor in recruiting and retaining talented employees. But the pandemic has played a big role in shifting the talent landscape and reshaping the world of work. Culture is now more critical than ever.
Radical Flexibility and the Now of Work
RGP CEO Kate Duchene has become a leading voice on workplace culture, the hybrid workforce and other human capital trends, and her perspectives are regularly featured in business media, including Fortune and Nasdaq TradeTalks.
In a wide-ranging interview on Nasdaq’s daily video program Trade Talks, RGP CEO Kate Duchene says that companies are increasingly adopting agile and hybrid approaches to their workforces as they prepare for the post-pandemic world.
“The reality is that work-life balance has given way to work-life blending over the past 15 months, and many of us need time away,” Kate said in the interview, adding that “radical flexibility in planning return-to-work scenarios this summer” is needed more than ever as companies navigate the coming “Now of Work,” which will likely be a hybrid of in-person and work-from-home.
RGP’s CEO Kate Duchene joined the Benzinga Power Hour team to discuss the hiring landscape, the shift away from the full-time employment paradigm, and professional gig economy trends.
To thrive in today’s changing environment, businesses need to adopt “radical flexibility,” Kate Duchene told host Robert Brill. This includes building and deploying digital platforms to deliver more services to clients and automating repetitive processes, as well as improving the worker experience for better engagement, efficiency and speed. Reskilling and ongoing training will also be key in a world where the shelf life of technical skills today is five years—and getting shorter.
Delivering Value Through Finance Transformation
Creating better workplace experiences and opportunities for talent isn’t just an HR concern. In fact, multiple surveys show talent is a top priority for finance leaders, including RGP’s own CFO, Jenn Ryu.
In a special report on financial automation from StrategicCFO360.com, CFO Jenn Ryu describes the steps she took to upgrade the company’s financial and accounting systems, saying the moves were key not only to helping RGP operate more efficiently, but also to attracting top financial talent. “Younger people expect to come into F&A and immediately do value-added work; nobody just wants to shuffle paper,” she said.
A major goal of finance transformation is to shift from a compliance-oriented model to one that enables data-driven decisions and provides valuable business insight. But this shift does not happen overnight. And it requires not only the right technology but also the right talent to make the transition and realize the full value for your business.
New analytical tools provide valuable insights and are helping improve revenue cycle operations with a high return-on-investment and minimal upfront costs. As Healthcare VP David Hullum writes, providers can find significant money that’s already theirs—but they need help finding it.
If “Bitcoin” is the first thing you think of when you hear the word “blockchain,” you’re not alone. True, blockchain’s a major tech breakthrough behind the cryptocurrency, but that’s only a tiny fraction of the entire story. VP, Supply Chain Ron Rod details how this secure system of recorded information is poised to change entire industries and sectors.
Focus on Readiness in the Year of the SPAC
As the hype around special purpose acquisition companies (SPACs) soared, came back to Earth, and then regained momentum, our Finance and Accounting teams stayed focused on the end game: helping companies prepare for life as a public entity. Whether through a SPAC, IPO or more traditional M&A, successful transactions hinge on getting the details right, from financial reporting and compliance to integration management and company culture.
One of the leading stories in the financial world was the renewed interest and surge in “blank check” companies, also known as special purpose acquisition companies (SPACs). This coincided with the increased size of private equity markets and the need for liquidity for investors and management in a year that’s seen more than its share of bankruptcies, unemployment and recovery worries.
After riding high for months, SPACs appear to be coming back to earth, with fewer listings and greater legislative scrutiny. Long-term, they remain great investments, but success requires a renewed attention to detail. This 3-step stress test can help determine whether you’re ready for life as a publicly held company.
Every year, as companies spend more than $2 trillion on acquisitions, the M&A failure rate still hovers between 70% and 90%, often because of acquisition management. An alternative structure is a better way forward.
New Strategies for Supply Chains
In 2020, “supply chain” became a household word almost overnight, as COVID-19 increased demand and disrupted supplies of everything from surgical masks and hand sanitizer to toilet paper and household cleaning supplies. It’s not only caused created shortages and inconvenience for consumers, but also prompted businesses to rethink their logistics and distribution and risk management strategies.
Supply chains are still feeling the impact of pandemic-driven rising costs and delays. Digital solutions such as predictive analytics, blockchain and digital freight matching may address some of today’s challenges, but long-term success lies with stronger alliances and better coordination.
From COVID-19 to Brexit to a stuck barge in the Suez Canal, multiple forces have come together to squeeze global supply chains. As a result, many supply chain organizations are recalibrating their risk management strategies, with a focus on building supply chain resilience.
Digital Transformation on the Fast Track
Momentum for broad-based digital transformation has been building for years, but COVID forced companies to fast-track key digital initiatives, particularly those impacting employee experience and productivity.
The accelerated pace of digital transformation is changing the nature of risks and compliance—and forcing organizations to rethink their risk management approach. In this article, Paresh Shah, SVP, Strategic Initiatives, zeroes in on four key digital transformation trends, which are forcing companies to evaluate their risk management techniques:
Only 20-30% of digital transformations succeed as planned. Robert Olszak, VP, Procurement & Supply Chain Management, details how businesses can increase the odds of success by focusing on those most impacted by change: your employees.
Transformative change inevitably brings serious human impacts. That means change management should be a cornerstone of your strategic planning, with a focus on the “people part.”
Looking to the Future
As we focus on the human capital strategies that will power transformation in the Now of Work, we shouldn’t overlook the workforce of the future.
The future is in technology and science, yet many minority children don’t have the chance to take advantage of educational opportunities. RGP’s Marcia Brown-Rayford’s BrightPath STEAM Academy is working to change that.
What trends do you foresee for 2022 and how will that impact your business priorities? Drop a line and let us know.