Before COVID-19, every industry was already seeing the impact of digitization. Mergers and acquisitions (M&A) and consolidation were increasing, innovative disruptors were raising more venture capital than ever before, and each internal function in large enterprises was strategizing on how to embrace and incorporate technology.
As the global pandemic hit, digital transformation hit the gas. The most defining effect of COVID-19 on digital transformation has been the growth of e-commerce penetration: e-commerce adoption grew more in the last six months than it has in the prior 12 years. Industries are fundamentally redefining themselves. New consumer behaviors and habits are forming, and the value chains of the market are permanently shifting.
While digital transformation promises a great challenge, it also promises significant opportunities. In our conversations with leading executives across the Finance, Procurement, HR and IT departments – one recurring theme has been made abundantly clear: to capture this new emerging value, an agile and robust talent strategy will be necessary.
Resetting Contingent Workforce Strategies
It’s time to hit the reset button on contingent workforce strategies! Age-old strategies were already under pressure pre-COVID-19. In a post-pandemic, hyper digitized world, organizations cannot revert to outdated techniques. New strategies and boundaryless thinking are required to reconstruct a more sophisticated, agile and robust workforce.
Romeen Sheth, President & Scott Fraleigh, Chief Product Officer