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How Waiting to Make a Decision Could Cost Your Workforce in the Long Run

THE COST OF WAITING TO MAKE A DECISION

Not making a decision to implement a strategic workforce change is actually a choice…one that halts business growth, irritates staff, and results in the loss of critical opportunities.

It’s normal to be hesitant when starting a large initiative or introducing a new resource/technology in your company at any time, however with our economy’s current volatile state, it can be downright petrifying. With change that impacts a company’s strategic workforce approach comes new processes, training, fund allocation, compliance procedures, legal oversight and more. All of this takes time and resources, with or without the financial cost of the initiative itself. However, without change, there could not be innovations or enhancements to the most critical component of any business…its talent. Without pushing the limits to make decisive, forward-thinking choices, your company could be missing out on key initiatives to not only advance your workforce strategy but also keep you ahead of your competition.

Four key reasons why waiting to make a decision is the wrong choice.

  • In today’s evolving employment environment, it could put your company behind with trends and cause uncertainty within the organization.
  • With how fast businesses are forced to adapt to a variety of workforce-related stimuli, it can weaken the reputation and negatively impact the perception of your executive team.
  • In a society continually moving toward automation and innovation, it can prevent valuable efficiencies that streamline recruiting processes and align hiring procedures.
  • Most importantly, the cost of waiting to make a change now can actually hinder the ability of your company to shift and adapt dynamically in the future.

YOUR COMPETITION IS CHANGING

It is a fact. Talent is scarce and great talent is continually and aggressively “head hunted”. In the war for talent, your company’s competition has nothing to do with the product or services you provide your clients.

Welcome to the age of the talent-controlled workforce. Unemployment is at an all-time low, and has been for quite a few years, with a low probability for the pendulum to swing back the employer’s way anytime soon. Additionally, companies are now trying a variety of aggressive new tactics to attract fresh talent to their open positions, including hiring bonuses, schedule flexibility, and unique benefit perks that border on the ridiculous. Couple those situations with ever-evolving employment compliance requirements and legislative initiatives that favor employees and businesses are definitely in a tight spot. The need for skilled talent continues to climb and if your workforce strategies, personnel and resources are not adapting to these trends, your company will soon suffer from the lack of skilled employees. Waiting to make a strategic workforce decision that will help you attract and retain key talent will put your company behind your competition and lead to uncertainty in your organization.

WHY MAKE THE CHANGE NOW?

Time is money…and of the essence. Waiting to centralize workforce processes and procedures could cost your company not only money, but also tarnish your internal reputation.

From research and development to sales and marketing, as well as legal and human resources…businesses today are being forced to move a break-neck speeds in many areas to stay competitive and gain ground in their respective marketplaces. In addition, there are external forces and factors impacting the way organizations function and exist, especially in today’s world. There is a difference to approaching the changes and disruptions these factors can cause.

Reactive change marks a hasty response controlled by outside elements and while it must be made swiftly, it may not always feel like an overly confident decision. While not completely avoidable, too many reactive changes can decrease the internal reputation of an executive team within their organization. This lack of confidence from employees can fester and spread with horrific (sometimes irreversible) results, creating a cloud of uncertainty for the future. Proactive change is a much more purpose-driven and timely decision that reflects the assured commitment to an opportunity that advances business goals. Seizing the opportunity to strategically align your workforce strategy with consistent and streamlined processes clearly illustrates a company’s forward direction and a dedication to growth which encases the executive team’s reputation with internal confidence. Do not wait to react to outside forces…protect your company through quick and confident decisions.

EMBRACING INNOVATION AND AUTOMATION

Technology has changed every aspect of businesses and will continue to be the leading contributor to change, especially when it is the key to innovative and automated results.

We are entering a whole new level of technology resources in the dawn of today’s business world. Companies are continually on the lookout for ways to innovate and automate tasks and resources, especially in light of talent scarcity. The addition of new technology resources brings both

THE BENEFITS OF CHOOSING AN MSP PROGRAM

Deciding to implement a Managed Service Provider (MSP) program will provide you with cost-saving opportunities by optimizing your contingent workforce’s supply and demand and streamlining your administration processes to provide you with the valuable and key insights to make decisions.

By centralizing the processes and procedures, you will improve your management efforts and cut costs in the process. An MSP program automates the work being administered by multiple departments, including HR, procurement, etc. By centralizing time and pay, you can eliminate errors and ensure that complex procedures are being followed. Not only does it reduce manual administrative errors, but it also frees up those teams to concentrate on core business initiatives and drive growth.

  • Gain visibility and control | Transparency is critical when it comes to the efficiency and productivity of your contingent workforce strategy. With improved visibility and control, you will gain entree to essential data that will expand candidates’ quality, reduce costs, save time, guarantee you are hitting key performance indicators (KPIs), and more.
  • Make informed decisions | You are provided with complete visibility to help navigate your contingent labor, assisting you in making real-time decisions. You will have access to more detailed reporting, workforce analytics, and key insights to make better and more informed contingent workforce decisions. Having access to more data, you can make better decisions. You will have the information you need to hire the right workforce and ensure that staffing is always optimal for cost-effectiveness and productivity.
  • Improved talent acquisition | An MSP program will ensure your organization can move quickly, effectively, and strategically to hire top talent. With the flexibility the program provides, you can store, evaluate, compare and assess data to develop best practices that can be implemented across the organization for cost saving.
  • Cut costs | Implemented correctly, the right MSP program delivers significant cost savings by improving the hiring process. This gives you access to more competitive vendor rates, frees up HR and procurement departments to concentrate on the organization’s key initiatives, dramatically reducing the time to fill open positions, and much more.

 

Connect with DAHL’s employment experts and we’ll help you evaluate if an MSP program would be a strategic workforce solution for your company.

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