Many executives believe talent is the biggest inhibitor of growth to their business today, and will still be the biggest inhibitor 10 years from now. Staffing Industry Analysts (SIA) estimates that, in 2017, there were approximately 48 million contingent/GIG workers in the US, representing 31% of all workers. This translates into an estimated $864 billion of revenue from contingent workers, an 8.8% growth over 2015. Globally, the GIG economy was worth USD 3.7 trillion in 2017.
Additionally, as new technology radically changes the skill profile of jobs, employers will be challenged to keep pace as this technology revolution sweeps through all industries…. No one will be spared. For senior executives and boards, concerns over how automation will eliminate jobs will be dwarfed by the threat of talent scarcity.
So what can boards and their companies do?
Join us for keynote speaker Barry Asin, President of SIA – the Global Advisor on Staffing and Workforce Solutions, as he provides insight into the changing dynamics of employment in today’s GIG economy. You will gain valuable insights into today’s dynamic labor market and leave with takeaway questions you should be asking in your boardroom now. Give your company a head start on the competition…and join us for this can’t-miss program.
Thank you for attending this week’s Signature Series luncheon on Transforming Your Workforce for the GIG Economy. The event featured Barry Asin, President of Staffing Industry Analysts (SIA), as well as moderator Jim Boone, NACD Atlanta board member.
We learned that nearly 48 Million Americans did contingent/gig work in 2017, and it is projected that this number will increase significantly by 2028. Currently, there are 1.5 million more job openings than there are hires, meaning many jobs go unfilled. As this shortage of skilled labor intensifies, companies’ need strategies in place to compete for talent. They should develop a private talent pool or at least create a coherent strategy for gap filling needs, and determine which workers are core to the business and which may be drawn from the gig economy (temporary agencies, direct temporary workers, human cloud, and independent contractors).
Directors and CEO’s need to understand these dynamics, so the company is prepared to act decisively. At your next board meeting, questions of management could include:
Is contingent work on the C-level agenda?
Where does the leadership/strategy for contingent work sit? Are human resources and procurement working together to support our company’s strategic plan? Should the CHRO be point?
Is our contingent workforce integrated into our company’s total workforce planning?
Do we have a total talent strategy that strives to make us “best in class” and the employer of choice, not just for employees but for gig workers?
As a follow-up to this event, some additional items of interest include:
Barry Asin, Staffing Industry Analysts (SIA) President,
a leading authority on workforce solutions worldwide, Barry Asin is renowned for his expertise on staffing and contingent labor. He has been president of Staffing Industry Analysts (SIA) since 2010. Asin holds overall responsibility for the company’s strategy, operations and growth on a global basis. He has been with the company since 2003, where he previously held the position of Chief Analyst, leading the team responsible for SIA’s award-winning research and content.
Asin is the co-author of Breaking Through: Leadership Disciplines from Top Performing Staffing Firms and is a frequent speaker at industry events, sharing essential insights on leadership and the challenges, opportunities and rapid transformations around work today. He is quoted in major business and industry publications, including the New York Times, BusinessWeek, Inc. Magazine, The Atlantic, Bloomberg Business, CNBC, Marketplace, USA Today and MarketWatch among others.
Prior to joining SIA, Asin spent nearly 12 years as a senior executive at global staffing leader Adecco SA. Before Adecco, he held operations management positions with PepsiCo, and he began his professional career with Andersen Consulting, the predecessor of Accenture. He holds an M.B.A. from Harvard University and a B.S. in engineering from Princeton University.
Corporate Board Director, Board Member, former CEO
James E. Boone is an experienced chief executive officer and corporate board director. Jim is a board member of Senegal Software, and a member of the University of Louisville Foundation Board. He is also a former CEO of Impellam Group N America which focused on providing human capital solutions for a variety of companies in the United States. Previously, he served on the board of Volt Information Sciences, a large U.S. based staffing company.