Jake Ellis - 5 min read
2023 in Review: A Year of Adaptation, Inclusivity, and Strategic Insights
Last year was a year of both challenges and opportunities, with significant shifts in the workforce market. In this period of rapid change and uncertainty, we’ve embraced agility and adaptation to help meet the needs of the market.
The spotlight over the last year has focused on promoting inclusivity within the workforce, something which has been long overdue, alongside the growing recognition of analytics and workforce strategies for managing a successful contingent workforce.
As we’re at the start of the new year, it feels like the perfect moment to reflect on some of our standout articles and knowledge we’ve shared. These articles not only reflect our internal changes but look beyond to the emerging marketplace and the shape of the workforce in 2024.
The Future Relationship Between MSP and VMS
The article delves into the changing relationship between MSPs and VMSs. The evolving need for data control and direct sourcing is reshaping their roles. Organizations now prioritize a unified workforce strategy aligned with broader business goals, termed Total Workforce Management. VMSs are adapting to handle this, potentially replacing the traditional MSP role.
However, collaboration between MSPs and VMSs remains valuable, offering efficiency, cost savings, better talent, and compliance. Adapting to this change can significantly benefit both parties, making the relationship lucrative.
How 2023 became a game-changing year for workforce inclusivity
In this article, we provided a practical roadmap for businesses to optimize their contingent workforce programs. We highlight the critical step of analyzing contingent labor spending to reveal cost-saving opportunities and better resource use. We address specific challenges such as rogue spending and poor visibility, offering solutions like detailed data examination and a comprehensive review of your contingent workforce ecosystem. To chart your program’s future, we advocate for defining clear objectives, integrating the right technologies, and creating transparent policies.
Finally, we emphasize the importance of fostering a collaborative culture to ensure the success of your contingent workforce program. With Workspend Inc.’s expertise, we help you establish a tailored program that meets today’s needs and adapts to tomorrow’s challenges.
You Know You Need a Contingent Workforce Program – Now What?
In August, we observed the rising impact of workforce inclusivity on the job market. This change wasn’t sparked by a single event but emerged from evolving attitudes, market forces, and a heightened focus on DE&I by both employees and companies. Our analysis noted how the pandemic shifted power dynamics, empowering employees to demand meaningful changes and hold employers accountable for DE&I commitments. Nearly 40 percent of workers expressed willingness to switch companies for more inclusive cultures, emphasizing the growing significance of these efforts in retaining and attracting talent.
Consequently, we advocated expanding DE&I efforts to encompass broader diversity, such as neurodiversity. It’s evident that to stay competitive and meaningful, organizations must continually refine policies to nurture genuine belonging and equity.
Reflecting on the year, our articles have explored what has come to define 2023. We’ve seen the role of MSPs and relationships evolve, inclusivity taking centre stage, and the importance of outlining a contingent workforce program emerge into the spotlight. This past year has taught us that we need to be both aware and agile to meet the challenges of these changes and to turn them into a competitive advantage.
Looking ahead to 2024, we know that having actionable insights will become the bedrock for strategic decisions. It will be more important than ever for businesses to be able to have a spend and hiring analytics platform to drive continuous improvement. We also see greater emphasis being placed on diversity spend, insuring that companies’ investments in DE&I meet their commitments to inclusivity both internally and within their community. Finally, we also predict that it will become essential for businesses to outline a roadmap for their contingent workforce program to keep costs down and stay ahead of the competition.
As we gear up for another year of transformation we’re committed to continuing the conversation and driving action where it matters most.
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