There might be a whole lot that human beings can do well, but at the same time, there is nothing we do better than growing on a consistent basis. This tendency to improve, no matter the situation, has empowered us to hit upon some huge milestones, with technology appearing as quite a major member of the stated group. The reason why we hold technology in such a high regard is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look beyond the surface, it will quickly become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component, in fact, did a lot to give the creation a spectrum-wide presence, and as a result, start what was a full-blown tech revolution. Of course, this revolution then went on to scale up the human experience from every conceivable direction, but even after achieving a feat so notable, technology will somehow continue to bring out the right goods. The same has turned more evident in recent times, and truth be told, a new HRM-themed solution should only make that trend bigger and better moving forward.
West Monroe, one of the fastest-growing digital services firms, has officially launched a new Strategic Workforce Optimization with ‘Work 4D’ solution, which is designed to help companies in scaling up workforce flexibility so to better manage the ongoing labor and economic challenges. To understand the significance of such a development, we must start by acknowledging the stated challenges on a more granular level. For instance, as of today, there are approximately 4.6 million more job openings in the U.S. than workers available to fill them. This number is on course to hit a whopping 85 million by 2030. Then, we have around 33% companies that are witnessing higher-than-expected turnover in employees with valued digital skills. While the number is severe, it still doesn’t match up with how 98% of companies are reporting huge skill gaps. The stated problem is further accentuated by the fact that both HR managers and risk managers rate skills obsolescence as a top-10 risk. All in all, these gaps will likely cost global firms over $8.5 billion in potential revenue over the next seven years.
So, how will the new Strategic Workforce Optimization with Work 4D solution deliver an answer here? Well, it starts off by conducting a thorough analysis of elements like organization’s people, design, operational productivity, technology, and outsourcing expertise against West Monroe’s proprietary talent analytics and benchmarks. The information generated here then forms the company’s recommendation about the ways through which a client can optimally align the four types of talent to the work. These four types of talent are employees, contractors, outsourcers, and automation. However, it’s not where the proceedings end, as West Monroe goes one step further and fully customizes the said recommendation to each client. Beyond that, the company also employs specialized tools across areas such as contingent labor and outsourcing vendor selection and negotiation, contract optimization, process improvement, automation, and change management, to ensure that client’s adoption of the new model goes smoothly. Hold on, we are still not done. West Monroe, in its bid to fit the results within a given industry’s wider framework, even has a line-up of experts onboard, something that makes the user experience all the more guided.
“When we introduce executives to the idea that there are four types of talent to deploy, and to the value they can unlock by aligning work activity to the talent type that will optimally perform it, they instantly understand the transformative potential of the approach,” said Steven Kirz, senior partner who oversees the Strategic Workforce Optimization offering at West Monroe. “We bring leaders of the different talent types together in the same room, often for the first time, and equip them with a data-driven framework for rethinking how, by whom, and where work is best performed.”
In case you are looking for a testimony to validate West Monroe’s approach, it is worth considering that clients using the company’s technology were able to save over $600 million across 5 years. They further succeeded in realizing higher employee satisfaction, engagement, productivity, and retention, but that didn’t come before the elimination of some really critical skill gaps.
