Creating a Flexible, Inclusive Workforce: ROI-Driven Strategies

Hybrid work environments still make sense for many organizations and will continue to be part of their operating model for years to come. More than providing a flexible employee environment, hybrid work models also encourage a diverse talent pool from different backgrounds and locations to participate in the hiring process that may otherwise have been difficult to tap into.

When optimized to meet business objectives, hybrid work offers several benefits for organizations, including:

WORKFORCE FLEXIBILITY

• Promote positive employee experience and retention
• Improve productivity and morale
• Keep operations flexible and scalable

REIMAGINED BUDGETS

• Reduce real estate and office space expenses
• Prioritize budget toward tools and services to enable remote work
• Reinvest savings on research, development, and employee experience

SUSTAINABLE SOLUTIONS

• Support differentiating ESG culture and policy
• Drive local and global impact by reducing energy consumption, transportation, waste and technology footprint

Strengthening Business with Diversity and Inclusion

Diversity in thought, experience and background can significantly affect how an organization sees, analyzes, processes, and addresses the challenges it faces as a business. The same applies to creating a workforce environment to attract and retain workers.

Highly inclusive workplaces thrived before, during and after the Great Recession with a 4x larger stock return. According to Gartner, focusing on diversity, equity, and inclusion during times of disruption also helps to strengthen a company.

When companies start looking to hire, it’s crucial to remember that just because there may be an influx of available talent on the market doesn’t necessarily mean the candidates are a great match. However, there may be some standouts in the mix that the workforce management team doesn’t have visibility into and could get lost in the sea of candidates.

Leveraging Data to Drive Diversity

Effective diverse talent management should be rooted in data, which includes real-time talent intelligence designed to help identify, attract and hire the best staff to fill the organization's full-time and flexible positions.

Internal operational data combined with global talent intelligence will help ensure that the organization can win in an uncertain talent market while attracting the best, most diverse workers possible. This should help bring in talent that supports the company’s values and culture while optimizing for growth.

Magnit’s Total Talent Intelligence (TTI) helps organizations utilize established, peer-enabled global benchmarks across industry and program size to scale their workforce management programs in support of key initiatives:

STRATEGIC HIRING

• Access real-time market rates based on the type of worker, skills, location, experience and candidate pool availability

COST OPTIMIZATION

• Accurately price talent by engagement type, anywhere in the world
• Compare location-specific costs to optimize sourcing and savings for in-office and remote workforce

DIVERSIFIED WORKFORCE

• Identify favorable candidates and locations open to new opportunities

Organizations will have a much higher chance for success if they can create a diverse workforce that can quickly scale up and down, on-demand, based on meaningful insights driven by data.

For more data-driven ideas and tactics your company can employ to win the battle for talent, check out our eBook, “Preparing for Economic Uncertainty: Resilient Workforce Strategies.”

If you’re interested in learning more about how Magnit is helping organizations implement winning contingent workforce programs globally, please contact a Magnit representative at info@magnitglobal.com.

Disclaimer: The content in this blog post is for informational purposes only and cannot be construed as specific legal advice or as a substitute for legal advice. The blog post reflects the opinion of Magnit and is not to be construed as legal solutions and positions. Contact an attorney for specific advice and guidance for specific issues or questions.