<h4>References</h4>Fuller, J., Raman, M., Bailey A., Vaduganathan N., et al, <a target="_blank" rel="noopener noreferrer" href="https://www.hbs.edu/managing-the-future-of-work/Documents/Building_The_On_Demand_Workforce.pdf">Building the on-demand workforce</a>, &nbsp;Published by Harvard Business School and BCG, (Nov 2020)Rachel Muller-Heyndeyk, <a target="_blank" rel="noopener noreferrer" href="https://www.raconteur.net/hr/talent-management/remote-talent-market/">How remote working is changing the talent market</a>, Raconteur (25 Jun 2020)Carol Stubbings, Bhushan Sethi, <a target="_blank" rel="noopener noreferrer" href="https://www.pwc.com/gx/en/ceo-survey/2020/trends/pwc-talent-trends-2020.pdf">Upskilling: Building confidence in an uncertain world</a>, PwC’s 23rd Annual Global CEO Survey 2020Fuller, J., Raman, M., Bailey A., Vaduganathan N., <a target="_blank" rel="noopener noreferrer" href="https://hbr.org/2020/11/rethinking-the-on-demand-workforce">Rethinking the on-demand workforce</a>, Harvard Business Review (Nov - Dec 2020)

&nbsp;COVID-19 has disrupted our economic and social systems. This invisible virus has shut down international borders and caused widespread loss of lives and jobs overnight, changing the way we live and work forever.As the crisis continues its merciless sweep around the globe, it has forced business leaders to rethink and reinvent their hiring practices to navigate through this seismic change. Why? Because securing the right talents as a competitive advantage determines whether companies can survive Covid-19 and compete in the future.According to <a target="_blank" rel="noopener noreferrer" href="https://www.pwc.com/gx/en/ceo-survey/2020/trends/pwc-talent-trends-2020.pdf">PwC’s Annual Global CEO survey</a> findings early this year, 74% of CEOs cited a lack of availability of the right skills as a concern to business growth. This was before the crisis. With the pandemic threatening to uproot traditional business models and deconstruct pre-COVID-era hiring approaches, today’s leaders face an even bigger challenge in the hunt for people with the right skills.&nbsp;<h2>The Hybrid Approach</h2>Covid-19 is accelerating the shift towards the use of digital talent platforms, which is proving to be instrumental in closing the gap for highly skilled, knowledge-based talents. The chase for a leaner, more nimble and flexible organization is evolving into a ‘hybrid structure’ of both internal and external talents, consisting of both permanent full-timers and part-time ‘on-demand’ gig workers. And this hybrid approach might just be the magic formula for smarter hiring.

<h2>&nbsp;</h2><h2>Talents Without Borders</h2>With the onslaught of COVID-19, millions worldwide have lost their jobs as companies either implemented layoffs or instituted hiring freezes in desperate efforts to stay in business. Worse, this grim situation looks set to continue. The world is suddenly filled with jobless people, often with high skill levels of sophistication and specialization, and unbound by geographical limitations. As these displaced workers take to the web in search of work, companies are turning to talent platforms to sieve out the ‘creme de la creme’ from this global talent pool to help meet their business objectives fast.<a target="_blank" rel="noopener noreferrer" href="https://www.hbs.edu/managing-the-future-of-work/Documents/Building_The_On_Demand_Workforce.pdf">Harvard Business School and Boston Consulting Group</a> recently surveyed close to 700 senior business leaders at U.S. firms and the findings from November 2019 to January 2020 shone a bright light on the transformational power of the on-demand workforce. Almost 90% of business leaders believed that talent platforms would be somewhat or very important to their organization’s future competitive advantage. 40% reported that accessing highly skilled workers through talent platforms helped improve speed to market, boost productivity, and increase innovation. If these figures aren’t persuasive enough, read on to reap the benefits of hiring on-demand external talents.<h3>Access to specialised skills and knowledge</h3>Training someone to be competent in skills and knowledge takes time, and traditional employees tend to be more generalists than specialists. On the contrary, many on-demand talents hold specialised knowledge in a particular field or industry and they constantly keep up with industry trends - which can be a valuable asset for companies to leverage on in order to deliver exceptional value.<h3>Quick gap close in in-house expertise</h3>In situations where there is little in-house expertise, outsourced talents offer a faster plug-and-play solution to close the skill gaps.<h3>Speed to market</h3>Talent platforms take away companies’ pain of interviewing, sussing out the right on-demand talent with the right skills to help organizations get up to speed on their projects.<h3>Deliver value without increasing fixed costs</h3>Using on-demand talents frees up space within the office. This can be liberating especially for a small start up with limited space to spare. As on-demand talents are usually paid on a per-project basis, there are potential savings from employment benefits, health and retirement packages - costs which have a significant impact on a company’s bottom line.<h3>Free up critical internal resources</h3>Sometimes the most important plans are frequently put on hold as resources get allocated to other ‘urgent’ (but often less important) priorities. Outsourcing tasks to external talents allows leaders and managers to offload day-to-day work and free up internal resources for more strategic work.&nbsp;Businesses have to get more creative to pursue the talents they need and explore smarter ways of hiring as supply and demand gaps for skills widen. Today’s hirers must recognize the potential of tapping into the diverse pool of on-demand talent strengths in a global market to get access to the right talent with the right skills. More importantly, it is time to acknowledge that the best ideas sometimes do reside outside the organization.

&nbsp;There’s a better way to grow. And it’s not the traditional way.It’s about rethinking traditional employment archetypes. Can we progress from an economy built on full time employment habitually enslaved by unemployment fears, to one where individuals have greater autonomy and are self motivated to do work that inspires them? And as a result, &nbsp;benefit the economy as a whole?You can’t own full time employees. But you can build a winning team with talent management companies. As businesses demand more, external talents are emerging as the sure forerunners of an agile workforce. At Chance Upon, we partner businesses to get a head start over competition by creating collaborative work between companies and the right talents.

The chase for a leaner, more nimble and flexible organization is evolving into a ‘hybrid structure’ consisting of both permanent full-timers and part-time ‘on-demand’ gig workers.

Recruitment is headed for a revolution. The pandemic has changed the way we work, and naturally, the way we hire. Temporary talent hires are no longer quick fixes, but fast evolving into ‘go-to’ hiring solutions.

Hire anytime, hire anywhere. Hire exceptional.

Here’s A Smarter Way Of Hiring (And It Isn’t Permanent)

<h4>References</h4>Shivraj Rajendran, <a target="_blank" rel="noopener noreferrer" href="https://www.straitstimes.com/business/economy/most-employees-keen-to-continue-working-from-home-after-circuit-breaker-survey">Most employees keen to continue working from home after Covid-19 circuit breaker: Survey</a> (29 Apr 2020)Kari Paul, <a target="_blank" rel="noopener noreferrer" href="https://www.theguardian.com/technology/2020/may/12/twitter-coronavirus-covid19-work-from-home">Twitter has announced that employees will be allowed to work from home ‘forever’</a> (12 May 2020)Angelique Parungao, <a target="_blank" rel="noopener noreferrer" href="https://www.ekoapp.com/blog/the-future-of-remote-work-after-covid-19-3-common-predictions">The future of remote work after COVID-19: 3 common predictions</a> (14 Aug 2020)Santhosh Viswanathan, <a target="_blank" rel="noopener noreferrer" href="https://www.channelnewsasia.com/news/commentary/coronavirus-covid-19-future-of-work-telecommuting-remote-working-12669716">Commentary: COVID-19 is reshaping what work looks like</a> (27 Apr 2020)Sarote Tabcum Jr. <a target="_blank" rel="noopener noreferrer" href="https://www.forbes.com/sites/forbeslacouncil/2019/03/04/the-sharing-economy-is-still-growing-and-businesses-should-take-note/#598b962d4c33">The Sharing Economy Is Still Growing, And Businesses Should Take Note</a> (4 Mar 2019)Rahul Dé &amp; Ritu Tripathi, <a target="_blank" rel="noopener noreferrer" href="https://www.peoplemattersglobal.com/article/life-at-work/future-of-work-post-pandemic-workplace-scenarios-25849">Future of work: Post-pandemic workplace scenarios</a> (1 Jun 2020)

&nbsp;To say that the pandemic is reshaping work culture is an understatement. Offices are either downsizing or disappearing. From campaigning for flexible working hours to four-day work weeks, the world is suddenly forced to adopt a ‘work from home’ model with the rapid spread of the coronavirus. <a target="_blank" rel="noopener noreferrer" href="https://www.theguardian.com/technology/2020/may/12/twitter-coronavirus-covid19-work-from-home">Twitter</a> has announced that employees will be allowed to work from home ‘forever’. Whether it is temporary or permanent, one thing is for sure: the pre-Covid office as we know it will be gone.What’s next then? Suddenly, the concept of remote working doesn’t seem so remote after all. The resistance that companies had towards employees working away from the office is crumbling, and many are now beginning to realise that the unprecedented global experiment of remote working is actually possible. As companies look into preemptive measures towards the future of work, it is hard to ignore predictions surrounding the most important element of the workforce - the people. Are full-time employees going to disappear altogether with office spaces? Will organizational structures flatten even more? Is the gig economy going to boom even further?The biggest question will be: What can companies do right now to future-proof their businesses? To address this, we’ve rounded up some of the pertinent trends coming our way, and how to smooth the transition moving forward.&nbsp;<h2>Trend #1 Digital Readiness</h2>More than ever, organizations are seeking new technologies to replicate real office environments as closely as possible and bridge geographically dispersed employees. Technologies that enable social workplace activities, creative collaboration and increased productivity are proliferating and met with soaring demand. As workspaces and meetings move online and workflows go digital, companies are seeing increased efficiencies and cost savings from reduced travel expenses. Digital readiness will benefit businesses and give them an edge to compete in tough times.&nbsp;<h2>Trend #2 Moving With The Millennial Generation</h2>By 2025, 75% of the workforce is estimated to be Millennials. Millennials crave feedback and societal contribution in their work and want to feel more as partners rather than employees in an organization. In fact, they have no qualms about leaving the traditional 9-5 work life to seek <a target="_blank" rel="noopener noreferrer" href="https://www.forbes.com/sites/katherinelove/2016/04/27/millennials-chart-paths-to-impassioned-self-employed-success/#7a4aafd47eac">self-employment</a>. Millennials aren’t your traditional full-timers. Rather, they are crusaders of purpose-driven work and will take on meaningful projects in their careers. Millennials prefer flexible working arrangements and the ability to work remotely on different projects.&nbsp;<h2>Trend #3 Remote Working Is No Longer A Perk But A Norm</h2>Amidst the chaos of the pandemic, the world is discovering that employees can contribute and collaborate effectively, even when working remotely. Once seen as an exclusive employment benefit for a select few, remote working is no longer a perk but a norm. For forward-thinking companies, this flexibility should be built into any hiring role to attract good talents.&nbsp;<h2>Trend #4 Full-timers Become ‘Freelance-Specialists’</h2>As companies let go of middle management for a flatter organization and to stay afloat, many of these retrenched specialists will enter the gig economy in search of both short and long term work. In fact, these former full-timers with a plethora of skills and work experiences will evolve to become ‘freelance-specialists’, and businesses should take note.&nbsp;<h2>Trend #5 Effort-based Wages</h2>As offices become less populated, regular full-timers may have to accept effort-based wages similar to gig professionals. This trend is likely to grow as the world gravitates towards remote working and the gig industry. &nbsp;A monthly remuneration could likely be replaced with an effort-based, project-rate salary calculation. As more professionals enter the gig economy, it is also imaginable that a worker will take on work from several firms at the same time, across geographical distances.

&nbsp;Companies will not be willing to pay high real estate costs when employees are not using the office 5 days a week. Remote working becomes a reality. The workforce will predominantly be a hybrid talent mix of skilled specialists extending their expertise to various companies all at the same time.The light will be on gig services and talent agencies offering on-demand expertise from a global labor pool. Furthermore, the evolving Covid-19 situation will almost definitely trigger anomalous business needs. This uncertainty regarding the pandemic will lead companies to seek labour alternatives such as freelancers with niche skills to fulfill short-term projects. The only way to future proof the organization is to have digital readiness, forward thinking leadership and an agile workforce that is on-demand, mobile and highly flexible.

While offices aren’t likely to disappear completely, there is a possibility that they won’t be filled with full-timers anymore.

Covid-19 has undoubtedly accelerated the pace of remote working. Will full-timers head back to the office soon? Or is remote work going to be the norm from now? What trends can we expect to see in this evolving future of work?

Future-Proof Your Organization Because Full-timers Aren’t Here To Stay

<h4>References</h4>Giana M, Eckhardt andFleura Bardhi, <a target="_blank" rel="noopener noreferrer" href="https://hbr.org/2015/01/the-sharing-economy-isnt-about-sharing-at-all">The sharing economy isn’t about sharing at all</a>, Harvard Business Review (28 Jan 2015)Kenneth Cheng, <a target="_blank" rel="noopener noreferrer" href="https://www.channelnewsasia.com/news/singapore/the-big-read-sharing-economy-the-next-big-thing-that-never-was-11091908">The Big Read: Sharing economy - the next big thing that never was?</a> Channel News Asia (7 Jan 2019)Kumar Mehta, <a target="_blank" rel="noopener noreferrer" href="https://www.forbes.com/sites/kmehta/2020/03/23/welcome-to-the-isolation-economy-goodbye-sharing-economy/">Welcome to the Isolation Economy (Goodbye Sharing Economy)</a>, Forbes, (23 Mar 2020)Shveta Arora, <a target="_blank" rel="noopener noreferrer" href="https://www.infosys.com/insights/disruptions/shared-access-economy.html">Why the Shared Economy is Really the Access Economy</a>, Infosys

&nbsp;The last decade has placed much talk on shareconomy and its ambitious goals of reducing overconsumption, giving people access to things they wouldn’t be able to afford, saving the environment, and building community. But what exactly is shareconomy? How does it work, or rather, how was it supposed to work?Allow me to put this into a relatable analogy for you.When I was a little girl, I inherited hand-me-downs from my elder cousin. They came in a variety of clothes, toys, books - basically anything which had outgrown my cousin that will fit me. By accepting these fairly new items, it gave me access to some really cool toys that my parents would have otherwise been reluctant to spend money on. And because we were reusing those items, I guess you can say we played a part in saving the environment. In fact, we passed some of these hand-me-downs to neighbours - usually households with more than one child.Sharing is a social exchange amongst people to use, occupy, or enjoy (something) with others, without any market intervention. And in those hand-me-down days, sharing pre-owned items created a supportive camaraderie amongst the mom community in the neighbourhood.&nbsp;<h2>What About Shareconomy?</h2>According to a <a target="_blank" rel="noopener noreferrer" href="https://hbr.org/2015/01/the-sharing-economy-isnt-about-sharing-at-all">Harvard Business Review article</a>, when sharing involves an intermediary between a provider and a receiver - it is no longer considered as sharing. It becomes an ‘access economy’ where consumers pay to access goods or services provided by someone else for a duration of time. It becomes an economic exchange rather than a social exchange, with little or no community building. Case in point: When AirBnB started, their idea was to encourage a community of local hosts to share their homes with foreign guests. The value that Airbnb provides is that visitors get to immerse in a local culture, hosted by a native home-owner who serves up insider travel tips, hidden finds and food recommendations. There will be shared living and interaction between owner and guests. But the reality is that visitors simply retrieve keys from a letter box and their accommodation experience isn’t all that much different from checking into a hotel.&nbsp;<h2>Bringing An Economy of Sharing To An Era of Isolation</h2>The sharing economy came with good intentions and with a communal ring to its name. It was meant to transform how we live, travel, collaborate and interact. &nbsp;But today, no one really wants to share. Battled by an invisible Covid-19 virus that lurks on every possible surface; the thought of sharing rides, accommodation and working spaces in the midst of an invisible virus appears unnerving. Isolation seems safer and carries less risks. What implications hold then for businesses and communities as we enter into an era of isolation?This is where it gets more interesting.&nbsp;<h2>Enter ‘Flexconomy’</h2>When consumers are home-bound most of the time, businesses need to rethink their business models. The rockstars of this new economy will be those of technology, delivery, home entertainment and remote services that support flexibility and convenience at a tap of a button. Simply put, your product or service needs to be tailor-made, modular, agile and arrive right at the doorstep of your consumers. Companies that serve this value to their customers will have a competitive edge.In the new Flexconomy, everything has to be flexible. You use what you want, when you need it, for however long you need to. It still involves sharing to some extent, but it's about ‘smart sharing’.

&nbsp;For businesses, this will mean a radically different approach to hiring. Instead of departmental headcount, companies need to look at ‘talent count’. Mind you, these talents aren’t owned by anyone, they are remote experts in their own fields who can be hired to start work almost instantaneously on a new project. These talents are shared across companies and industries and thus come with varied experiences that are very much sought after.A company can hire a UX researcher for 2 weeks, a UXUI designer for 2 months, and subsequently a team of developers to test and work on the project for another 3 months. Thus for a project that typically takes half a year to complete, there is no need for a company to hire an entire team for a full 6 months duration. It basically uses the talent expertise for the duration that is needed. And that is true efficiency.Don’t get me wrong. Shareconomy isn’t dead, yet. But it needs a quick makeover. The sharing economy didn’t transform our lives. Covid-19 did. What we need now is an enabler environment to help us deal with the situation. And unlike shareconomy which didn’t really deliver on its promise of true sharing, Flexconomy takes sharing to another level, allowing one to stack and build modules for a stronger foundation.

Use what you want, when you need it, for however long you need to... It still involves sharing to some extent, but it’s about ‘smart sharing’.

Move over Shareconomy. Your friendlier, flexible cousin has arrived.