RGP Study Finds C-Suite Leaders Are Shifting Their Workforce Strategies as They Take on More Transformation Initiatives
31 Octubre 2023 - 7:00AM
Business Wire
More companies are embracing a new Dynamic
Workforce Model to gain competitive advantages
RGP (Nasdaq: RGP), a global consulting firm, today released new
research that shows an unprecedented reconceptualization of the
workforce is underway, driven by C-suite leaders who are moving
toward a greater equilibrium of full-time employees and outside
experts.
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RGP’s poll of more than 1,000 business leaders found that large
global companies have an average of 20 transformation initiatives –
defined as $1 million-plus projects intended to improve revenues,
profits, costs, cycle-time, quality or other metrics – in progress
this year alone. Most respondents predicted an even greater number
of transformation efforts by 2026, yet 42% indicated they did not
have enough internal talent to staff their transformation
initiatives in 2022.
In response to this whirlwind of transformation and a persistent
talent shortage, C-suite leaders are shifting their workforce
strategies to a greater equilibrium between full-time employees and
outside talent. The proportion of outside talent on transformation
teams increased from 38% in 2020 to 45% in 2022, and leaders expect
this figure to reach 48% by 2024.
“This workforce strategy of blending internal talent with
skilled outsiders enables companies to build constant
transformation into the core DNA of their businesses, and we refer
to this as a Dynamic Workforce Model,” said Kate Duchene, Chief
Executive Officer of RGP. “This concept is not very different from
the way that Hollywood film productions use teams of independent
contractors and employees from different companies to complete a
short-term project. Organizations across other industries are
starting to embrace this model for major transformation initiatives
due to the competitive advantages it presents, and we believe this
is happening across the workforce.”
RGP found that a Dynamic Workforce Model can create a
significant competitive advantage for businesses. An analysis of
executives who reported that their organizations achieved key goals
on every transformation initiative in 2022 – 16% of respondents –
shows that the market capitalization of publicly listed companies
rose an average of 54% over the last five years. In contrast, the
market capitalization of organizations that had achieved key goals
in less than half their transformation initiatives declined an
average of 21% during the same period.
The study also found that skills shortages have wide-reaching
impacts on transformation initiatives, with 60% of respondents
reporting project start delays and 53% reporting pushed-out
completion dates. More than 40% of respondents reported missed
critical goals, while 37% said insufficient internal skills have
increased the difficulty of making important operational
changes.
“Talent can collaborate effectively regardless of where they are
physically located or who employs them, as long as they are experts
in their field,” said Duchene. “C-suite leaders learned this during
the pandemic, and they are embracing a more efficient and more
profitable workforce model that enables them to pivot quickly
without sacrificing vision, mission, and strategy. It is a new way
of thinking that requires a re-evaluation of talent strategy and
tech capabilities, and we are seeing more CFOs and CHROs partnering
with CEOs to determine where they need injections of outside
expertise.”
The findings are based on RGP’s June 2023 survey of 1,005
respondents from companies with at least $1 billion in revenue
based in North America, Asia-Pacific, the UK, and the European
Union. The sample was evenly divided between technology, financial
services, life sciences, and healthcare companies. Read the full
report, “The Transformational Impact of a Dynamic Workforce” by
visiting
https://rgp.com/now/research/dynamic-workforce/transformational-impact/.
About RGP
Recently named among Forbes’ World’s Best Management Consulting
Firms for 2023, RGP is a global consulting firm focused on project
execution services that power clients’ operational needs and change
initiatives utilizing on-demand, expert and diverse talent. As a
next-generation human capital partner for our clients, we
specialize in co-delivery of enterprise initiatives typically
precipitated by business transformation, strategic transactions or
regulatory change. Our engagements are designed to leverage human
connection and collaboration to deliver practical solutions and
more impactful results that power our clients’, consultants’ and
partners’ success.
A disruptor within the professional services industry since our
founding in 1996, today the Company embraces our highly
differentiated agile delivery model. We attract top-caliber
professionals with in-demand skill sets who seek a workplace
environment characterized by choice and control, collaboration and
human connection. The trends in today’s marketplace favor
flexibility and agility as businesses confront transformation
pressures, severe skilled labor shortages and speed-to-market
challenges. As talent preferences continue to shift in the
direction of flexibility, employers competing in today’s business
environment must rethink the way work gets done and consider
implementing new, more agile workforce strategies. Our client
engagement and talent delivery model offers speed and agility,
strongly positioning us to help our clients transform their
businesses and workplaces, especially at a time where high-quality
talent is scarce and reliance on a flexible workforce to execute
transformational projects is increasingly imperative.
With approximately 3,800 professionals collectively engaged with
over 1,900 clients around the world from 41 physical practice
offices and multiple virtual offices, we are their partner in
delivering on the “now of work.” Headquartered in Irvine,
California, RGP is proud to have served 88% of the Fortune 100.
The Company is listed on the Nasdaq Global Select Market, the
exchange’s highest tier by listing standards. To learn more about
RGP, visit: http://www.rgp.com. (RGP-F)
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Pat Burek Financial Profiles 201.655.3406
pburek@finprofiles.com
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