What is a liquid workforce and how can your company benefit from it?

As organisations prepare for the future, they need to improve their operations to increase efficiency. One way to achieve this result is by using a liquid workforce.

This article will explore what a liquid workforce looks like and how you can use it to enhance your business performance.

What is a Liquid Workforce?

The term "liquid workforce'' refers to a workforce that has the flexibility to move between roles within their organisations and quickly adapt to new business challenges. 

This type of workforce can work flexibly and remotely. They may have no fixed hours and perform multiple roles within one organisation. Companies realise that a diverse workforce leads to better decision-making and innovation. As such, they are investing in initiatives that encourage diversity and inclusion.

So many businesses are now using these arrangements because they allow them to respond quickly to changing market demands. For example, if there is a surge for a product, a company might temporarily hire extra resources to meet the increased demand.

This flexibility allows them to make better decisions when hiring and retaining talent. It also helps attract and retain top talent, especially Gen Z and millennials who want to work flexibly.

Benefits of the liquid workforce can help your organisation:

1. Increase Productivity

It offers flexibility, allows workers to choose when and where they work and gives them greater control over their schedule and balances their workload. 

2. Reduce Costs

By using a liquid workforce, you can reduce operating costs. You may also save on office space and equipment.

3. Attract Talent

Many companies are struggling to find skilled talent. During the pandemic many people rethought what work meant for them. Although paying is a very important aspect of a job, more and more employees are longing for flexible work that they can do remotely. Spending hours commuting is no longer acceptable for many people and instead of keeping their jobs, many have quit in order to have a flexible working arrangement. So if you are struggling to find skilled talent, offering remote/ hybrid working arrangements can highly increase your company's attractiveness.

Source: ets

4. Boost Employee Retention Rates

When you give your employees more freedom, you increase their motivation. It makes it easier for them to stick around.

5. Save Time

Using a liquid workforce can speed up processes. They can take care of routine tasks while you focus on core activities.

6. Expand Into New Markets Quicker

By reducing the time and money spent on finding the right talent, you can exponentially accelerate the growth of your business, be ahead of your competition and increase your speed to market.

How Can You Implement a Liquid Workforce?

1. Hire More People With Flexible Working Arrangements

Many organisations are struggling to find enough skilled professionals to fill open positions. To solve this problem, they need to turn to flexible working arrangements if they are not doing it yet.

Companies can attract and retain talented employees by offering more flexible working options. In addition, they can help to create a diverse pool of candidates.

2. Use Technology To Improve Staffing Decisions

Technology has changed the way we live our lives. As a result, technology has become embedded into every aspect of the business, including HR.

Source: CB Insights

Many HR softwares can improve staffing decisions by automating manual tasks and providing real-time insights. Some organisations use artificial intelligence (AI) to automate recruitment processes.

3. Create An Environment That Encourages Innovation And Creativity

Flexible working arrangements benefit employees; they also positively affect the organisation.

Companies that offer flexible working arrangements tend to outperform those that do not. They can adapt quickly to changes in the marketplace and deliver better products and services.

4. Be Open About Your Policies

It's essential to communicate your policies clearly and consistently across all levels of the organisation. For example, if you want staff to feel valued, you should ensure that everyone knows what is expected.

5. Provide Training Opportunities

Training opportunities allow employees to develop skills and knowledge. This is just as important within a flexible working arrangement as it is within an office environment. In addition, by providing training, you will encourage people to stay at your company for longer.

6. Offer Rewards For Good Performance

Rewards motivate employees to perform well. However, rewards shouldn't come at the expense of other aspects of employee satisfaction.

7. Ensure That Employees Feel Valued

From good compensation packages to providing meaningful work opportunities and celebrating achievements, there are many ways you can make your staff feel valued. All these can increase productivity and retention rates.

Conclusion

The nature of work is changing rapidly. As a result, we are moving away from 9-to-5 jobs towards a liquid workforce, providing more flexible arrangements for employees in order to increase productivity and satisfaction.

We believe talent shortage threatens the growth potential and capacity to innovate for any company that fails to address it. Our CEO, David Hayat who was the managing director of the worldwide ecosystem at Accenture and has been in the driver’s seat for innovation was exposed to the idea of “Liquid workforce” a while ago. When he founded Tydex he converted this idea into reality, making sure Startups and Scaleups have on-demand business specialists at their disposal and can leverage the skills they need most, exactly where and when they need them.

Adaptability and speed are critical to success in today’s hyper-competitive business landscape and we believe a liquid workforce is key to building a lasting competitive advantage.