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(This article is part of a series on modernizing your business. In the first post, we looked at ways to ensure that your business process is modern.  Today, we explore the characteristics of a modern workforce.)

With 2019 nearly upon us, it’s no surprise that the 9-5 era is waning.  In its place, workers are overwhelmingly looking for one common denominator across industries: flexibility. “The conventional 9:00 to 5:00, office-bound work structure dates all the way back to 1938. But a lot has changed...and it’s high time for businesses to catch up,” writes Emma Plumb at the Future of Business and Tech.

But, what exactly does “catching up” entail? In this post, we explore characteristics that define a modern workforce. For the past 6 years we’ve incorporated these characteristics into Pharma Acumen to successfully complete projects and assist clients with their business needs. At the end of this post we discuss some specifics that have worked for us and can work for you too.

Five Characteristics of a Modern Workforce

1. Employee Classification

Would it surprise you to learn that almost a third of the workforce is comprised of contractors, part-time workers, and freelancers? Whether it’s to spend more time at home, earn additional income, or enjoy the freedom to pursue their passion, more and more people are moving toward non-traditional means earning a living. The good news is that your business can capitalize on this trend if you are willing to hire talent under non-traditional terms.

“Freelancers not only can work on demand as needed, but businesses also can pick and choose work-ready talents with specific skills, such that training will not be required. Moreover, with payroll being a huge chunk of fixed costs for businesses, hiring freelancers lets businesses convert them into variable costs,” writes Sara Angeles at Business News Daily.

2. Flexible Schedule

77% of Millennials (on track to become the largest generation in the workforce by 2020) say that flexible work hours would increase their productivity.

“It may seem counterproductive to let people take time off during the week, but in fact the opposite is true. Overworked people tend to burn out, produce lower-quality output, provide lower levels of customer service, become depressed, and sometimes just flail around in their exhaustion. Giving people time lets them relax, engage, and perform better,” Josh Bersin.

This type of flexibility gives team members the agility to accomplish multiple tasks at once without getting bogged down in the corporate infrastructure that often impedes efficiency.

3. Telecommuting

Allowing people to work remotely part or all of the time is perhaps the largest trend in the modern workforce and for good reason. A recent study found that employees who work from home are 13% more productive, 50% less likely to quit, and save employers an average of $2,000 a year.

Another study suggests that moving to telecommuting just halftime would save the U.S. over $700 billion a year. “Technology gives us the freedom to shape the work environment to fit individual needs and work styles. Work flexibility helps both companies and professionals embrace the workforce of the future,” says Plumb.

4. Team-based Collaboration

The days when managers were assigned projects and controlled the flow of information have disappeared. 

In their place is what Deloitte University Press calls “a network of teams” in its 2016 report Global Human Capital Trends. “Hierarchical organizational models aren’t just being turned upside down—they’re being deconstructed from the inside out. Businesses are reinventing themselves to operate as networks of teams to keep pace with the challenges of a fluid, unpredictable world.”  

The idea behind a network of teams is that individuals with specific expertise come together to collaborate on a project-by-project basis.  This strategy is particularly effective for businesses that sell to pharmaceutical companies because of the diversity of talent available on the market.  

5. Leadership Structure

In the same vein as project-based collaboration, another aspect of modernizing your workforce entails leadership structure. A modern workforce has the skills and tools to get work done without needing micromanaging.

“When managers are looking over every employee’s shoulder, this only builds a nervous, disengaged team. The employees involved feel a lack of trust from their managers, which sets a negative tone through the workplace and puts unnecessary pressure on staff,” writes Raphael Crawford-Marks at Entrepreneur.  

Instead of curtailing productivity by breathing down workers’ necks, leaders of a modern workforce should focus on the final outcome.

The Bottom Line

Is your business effectively capitalizing on modern employment trends? If not, you may be missing out on potential savings and the ability to work with driven, talented skill.  

In my own business, I have relied on team-based workers to successfully accomplish projects for the past 6 years. By using the same individuals on a contract basis, I learn their strengths and can compose the best team for the job at hand. This approach contributes to Pharma Acumen’s success in (1) developing and launching new products, (2) planning and executing winning content marketing programs, and (3) gaining access with strategic benchmarking projects.

Our key focus is agility, which includes working on the project at hand, checking in weekly with the project sponsor, and disbanding the team when the project is complete. A new projects starts the process again with a hand-picked team.

If your business could benefit from a more modern workforce, contact me today to learn more about how I can help you build a team-based approach to meet your business growth goals.