The Changing Dynamics of The Modern Workforce
An In-Depth Look at the Professional Services Industry
- Business Leaders
- Full-Time Employees
- Independent Contractors
61% of senior leadership say they spend at least a third of their time each day trying to solve employee turnover issues, which is pulling focus from core responsibilities like ensuring exceptional client experiences and business development.
And senior leaders aren’t finding it easy to fill the roles that are being vacated either. 53% of senior leadership admit they have a problem hiring full-time employees.
of business leaders spend at least a third of their time each day solving employee turnover issues
of business leaders have a problem hiring FTEs
For senior managers who admit they have a hiring problem, some of the issues they highlighted when it came to closing new FTE hires include:
|Healthcare benefits are not competitive||42%|
|PTO and vacation policy is hard to accumulate||42%|
|401k benefits are not competitive||39%|
|Lack of a continuing education benefit to support employees’ professional growth||35%|
Business leaders and FTEs do agree on what keeps employees satisfied, with both groups ranking Higher Wages as most important, followed by Better Health Care Benefits
Business leaders are much more likely than FTEs to think their company culture has gotten better since the pandemic.
While business leaders and FTEs are in sync on the value of hybrid working, FTEs are more likely to believe productivity is higher when working from home, while business leaders are more likely to believe productivity is higher when working in an office.
When it comes to fighting the rising tide of turnover and implementing strategies that keep valued employees from looking for work elsewhere, factors like technology and professional development opportunities can have major impacts on employee satisfaction and retention.
|Benefits (health/dental/vision insurance) concerns||29%|
|Not sure where to start||16%|
Independent contractors are also significantly less likely to believe onboarding programs are effective than FTEs. Only 51% of independent contractors say they would rate their company’s onboarding process as effective, a sharp contrast with business leaders and FTEs (83% and 77% respectively).
Independent contractors have stronger negative associations with the tools and systems their organizations use than FTEs. Here’s how they describe the tools and systems their organization uses.
Nearly half of independent contractors would not rate their company’s onboarding processes as effective.
Implement Purpose-Built Technology
Only the best providers of professional services software are able to equip their clients with the solutions and expertise they need to stay ahead of shifting talent demands while efficiently and effectively managing their operations. The vendors that lead the charge into a new era of professional services technology will have the specialized focus and domain expertise to understand the evolving challenges professional services organizations face, as well as the scale to translate those challenges into ground-breaking solutions.
The businesses that adopt software that is purpose-built for the professional services industry will have a competitive advantage, and an advantage in the fight to attract and retain the best talent. FTEs and independent contractors need purpose-built software to maximize productivity and streamline collaboration so that they can be more effective in their roles and more likely to thrive in their careers. And business leaders gain invaluable short- and long-term visibility into the insights and key performance indicators they need to improve resource management, shorten business development cycles, and build their optimal talent network.