Business
RGP Study Finds C-Suite Leaders Are Shifting Their Workforce Strategies as They Take on More Transformation Initiatives
More companies are embracing a new Dynamic Workforce Model to gain competitive advantages IRVINE, Calif.--(BUSINESS WIRE)-- RGP (Nasdaq: RGP), a global
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[{"type":"text","content":"\nMore companies are embracing a new Dynamic Workforce Model to gain competitive advantages\n\n\n IRVINE, Calif.--(BUSINESS WIRE)--\nRGP (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.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231031212975/en/\nRGP’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.\n\n\nIn 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.\n\n\n“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.”\n\n\nRGP 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 comp...