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How can CFOs thrive within the tight labour market left by Covid-19?

3 minute read

To say 2020 has been extremely challenging is an understatement.  It has been back-breakingly difficult for businesses to navigate through the Covid lockdown and the resulting economic turmoil left in its wake.  In its June Outlook the IMF called it “A crisis like no other, an uncertain recovery”. 

As a result, the CFO is under increased pressure to ensure they are taking the right actions for their organisations, employees, shareholders and themselves.  To ensure they are doing so, they need people in their business who are flexible thinkers and understand data visualisation.  These newly required skills have created a large gap in knowledge within many organisations.  Technology and data are available, but without the right people with all the right skills the pace of transformation is limited. 

One of the largest areas of business transformation is massive workforce virtualisation.  Business must identify the right balance between physical and remote work locations, or a hybrid of the two.  At the start of Covid pandemic all office workers became remote workers, and sadly many businesses were forced to lay off or furlough employees as they struggled to cope with the resulting financial losses. 

As the economy starts to recover, companies are beginning to utilise an extended workforce made up of contractors or gig workers to fill critical gaps, which has many benefits for the business and for the contractor. 

Some of these are:

  1. Uncertainty means businesses might not want to make permanent investments, therefore using contractors means less financial risk whilst still ensuring the priority work is done
  2. Companies no longer need to choose between hiring expensive workers with the skills they need or hiring less expensive, less qualified workers
  3. Contract workers themselves report satisfaction on pay, benefits and work/life balance
  4. Advances in AI technology and digital platforms, as shown in the quote below, give CFOs the right market rate information to inform decision making and use the contingent workforce efficiently for their company: 

“One financial services firm was spending $120 million on temporary IT staff without a clear idea of market rates or internal strategy. By using AI to evaluate its information technology capacities and determine market rates for different types of temporary workers, the company identified changes that would save a projected $8.5 million annually.” - CFO Dive, May 27th 2020

As more and more businesses look to contractors instead of the traditional labour market, and with more and more workers at all levels looking to switch to the gig economy, ten80 is perfectly placed for organisations looking to capitalise on the high savings, continuity and increased efficiencies that our marketplace can offer.  If you would like to learn more about what we have achieved for our clients and what we could do to support your business, please get in touch

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