Combatting Talent Shortages: Flexible Staffing Models for Meeting Ongoing Challenges and Staying FLSA-Compliant

According to Gallup, over 20 percent of millennials reported changing jobs within the year they were polled. Millennial turnover adds up to $30.5 billion in business costs each year, Gallup says.  Whether your talent shortage is due to job-hopping millennials, baby boomers’ retirement, or a shortage of foreign skilled workers coming into the country under immigration policy, it’s clear that business leaders need successful strategies for addressing talent shortages so they’re equipped to manage evolving, competitive business demands. Flexible staffing models focused on recruiting and hiring contingent labor may be a viable solution for meeting this ongoing need. But, at what cost? And, what about investments in upskilling as a means for addressing talent shortages? Many companies have already started turning to training and development to upskill employees to fill talent gaps. For instance, Wal-Mart and other Fortune 500 companies, including McDonald’s, Starbucks, and CVS Health, as well as small- and mid-size businesses are among the companies that invest over $600 billion a year in the education, training and development of their workforce in the hopes of seeing greater returns on their human capital investments. Also, predictive scheduling should be on employers’ radar. Legislation is being enacted across the country that impacts how companies treat shift workers. Where does predictive scheduling fit into staffing and retention strategies?

This session will examine:

  • The latest strategies for filling the talent gap
  • The long-term impact hiring contingent labor and upskilling may have on turnover and employee replacement costs
  • How to evaluate your organization’s business needs against your current workforce’s skills to determine where talent shortages are most likely to occur within your company
  • Legal and economic obligations under federal laws, such as the Fair Labor Standards Act, of recruiting and hiring contingent workers, such as dependent contractors, temporary workers, or other “gig” workers to manage talent shortages
  • Examples of training and educational endeavors that can propel employees’ upward career mobility and keep talent shortages at bay
  • The business impact of predictive scheduling and the positive impact it can have on employees’ quality of life

 

Learn more about the Advanced Employment Issues Symposium.