Dr. Dawn on Careers: the rise of the contingent workforce.

Companies are increasingly rethinking how they view talent. In fact, according to Randstad Sourceright’s Talent Trends research, 25% of global enterprises say they expect to convert permanent full-time positions to contingent labor jobs.

During her “Career Talk” podcast, host Dr. Dawn Graham from the Wharton School of Business, spoke to JoAnne Estrada, global head of Contingent Workforce Solutions at Randstad Sourceright, for additional insights on this trend.

Estrada, who was interviewed live from the HR Tech Conference and Exposition in Las Vegas, talked about the growth in the contingent workforce and what it means for both companies and individuals. Estrada shared how the numbers are exceeding previous projections, with 55% of professionals now more open to non-traditional work arrangements than they have been in the past.

Being a permanent employee is no longer the only option. Workers are becoming more interested in project-based arrangements where they can gain valuable new skills and then move on to the next opportunity. In response to this “Uber-ization” of work, companies are rethinking their talent strategies – from hiring through retention.

The biggest change is a shift to total talent management, which Estrada describes as “a holistic and proactive approach to attract, hire and manage talent for the work that needs to be done.” Instead of looking solely at what roles to fill, organizations have an opportunity to focus on the best way to get work done — whether it’s through upskilling existing employees, hiring gig workers, or implementing automated solutions such as robots and AI.

With a fourth Industrial Revolution underway, successful businesses realize they need to look across their total talent base to remain agile and stay ahead of market changes. They must be sensitive to what these new scenarios mean, not only for their own organizations, but for their client companies as well.

Listen to the full podcast to hear about the many challenges and opportunities that come with today’s changing workforce. You can also get your copy of the Integrated Talent Playbook for a deep dive on how total talent management works.