Now is the time for business leaders to prioritize shared services innovation, rethink their operating model and fully harness the capabilities of emerging technologies. Those that do will reap the benefits; those that do not risk falling further behind their better-placed competitors.
Training a company’s team members is a foundational step in running a company, one that is often forgotten when busy times hit. It shouldn’t be. Putting the time and effort into designing a training program that suits the unique needs of procurement will drive more effective results in less time. Employees will be better equipped to manage the various situations and surprises that sourcing across numerous categories brings about.
Today’s labor market is tight. At the start of 2019, the U.S. economy had seen the longest run of job growth since 1969 and the current unemployment rate is still holding steady at about four percent. Year-over-year wage growth is also the strongest it’s been in a decade. The robust economy has shaped an ideal market for employees, where the demand to fill open positions is outpacing the supply of talent. You’d think employees would look at this as an opportunity to shop their talent to the highest bidder, right? But are workers actually looking to move on?