Leading companies are increasing their adoption of high-end independent talent to fill the widening skills gap, remain agile in a still turbulent environment and access top professionals.  Companies are also benefiting from both the agility and flexible nature of outsourcing skills and talent but also seeing gains from the expertise and knowledge of specialist independent advice. 

Interestingly, as a business owner myself, the fastest-growing skills across the BTG 2021 Skills Index was that of compliance strategy and processes which was up 700% on the previous years index. Companies are increasingly seeking independent talent who can develop strategies, drive projects and process improvements and serve as interim leaders to help manage risk for any and all eventualities.  Prior to the pandemic legal and compliance teams were already stretched in some cases and supporting these teams was a big part of what we did! Now it’s also the fastest growing area of our business.

Data management was also high on the fastest-growing skills list, which was up 175% on the last report and dovetail’s Life Science Law’s offering. From pre-pandemic GDPR compliance demand through to developing and implementing policies, processes, and metrics to drive the accuracy and integrity of a company’s data in a new digital environment, these skills are in demand and can never be left under-resourced for business-critical reasons. 

Ultimately, companies have an opportunity to streamline processes and resources while becoming more efficient and agile while tapping into a pool of external expertise critical to growth, safeguarding the business and operating cost-effectively. 

According to a whitepaper on ‘Building the on-demand workforce’ from Harvard Business School

COVID-19 is hastening the transition to on-demand workforce models. As supply and demand gaps for skills have widened, talent issues have put pressure on companies to be smarter about how they utilise their workforce and be more creative in how they source the skills they need. Some other insightful trends and learnings from the index that really hit home for me are that the landscape of skills and resources is changing for the better. Such as:

  • 77% of executives say their current talent strategies are more focused on workforce agility than ever before
  • 40% of human capital leaders say talent scarcity has negatively impacted their organization
  • 90% of business leaders say talent platforms will be “somewhat or very important” to their organisation’s future competitive advantage

Finally, and in summary, the overriding and most compelling message has been that companies that already had remote working infrastructure in place were the fastest to rebound and reorient to these previously unimaginable challenges. For many of those, harnessing independent talent was already part of their strategy, allowing them to move quickly and develop new solutions while others struggled to adapt, let alone thrive. With this in mind, surely best-laid plans would be to adopt such a model within one’s own business to futureproof and upscale a company’s operation? 

To find out how Life Science Law can help your business, our Founder Wendy offers 30-minute consultations – with no obligation to instruct and no costs. Wendy will assess your business needs, identify potential legal issues, and tailor a bespoke plan for you. Email wendylg@lslaw.co.uk  or click here