How GE is Adopting the Future of Work

By Brenda Do

What does the future of work look like? At GE, it’s not the traditional, hierarchical model where workers clock in each day performing set tasks. Instead, GE is exchanging this outdated model for one based on flexible, project-based teams.

Fortune 500s like GE adopt this team-based approach because it provides an efficient way to increase productivity, innovation, and speed. The model also helps overcome business growth obstacles such as the worsening talent shortage.

Assemble skills, not titles

Rapidly evolving technological advancements and global markets are increasing demand for more specialized skills. But demand for many of these skills continues to outpace supply. This makes it increasingly difficult to secure skilled talent.

Companies were three times more likely to say hiring was harder in 2016. This can impact a business in many ways as 76% of hiring managers say their success depends on getting access to top talent.

GE sought to resolve this issue for their teams and clients by creating GE GENIUSLINK™. The program partnered with Upwork to create a network of millions of independent professionals with in-demand skills.

“Markets today demand a level of speed and sophistication that are increasingly difficult to achieve using traditional approaches,” says Dyan Finkhousen, president and CEO of GENIUSLINK and director of innovation and advanced manufacturing for GE.

GE’s program is an example of 21st century collaboration. With nimble and vast connectivity, they assembled PhDs and statisticians who helped a company uncover $800 million in opportunities. Then the specialists used predictive modeling to increase the sales department’s conversion rate by 17%.

The future of work requires companies to find the right talent at the right time to create amazing results.

Rely on freelancers

No matter how talented your employees, it’s impossible for a single company to have every skill it requires in-house. Partly because changing technology creates new skills faster than schools can churn out graduates.

Upwork CEO Stephane Kasriel predicts that in just a few years, a third of the skills needed in our workforce will be brand new.

If you can find the skilled worker you need, you may not be able to wait for them to start. It takes 31 days to fill an open position in the U.S. Add more than 10 additional days for technical positions.

What’s more, hiring may be cost-prohibitive. The average cost per hire soared to $4,129, which may force some companies to remain short-staffed.

Companies that utilize contingent workers aren’t hamstrung by such limitations. One GE client engaged aviation specialists to uncover potential fuel savings. The specialists accomplished this by reducing the weight of one part by up to 84%. Then the company engaged other experts to create the new part in just three months. That’s the future of how work gets done.

Organize for speed and velocity

In a webinar with Spend Matters, Kevin Dawson, executive director of software innovation at GE Digital, says the future of work “operates in smaller, self-forming teams centered around problems Go to the full article.

Source:: Business 2 Community

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