RGP Releases Latest Pulse Survey on Workforce Investment Priorities
July 11 2024 - 7:00AM
Business Wire
Poll of financial decision-makers shows
companies remain committed to workforce development amid
higher-for-longer interest rates
RGP (Nasdaq: RGP), a global consulting firm, today released new
research around the macroeconomic factors and labor market trends
that are impacting workforce decisions in the second half of
2024.
The findings show that financial decision makers remain focused
on investing in their employees. Despite the higher for longer
interest rate environment, 81% of this group is planning to
increase investment in workforce development—consistent with RGP’s
January poll.
Nearly two-thirds (62%) of financial decision makers said their
organization is pausing or delaying some new investments due to
macroeconomic conditions ranging from the presidential election
(23%) to high interest rates (11%). The top factors that could have
the biggest impact on investment in workforce development include a
growing urgency to better leverage AI and automation (47%) and
hiring challenges in a tightening labor market (45%).
“The latest jobs data illustrates a normalizing yet resilient
labor market, and we’re seeing through our own research that
companies remain committed to investing in their workforce through
training, headcount and outside talent,” said Kate Duchene, Chief
Executive Officer of RGP. “We’ve seen some stagnation in the market
as the quits rate has remained low for the past seven months, and
our findings show that skill acquisition remains a key challenge
for employers. These challenges are being amplified by the volume
of work that needs to get done, as four out of five companies we
surveyed told us they are currently executing digital
transformation initiatives.”
Impact of the Accountant Shortage
The ongoing shortage of CPAs has resulted in greater investment
in technology, as 43% of financial decision makers said their
organization is investing more in end-to-end automated accounting
processes and AI tools. Meanwhile, 31% said they are using more
consulting talent to transform their finance function and 27% said
they are using more interim staffing solutions due to the ongoing
accountant shortage.
Nearly half of respondents (45%) said their organization would
benefit from additional resources and tools to better leverage
fractional work arrangements.
Skill Acquisition Remains a Challenge
One in four (26%) financial decision makers said talent
acquisition and retention is their biggest concern in the second
half of the year, second only to the integration of more digital
strategies, including AI and automation (30%). Nearly 30% of
respondents said that it has been more difficult to acquire new
skill sets since the start of the year and one in five said their
organization has experienced widening skills gaps since the start
of the year.
The findings are based on a poll that YouGov conducted on behalf
of RGP in the first half of June 2024. Respondents included 213
U.S. full-time professionals at director level or above who
influence finance decision-making within their organizations. Read
more about the findings here:
https://rgp.com/insights/pulse-survey-workforce-investment-priorities.
ABOUT RGP
Named among Forbes’ America’s Best Management Consulting Firms
for 2024, RGP is a global consulting firm focused on project
execution services that power clients’ operational needs and change
initiatives utilizing on-demand, expert and diverse talent. As a
next-generation human capital partner for our clients, we
specialize in co-delivery of enterprise initiatives typically
precipitated by business transformation, strategic transactions or
regulatory change. Our engagements are designed to leverage human
connection and collaboration to deliver practical solutions and
more impactful results that power our clients’, consultants’ and
partners’ success.
We attract top-caliber professionals with in-demand skill sets
who seek a workplace environment characterized by choice and
control, collaboration and human connection. The trends in today’s
marketplace favor flexibility and agility as businesses confront
transformation pressures and skilled labor shortages even in the
face of macroeconomic contraction. Our client engagement and talent
delivery model offers speed and agility, strongly positioning us to
help our clients transform their businesses and workplaces,
especially at a time where cost reduction initiatives drive an
enhanced reliance on a flexible workforce to execute
transformational projects.
We serve over 1,800 clients around the world with approximately
3,600 professionals collectively engaged from 38 physical practice
offices and multiple virtual offices. Headquartered in Irvine,
California, we are proud to have served 88% of the Fortune 100.
The Company is listed on the Nasdaq Global Select Market, the
exchange’s highest tier by listing standards. To learn more about
RGP, visit: http://www.rgp.com. (RGP-F)
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version on businesswire.com: https://www.businesswire.com/news/home/20240711825819/en/
RGP Investor Contact: Jenn
Ryu, Chief Financial Officer (US+) 1-714-430-6500
jennifer.ryu@rgp.com
RGP Media Contact: Pat Burek
Financial Profiles (US+) 1-310-622-8244 pburek@finprofiles.com
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