How to keep your FM team ahead of labor shortages
The International Facilities Management Association (IFMA) estimates that 40% of existing facilities managers (FMs) will retire by 2026, further straining FM teams already depleted by COVID-related layoffs and furloughs. This generational shift in the facilities management (FM) workforce will trigger labor shortages of 158,000 FM positions through the end of this decade.
Outsourcing offers a viable solution for shorthanded FM teams. McKinsey & Company reports that 50% of facilities management is now outsourced. Managed services, a common outsourcing option, augments FM teams with seasoned practitioners capable of tackling time-consuming tasks like managing vendors, work orders, and assets. Spending for managed services is expected to grow 66%, reaching $1.88 trillion by 2024.
In our recent webinar, “Staying Ahead of the Labor and Resource Curve with Corrigo Managed Services,” hosted by JLL Technologies (JLLT), experts shared insights on expected labor shortages and outsourcing options for meeting demand with understaffed teams.
Jake Watson, JLLT’s senior director of operations and client experience, discussed the common features of outsourced service solutions using Corrigo Managed Services as an example.
Workflow (work order) management
A managed services team is an extension of the client’s FM team. In Corrigo Managed Services, FMs and administrators ensure end-to-end work order management and visibility into each step of the process. This includes compliance with the client’s not-to-exceed thresholds, quote submissions, and approval chains.
Provider (vendor) sourcing and management
Dependable service providers are essential for ensuring equipment uptime and prompt response to work orders. But creating or expanding a provider network takes time and consistent effort, which FM teams rarely have. Managed services fill that gap by sourcing and vetting providers, verifying insurance and licenses, conducting background checks, and onboarding new-hires.
This feature ensures that a client’s database and back-end settings are set up according to best practices of computerized maintenance management systems. Admins can create separate views inside Corrigo for specific user roles, such as regional managers or site managers, and can establish automated thresholds for expenditure approvals.
Strategic program management
This complements the first three features and includes select services for post-sales training, new-vendor sourcing, and managing requests for/responses to proposals.
Corrigo Managed Services can deliver detailed analyses of service providers by distilling multiple quality metrics into one overall score. It also provides vendor sourcing for clients, using volume concentration and best-price evaluation to drive down costs. Data and analytics show clients how to maximize their budgets for greater FM performance.
On-demand webinar for your FM team
Learn more about staying ahead of FM labor shortages in our on-demand webinar recording.