Workers face immense challenges, says Nowsta CEO

Nowsta CEO Nicholas Lillios joins Yahoo Finance Live to discuss jobs data, flexibility and the best cities for workers.

Video transcript

[AUDIO LOGO]

AKIKO FUJITA: Leisure and hospitality employment continued its upward trend in October with 35,000 jobs added for the month, although the sector as a whole was still 6.5% below its February 2020 level. Nicholas Lillios joins me now to discuss industry trends. He is the CEO of the comprehensive workforce management platform Nowsta.

Nicholas, nice to talk to you today. Let’s start by talking about how exactly you are at this intersection here. You have pretty good visibility into hiring in that specific space, but how does your software support all of that?

NICOLAS LILLIOS: Yeah great. Thank you for inviting me. I’m happy to tell you about what we do. So, at a high level, we are an operating system for hourly and flexible workers. As we all know, these workforces are currently facing immense challenges. Our platform helps employers find workers and also helps them manage them.

We are truly looking to help employers transform into a flexible and dynamic workforce, moving away from the traditional 40 hour work week and giving them easier access to different labor pools. work. We have a platform called Flex Pool that brings together a set of labor sources in a particular field and basically gives employers access to logistics and other opportunities to engage with that labor. work, so they can make sure they are complete. That’s kind of what we do.

AKIKO FUJITA: So what does the data you have on your platform, what does the number of workers who are looking for a little more flexibility tell you, but more importantly, how competitive is the salary for those who are looking for this type of job?

NICOLAS LILLIOS: Yeah, absolutely. Workers are therefore looking for flexibility. I think employers have been slow to embrace the idea that flexible working is here to stay. And they’re struggling to find workers willing to work 40, 50 hours a week. Workers want to be able to choose when they work. They might want to work 15 hours this week, 20 hours the following week, and they have to adapt to the fact that workers have preferences that do not necessarily correspond to what employers want.

And so what we’ve really focused on is helping them better access labor pools that allow them to work with those types of workers. We give them tools to help them plan. We allow them to better and more easily follow these workers. So there is a fundamental change in the labor market. And employers are just having a hard time finding people. It is very difficult there.

AKIKO FUJITA: And we show some of the most attractive cities for Flex workers right now: New York, Atlanta, Los Angeles, Denver and Dallas. We’ve seen employers increasingly turn to a little more flexible work schedule, largely due to need. What do you hear from them about their ability to fill these positions once they add a little more latitude in scheduling?

NICOLAS LILLIOS: Yes, so they see huge increases in their ability to fill positions when they adopt Flex. They realize that workers are more productive. They are happier. They are more able to work when they can choose the conditions under which they work. And so employers who have adopted it have seen tremendous results with it.

Now, that doesn’t mean employers don’t face challenges with the increased complexity of flexible working, but overall employers who embrace flexible working see much higher fill rates than employers who don’t. haven’t done it.

AKIKO FUJITA: And who are some of the biggest employers using your software?

NICOLAS LILLIOS: So we work with dozens of professional sports teams, most major hotel and hotel brands like Marriott, Milwaukee Brewers, those kinds of entities. We also work with Fortune 50 and Fortune 500 big box retailers, warehouses, distribution centers, those types of entities.

AKIKO FUJITA: Nowsta CEO Nicholas Lillios joins us at our New York studio. It’s good to have you today.

NICOLAS LILLIOS: Thanks.

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