Beyond Employees: 5 Trends Driving Talent Acquisition in 2018
Here are five important trends that are shaping how we approach talent acquisition now and moving forward.
1. C-Suite focus on talent
: Research shows that enterprise companies and their leaders view talent acquisition as a high priority. According to an Ardent Partners survey, 95% of organizations view contingent talent as vital to not only day-to-day operations but also to the ultimate success and growth of the enterprise. A PricewaterhouseCoopers survey of 1,400 CEOs found 75% of CEOs ranked developing talent as one of their top three business priorities.
2. Explosion of the contingent labor workforce
: The gig economy. The extended workforce. Whatever you call it, more and more talent falls under this umbrella than ever before. In 2010, only about 10% of the workforce was non-employee. An Intuit study predicts 43% of American workers will be classified as contingent by 2020.
3. Globalization & economic forces at play
: The world of work has changed and global enterprises face this fact on a daily basis. To stay competitive, organizations need talent with specialized skillsets and deep expertise. If you want to tap into the top talent, you need the flexibility to attract talent from diverse geographic locations.
4. New technology and sourcing models
: We have seen a proliferation of tools and technology in the contingent workforce management (CWM) space. Candidates are looking for new ways to find their next gig. Best-in-class CWM programs are already taking advantage of new online sourcing models to complement traditional staffing.
5. Enterprises seek unified workforce strategies
: Companies are struggling to integrate their different worker types into a coherent strategy. 70% of the 7,000 companies surveyed by Deloitte claim difficulty integrating a blended workforce. According to a study from Bersin by Deloitte, unified workforce strategies are 2.6 times more effective on talent acquisition outcomes.
What This Sea Change Means for Contingent Workers, Enterprise Companies, and You
What does this mean for you and your organization?
· Procurement and HR leaders’ efforts will be under a microscope because of this increased C-suite focus on talent. Are you equipped to handle evolving talent acquisition and management needs?
· An effective contingent workforce management program is commonplace now. Ensure that you have the right strategy to access the right talent. If your company solely focuses on hiring full-time employees to fill your workforce needs, you are missing out on the talent that lies on the contingent side.
· In today’s economy you need to access talent on a global scale. Globalization is forcing many enterprises to expand their CWM programs into locales with very different labor laws, employment practices, and talent infrastructures. In these cases, it is very important to choose service and technology partners who are familiar with the territory and can lend appropriate support and advice.
· These new tools, technology, and talent sources can also create new challenges and risks. An online platform may not align with your organization’s contingent workforce processes. Or it may not meet your requirements for enterprise data security. Remember, if a solution doesn’t let you engage directly with talent and still be fully compliant, it’s only making more work for you and more risk for your company.
· As program challenges get more complex, it is critical to integrate contingent and full-time workers. Although achieving a blended workforce may seem like the Holy Grail, research shows organizations that do so enjoy the many rewards that come from sourcing the perfect mix of talent.
Getting the Top Talent, as Quickly as Possible, at the Right Price
Progressive organizations are now leveraging new sourcing — including online platforms and public or private talent networks — that complement traditional staffing. This helps them select and engage the right talent, at the right time, at the right price.
How can you find great talent without the risks associated with online marketplaces?
One sourcing method that is gaining traction is self-sourcing. Self-sourcing is the action of finding and directly engaging talent for contract positions without going through traditional staffing suppliers. In fact, you can use your existing VMS to safely self-source from your own Preferred Talent Pool.
If you are looking for faster, more cost-efficient ways to optimize your extended workforce, consider Beeline Self-Sourcing. It allows you to supplement the services of your traditional staffing suppliers with many of the best features of online platforms, public and private talent networks, and freelancer management systems. Plus, you get the security, comprehensive management capabilities, and business intelligence tools that are only available from an industry-leading vendor management system.
If self-sourcing seems like something you will have to battle your legal department over, you should know that many companies with rules against using 1099 workers have found that, by combining self-sourcing with a payroll provider, they can realize the benefits of lower bill rates, faster time-to-fill, and broader access to quality talent while mitigating compliance risks.
: Recognize that contingent labor is expanding and, rather than seeing it as a risk, see it an another avenue to engage the hard-to-find talent your program desires. You should adapt immediately because the market favors contingent workers and workers are choosing to be contingent.
To learn how to safely integrate self-sourcing into your extended workforce program to expand your professional talent pipeline quickly and easily, all while reducing overall talent costs, download our free eBook on Self-Sourcing here.