Closing the Gap: How Intelligence Revolutionizes Talent Management

June 29, 2023

Businesses have discussed the concept of total talent management for decades, but for the most part, the idea has remained ambiguous and aspirational. As promising as the idea may be in theory, or even in practice, few businesses have been willing to make the necessary cultural shift in how they view talent.

In most companies, there is still a massive divide between employees and nonemployees both on paper and in management practices. Some of this is warranted due to co-employment concerns and technology providers haven’t persuaded companies that their solution will keep them safe from a compliance standpoint and deliver a strategic advantage from a talent perspective. But the picture is changing.

More than 20 years ago, non-employee workers represented less than 20% of the total workforce. Today they represent nearly half (47%). Non-employees have grown in both numbers and importance, and workforce technology providers have struggled to deliver on the total talent promise. More recently, though, we’ve seen that as an industry, technology is driving us closer to that goal.

Meanwhile, our clients’ workforce dynamics are rapidly changing. In the post-pandemic environment of permanent hybrid, remote, flexible work, the workforce is evolving once again. We believe the new differentiators we offer are tailored to meet these changing needs.

Several market factors are driving our enhanced platform moving forward:

1. Continued tight labor market. Companies still struggle to find the right talent. Even in an uncertain economy with executives cautious about spending, businesses are desperately seeking to hire or hold onto qualified talent. This unpredictable economy, combined with the high demand for talent, is forcing companies to lean into more flexible work models, and companies need technology to manage that scalability.

2. Complex regulatory landscape. Labor regulations are changing, particularly for independent contractors. There are also country-specific requirements around contractors and, due to the growth of remote work, geographical boundaries to sourcing are disappearing, and companies can’t keep up with compliance demands.

3. Human Resources involvement. HR is now more involved than ever with the extended workforce. While procurement was once 100% responsible for extended workers, today’s CHRO keeps up with extended workers and employees for visibility, accountability, and strategic value. Because HR is typically responsible for DE&I initiatives, it needs visibility into the contingent workforce to incorporate those workers into its DE&I strategy.

4. Data privacy concerns. Increased regulations regarding data privacy require better data management on the supply side. Staffing firms, consulting firms, outsourcers, gig platforms, and the talent themselves are looking for better technology solutions incorporating more automation, control, and transparency to ensure data privacy is maintained.

We believe the future of work will be powered by technology that unlocks the limitless potential of every business and individual. To realize that vision, our platform must meet the needs of every user. Our latest generation of technology is designed to meet these needs, including opening additional opportunities for smaller and midsize companies. 

Contact us today to learn how we can help you close your total talent intelligence gap.

Contact us to learn more

Do you want to acquire and manage talent more effectively?

Download Everest Group’s report, The Role of Technology in Enabling Strategic Contingent Workforce Management (CWM), and learn how to leverage VMS technology to meet your most pressing talent acquisition and contingent workforce challenges.

Access the report