Beyond Employees: 5 Trends Driving Talent Acquisition in 2018
- 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.
- 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.
- 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.
- 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.
- 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
- 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
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.