In the past, managing talent was relatively straightforward. You had specific roles to fill and knew where to find suitable candidates. Employees worked on-site and you had face-to-face interactions with them.
However, today’s workforce looks very different. Global changes have disrupted traditional employment patterns, and both talent and employers seek each other out from anywhere in the world. The workforce is now a mix of full-time employees, contractors, and freelancers, with many people having no formal ties to any particular company.
Workers are more mobile than ever, moving freely between roles and across organisational and geographical boundaries. Rapid innovation and post-digital disruption have led to a demand for new talent models that can adapt quickly to changing global markets and products. Businesses now require agility, scalability, and access to the right skills in real-time.
The total talent ecosystem
Recruitment leaders should strategically consider embracing the concept of the total talent ecosystem as a critical area to focus on.
The modern workforce is now a highly diverse ecosystem, consisting of a broad range of workers with different skills, experiences, and working arrangements. This includes full-time employees, part-time employees, gig workers, contractors, remote workers, and more. Furthermore, the emergence of automation and AI has led to the integration of technology and tools in many workplaces, further expanding the range of available workforce options which has opened up both the available talent pool and also provided candidates with a great deal more opportunities when choosing jobs.
However, despite this workforce diversity, some recruiters remain focused primarily on external, full-time employees. This tendency may be rooted in traditional hiring practices that prioritise permanent hires from outside the organisation, rather than leveraging the potential of internal talent or exploring alternative work arrangements.
The failure to recognize and utilize the full range of workforce options available can have negative consequences for businesses. For example, it may lead to higher recruitment costs, difficulties in filling critical roles, and a lack of diversity in the workforce. Additionally, it can limit opportunities for existing employees and make it harder for businesses to adapt to changing market conditions.
To address this issue, recruiters and hiring managers should take a more comprehensive approach to workforce planning, one that considers the full range of available options and seeks to leverage the strengths and potential of all workers, regardless of their employment status or arrangement. This can involve implementing strategies such as internal talent development programs, flexible work arrangements, and partnerships with external service providers and gig platforms. By doing so, businesses can better position themselves for success in an increasingly complex and dynamic business environment.
What is the gig economy?
The gig economy refers to a type of labor market that primarily utilises freelance and independent contractors for temporary or part-time work, as opposed to hiring full-time employees.
While gig workers benefit from increased flexibility and independence, they often face job insecurity and a lack of benefits such as health coverage and paid holiday time. Some employers may choose to offer limited benefits to gig workers but often outsource benefits management to third-party agencies. This approach allows companies to save on labor costs while relinquishing some employer responsibilities. However, this can result in reduced control over the quality of work performed by gig workers.
Gig workers are important in the talent ecosystem for a number of reasons:
- Flexibility: Gig workers offer organisations the ability to scale their workforce up or down quickly in response to changing business needs. This allows companies to remain agile and competitive in the marketplace.
- Specialisation: Gig workers often have specialized skills or expertise that can be difficult to find in traditional employees. By tapping into the gig economy, companies can access a wider range of talent and skill sets.
- Cost savings: Gig workers are typically less expensive to hire than traditional employees since companies do not have to pay for benefits such as health insurance, retirement plans, and paid time off. This can be especially beneficial for startups and small businesses that may have limited budgets.
- Innovation: Gig workers often bring a fresh perspective and new ideas to an organisation. Their experience working with different companies and industries can lead to innovative solutions and approaches.
How does this affect recruiters who haven’t adopted a more strategic approach?
Recruitment leaders who are not being strategic and are simply trying to fill roles in the traditional way may miss out on the opportunities presented by a more diverse and flexible workforce. They may struggle to fill positions quickly and effectively, resulting in lost productivity and increased costs. Additionally, they may fail to attract and retain top talent, particularly among younger generations who value flexibility and alternative work arrangements.
Moreover, this approach may lead to a lack of diversity in the workforce, which can have negative consequences for both the business and its employees. Research has shown that diverse teams are more innovative, make better decisions, and are more effective at problem-solving. By limiting their recruitment efforts to traditional, external hires, recruitment leaders may be overlooking potential sources of diversity, including internal talent, gig workers, and alternative work arrangements.
To be effective in today’s complex business environment, recruitment leaders must be strategic and take a comprehensive approach to workforce planning. This involves leveraging the full range of available workforce options and exploring innovative recruitment strategies, including internal talent development programs, flexible work arrangements, and partnerships with external service providers and gig platforms. By doing so, recruitment leaders can position their organisations for success in a rapidly changing business landscape, and attract and retain top talent that can help drive growth and innovation.
Surviving future layoffs
The market has undoubtedly had a tough time of late, with organisations having to lay off staffing in mass, and one sector that has been hit particularly hard is recruitment.
Recruitment leaders can enhance their job security and reputation within the organization by taking a more proactive approach and presenting strategic talent management options to the company. This can help to mitigate the risk of layoffs and establish them as valuable contributors to the organisation.
Troi can help support existing HR teams to bolster their recruitment strategies and help ensure successful talent pooling is in place to attract, hire and retain candidates who are required to fill niche roles – globally.
In addition to just providing sourcing capability and finding candidates, our recruiters can also assist with the following:
Design end-to-end hiring process (from creating job descriptions, advertising & screening, through to interviewing, offers & onboarding)
Interview scorecard creation
Hiring Manager training
Employer value proposition (EVP) – representing the brand of the business, as if we were an internal resource
Applicant Tracking System (ATS) implementation