As the workforce adapted to remote and hybrid models over the past three-plus years, enterprises shifted their focus towards optimizing work strategies to ensure operational continuity in the face of the ongoing pandemic and global supply chain disruptions, as well as other enterprise challenges (such as today with rocky economic conditions). The concepts of operational agility and flexibility took on newfound importance, reshaping approaches to talent acquisition and management, especially in the realm of extended workforce.
One of the key competitive advantages during these challenging times has been scalability. Organizations found themselves evaluating how swiftly they could scale their operations up or down and secure top-notch talent during both times of survival and times of success. This was crucial not only for short-term projects and other needs (think warehouse fulfillment for verticals like light industrial), but also for longer-term employment needs. The contingent workforce became indispensable, with Future of Work Exchange research indicating that extended talent accounts for an average of 49.5% of a company’s total workforce, reflecting its significance in talent management strategies.
Effectively leveraging the extended workforce now demands a more comprehensive understanding of the current and future talent requirements of the enterprise. Organizations must consider their strategic direction, assess whether they possess the necessary skillsets to execute their plans, and pinpoint areas where talent alignment is essential. “Total talent intelligence” plays a pivotal role in assisting hiring managers (and contingent workforce program leaders) in answering these critical questions, ensuring the continued competitiveness of the business during both good times and bad.
To ensure organizations remain resilient in the face of ongoing changes, talent acquisition is continuing to evolve in the final months of 2023 and into 2024, with a noticeable shift towards external talent sources. With an intensely competitive labor market and the need to find top-tier expertise in near-real-time, businesses must reimagine their recruitment strategies.
Enterprises today are actively searching for Best-in-Class talent with the skillsets to deliver immediate value and retain their services in a sustainable manner (enter a popular term here at the Future of Work Exchange: talent sustainability). This shift towards external talent reflects a recognition that the talent pool extends beyond internal structures, allowing organizations to tap into a broader range of skills and expertise in their quest for success.
Hence, newer strategies (such as direct sourcing) have become indispensable in cultivating a talent pipeline and establishing an ongoing engagement strategy that places innovation and business execution at its core. When coupled with managed service providers, direct sourcing can create a sophisticated talent acquisition and management process. Leveraging talent communities and supplier networks helps align the workforce with enterprise needs, and technology platforms offer innovative solutions to meet evolving business demands.
