Next-generation talent platforms enable organizations to benefit from the global workforce
Talent platforms enable organizations to benefit from the global workforce.
The 2020s have been termed the “year of the gig economy” and in response, organizations are evolving their strategies in order to accommodate these new working patterns. Recent research by ConsultXperts has revealed that with a shift in focus on developing human capital and investing in data analytics, next-generation talent platforms can create significant value for organizations through greater access to high-quality employees. This is achieved without huge investments thanks to this new generation of talent platforms designed specifically towards global labor markets. With such a system, employers gain access to highly skilled workers while lowering costs at the same time; meanwhile, employees find themselves with more flexibility when it comes to finding work. Consulting is seen as the main industry that will benefit from talent platforms, with 73% of organizations surveyed revealing they are intending to invest in this technology in the next year.
“We are now seeing a rise in digital services designed to better capture data on an individual level,” said David Del Prato, principal analyst at Amadeus Consulting. “This has the potential to change how we work, and we can expect to see a reshaping of working practices and an increase in remote and freelance work as people gravitate towards flexible working patterns.”
These changes will lead to a shift in the workforce – one that favors highly skilled workers. Access to this global workforce has been made possible thanks to the rise of digital services designed to better capture data on an individual level, potentially changing the face of working practices. Such changes are likely to lead to a reshaping of working practices and an increase in remote and freelance work as people gravitate towards flexible working patterns. These developments mean that companies need to rethink how they can attract and retain top talent by offering them access to the skills and opportunities they desire, all while staying competitive
Why organizations are adopting them
This new technological advancement provides a way for organizations to gain access to high-quality employees without having to invest heavily in recruitment. With this shift in focus on developing human capital and investing in data analytics, next-generation talent platforms can create significant value for organizations through greater access to high-quality employees.
Employers both large and small are turning to next-generation talent platforms because they provide an easier way to find high-quality talent. The research showed that the average cost of recruitment is currently $4,500 per employee; however, with talent platforms, this figure drops to $2,000 per candidate found. This significant reduction in price does not impact quality as 47% of employees recruited through platforms are already professionals or at least possess two years of experience in their role.
Moreover, the research found that on average, only 16% of new recruits join an organization by applying directly through their website. This demonstrates how talent platforms can dramatically shift the recruitment process as new employees will be sourced from a pool of candidates who would not have otherwise been actively looking for work with your company.
All in all, organizations across all levels are turning to next-generation talent platforms as a solution for hiring the workforce of the future. By lowering costs and improving quality, these organizations can stay competitive in an increasingly demanding market – thus creating value for both their employees and shareholders.
What are the benefits for both employers and freelancers?
Employers, whether large or small, are able to gain access to potential candidates worldwide without the huge costs involved. Talent platforms provide a way of finding high-quality staff at a lower cost by using a global labor market. Freelancers are able to obtain work from around the world, outside of their home country, without having to pay huge costs for international flights or visas.
The benefits of talent platforms are that they can tap into a global labor market and bring far cheaper rates to employers looking to hire. This means they are able to access people who would have been out of their price range for filling roles.
Now that talent platforms are on the rise, companies are starting to embrace new technology in order to stay competitive in 2022. Some examples of companies that have adopted talent platforms to successfully lower recruitment costs while still finding high-quality employees are Salesforce, Microsoft, and IBM.
“We now live in an era where everyone has a portable digital identity. No matter where you are, talent platforms can now identify that person’s data and connect them with the right role,” said Jamid – CEO of ConsultXperts.
Next-generation talent platforms make this possible as employees are able to build profiles that show their strengths, experiences, and knowledge. This enables recruiters to easily find suitable candidates based on these profiles at a cost that won’t break the bank.
Another benefit of next-generation talent platforms is their increasing use as a means to hire freelancers rather than employees. In today’s world, many companies are leveraging consultants and specialists to cover temporary skill shortages or provide expertise on projects for an agreed time frame – without having to make those new hires permanent employees. This enables companies to bridge gaps and maintain a leaner workforce, while also being able to quickly access the skills they need without having to pay out on permanent employment terms. In addition, companies can avoid costs such as staff benefits.
With an estimated 40.8% of employees planning to look for a job with a different employer in the next 12 months, according to Randstad’s Global Workforce report, talent platforms are becoming an integral part of companies’ strategies as they can gain access to fresh skills without having to make those new hires permanent employees. These freelancers also represent the millennials who now make up the majority of the workforce and this evolving market is shifting the employment landscape, as employers need to adapt or risk losing these employees.
Employers are now turning to talent platforms in a bid to make a more flexible workforce and in turn, boost their bottom lines.
For example, in the financial services industry where compliance is key when it comes to hiring new employees, talent platforms provide access to qualified professionals – who they can then hire on a contract basis from around the world, without having any long-term obligations.
With talent platforms enabling potential employees to provide more information about themselves, they are becoming more attractive to recruiters as they can make better hiring decisions.
How does this impact issues such as diversity?
Cutting recruitment time and costs is key for businesses in 2022, where the workforce has become increasingly diverse, making it more difficult to screen candidates and find the most suitable one for a given role. A potential issue with talent platforms is that it could lead to less diversity as hiring managers are likely to go for people who fit their predetermined profile or ideal candidate.
“In order to be successful, companies need an innovative solution that meets both the business needs of hiring managers, while also providing access to high-quality talent in the most effective way possible,” said Jamid.
“Next-generation talent platforms deliver both value and diversity, without sacrificing quality – which is why they are becoming more popular.”
Next-generation talent platforms such as ConsultXperts are designed to bridge the gap between employers and employees by providing a means for companies to access global labor markets without having to make permanent hires. By selecting the best candidates, companies can boost their bottom lines and drive the business forward. Companies are able to respond quickly to gaps in their workforce through freelancers who they need only on a part-time basis.
It is important for employers to understand that this new working pattern will affect how employees and organizations interact with each other and as such, it is important for employers to adapt. This is not just about what employees want, but also about what companies can integrate into their long-term strategies to retain talent for the 2022 and beyond. By evolving their strategies in this way, they will ensure that they are able to work with the next generation of talent – who are looking for better work-life balance and flexibility but are also expecting transparency.