The world of work is changing. With the rise of technology and globalization, organisations are looking for new ways to retain talent, engage with diverse stakeholders and attract new employees. Today, as the workforce continues to become more fluid, the approach to integrated talent management is also changing for many businesses. The rise in the adaptability of a more contingent workforce has forced many HR procedures to change. For a long time, companies would look towards traditional vendors such as consulting firms, recruitment agencies, and third-party tech companies to hire talent. Now, as employee perspectives about work are changing with more independence in the workforce along with the growing necessity for a contingent workforce, new means of hiring talent are needed. According to Forbes, the best way for businesses to succeed while including a contingent workforce strategy is leveraging the availability of specialized freelance marketplaces into their integrated talent management process.
This article discusses the basics of Integrated talent management, the recruitment trends of 2021, and the rising necessity of specialized freelance marketplaces as a result of the disruptive changes.
The aspects of integrated talent management
Organizational hiring procedures need to be flexible, fast, and efficient in today’s business environment, and even though Integrated talent management is a necessary approach, some aspects of it needs more revolutionary viewpoints.
Integrated talent management is basically the strategic combination of the traditional functions of HR such as recruitment, selection, workforce planning, employee performance evaluation, learning and development, and the process of reward and recognition.
Integrated talent management breaks down into two categories: workforce planning and talent lifecycle planning. Workforce planning is about structuring the organization to meet its needs, while talent lifecycle planning is when an organization identifies and acquires the right employees for their current needs. Many companies are looking to integrate these two aspects of talent management in order to react more quickly and decisively as business demand changes.
Talent lifecycle planning is the process of deciding when, where, and how to hire employees or consultants who are needed for particular projects. Skills necessary include identifying where the organization is currently lacking and evaluating those areas of talent that are already present in the organization’s ranks. It also involves deciding whether to use an internal or external resource for a particular project and whether it makes sense to bring in new hires or utilize consultants. The talent lifecycle planning process is where organizations need to make changes to acquire the right kind of professionals. Organizations must begin incorporating specialized freelance marketplaces as work partners at this stage.
How can freelance marketplaces assist organizations as part of their Integrated talent management process?
According to Harvard Business Review, 98% of executives plan on redesigning their companies to make them fit for tomorrow. Another study from CXC states that 39% of businesses plan to use more variable talent pools as 65% of companies believe that finding the right talent in the right time period will not be possible due to talent shortage. Leveraging the assistance of freelance marketplaces cannot only help organizations find the right talent in a short period of time, but they can also assist businesses to fill in the skill gap left by their traditional workforce. They can also enhance the overall control and visibility over the contingent workforce for organizations as they provide services like performance feedback and reviews of consultants and other professionals hire through their platforms.
As change is inevitable, organizations seeking flexibility through employs must first incorporate flexible hiring approaches into their Integrated talent management process.
The recruitment trends supporting the necessity of specialized freelance marketplaces.
-More contingent workforce in Australia and New Zealand
Earlier this month, SAP news reported that more than one-third of Australia and New Zealand workforce consists of contingent workers. The report from CXC further predicts the share of the contingent workforce to grow up to 50%.
-Transformation in the labour demographics
Australian Bureau of Statistics reports that 33% of the Australian labour force is reaching retirement age. This means the labour replacing that percentage will be young, more technology savvy and inclined towards remote, independent, and flexible work.
-More remote hiring
A significant proportion of employees grew used to working remotely, and they have also realized the benefits of more independent work. The availability of remote work is likely to become a primary incentive for many people. Hence, independent consultants willing to work on long-term yet flexible bases can provide massive support for businesses along with their traditional employees wishing to work remotely, at least on a partial basis.
-Diversity and Inclusion
The availability of remote work and the opportunities provided by freelance marketplaces became a primary factor in supporting diversity and inclusion in 2020. According to Forbes magazine, being physically present in an office has long been a hurdle for people with primary family care responsibilities majority of which are women and people with physical disabilities. However, the option of flexible work, which can be easily accessed through specialized marketplaces, has helped both employers and employees with such disadvantages to assist each other. Many professionals were not able to access work opportunities despite their exceptional skillsets before the rise of the gig economy and remote work.
-Transparency and ease of selection in the recruitment process
We discussed the importance of employee engagement in one of our previous blogs and some key drivers of successful employee engagement transparency and efficiency of recruitment processes. Nowadays, quick and efficient hiring processes are not just crucial for employers; as workers become more aware and independent, they appreciate honesty, respect, and a quick hire, so their time is not wasted. Interactive technology has given rise to the transparency of procedures, and the candidates being hired to expect openness about selection processes, salary range, benefits packages and recruitment timelines. When businesses are specifically looking to hire contingent workers, specialized freelance platforms take care of all these aspects as they are equipped with the right technology and processes.
-Increased skill testing
Driving efficiency is a primary recruitment trend in 2021, hence the need for a contingent workforce. Skill testing is a process that helps companies hire candidates at a competitive advantage as they are hired on merit relating to their past achievements and experiences. Moreover, 64% of experts agree that skill testing is a necessary practice to conduct efficient screening for employees. Some freelance platforms like ConsultXperts have teams of specialists responsible for screening the experts available on their platform, and they require candidates to have specific years of experience to signup. These aspects make hiring contingent workers a lot easier for businesses as they have no need to conduct skill testing, and they also save a lot of time.
Specialized freelance digital platforms can prove to be of great assistance to businesses and their overall integrated talent management systems. They can act as recruitment partners for organizations taking care of the contingent part of the workforce, saving time and money.
ConsultXperts allows businesses to post jobs without any fees and guarantees project proposals within 48 hours, taking care of the entire screening, expert matching, project payment, and feedback process.