Are you winning the war on talent?
Updated: Aug 24
This Article Is Authored By MSI Global Talent Solutions]
Over the past 3 years, the labor market has challenged how we work, including traditional employer contingent labor; remote work came into play and augmented the styles and structures of how we work. The pandemic pulled the blinders off. Gen Y and Z workers demanded more flexible work options. Companies closed their brick-and-mortar locations because the significant investment in retaining them was unnecessary. Companies were surprised that working remotely or using a hybrid model was effective even when their workers began to return to the office. As the extended workforce continues to grow, what do we need to prepare for in 2023?
Talent Acquisition has changed its course over the years. While the pandemic created a vast pool. of candidates. companies cannot wait until the last moment to put out job descriptions and job openings and expect the perfect candidate to miraculously appear. Moving quickly is key, whether you are searching for traditional, permanent, or contingent talent. Each group has a competitive edge right now - all due to talent economy dynamics. The search for the right talent has increased wages for premium talent in such high demand.
Traditionally, organizations hire full-time employees via their Human Resources or Talent Acquisition. These teams are equipped with tools (Applicant Tracking Systems or other HR Tech Programs) and process specific to talent sourcing. To complement this type of sourcing. companies need a strategic approach to hiring all talent, particularly for contingent or temporary workforce.
In today's digital age, the global talent market is becoming increasingly dynamic and competitive, with 90% of talent finding their jobs online. A leading industry statistic says that the preferred mode of job search by 65% of contingent talent is via a mobile device. This approach taken by the contingent staffing industry has been solving a big question - What if a company can acquire contractors directly? This is where direct sourcing comes in.
Direct Sourcing is a method of sourcing contract workforces by leveraging modern-day talent acquisition processes and techniques. It is used as an alternative sourcing approach in addition to traditional staff suppliers for sourcing talent. Contingent programs are a bit backlogged as compared to the HR and HR tech industry, which have witnessed significant modernization in the past two decades,
Direct Sourcing is a model to directly attract and engage the contract workforce by leveraging modern-day talent acquisition techniques, which include leveraging a company's brand. repurposing its traffic from the company's website and career pages, generating job seekers from job boards or all possible online channels and generating referrals for the temp roles similar to an employee referral program, and building a private talent pool that the company can tap into as and when it needs.
The Future of Work
Workforce trends have shown the demand for more flexibility on the part of the hiring organization. workers to come into the office five days a week? We need to question the need for a college degree vs years of experience on the job. What will happen to pre-employment screenings as our labor m continues to expand? The continued evolution of the labor market has challenged how we work to build the right strategy for traditional employment, and contingent labor will help win the war for talent.