As it is said in Deloitte’s report on Human Capital Trends, the open talent economy is "a collaborative, transparent, technology-driven, rapid cycle way of doing business". But what does this actually mean? How can we manage the human capital of today's world?
Simply put, the workforce is evolving. Gone are the days where individuals clocked into work, and put in a hard day's work of a typical 9 to 5 hours, and then woke up did it all again the following day. The fact is, because of advancements in technology and globalization, to a certain extent, companies are finding innovative ways in which they must hire and retain their staff. Therefore, jobs are no longer just being filled by local staff on full/part-time working schedules.
Companies are now looking at ways in which they can outsource certain job functions, or hire contractors and/or freelancers who do not even need to be in the same geographical location as them to get the job done. This is forcing companies to come up with new and innovative ways to ensure that all their talent (even those with no vested interest at all within the company) is managed in a way that allows for their business objectives to be realized.
Understanding this growing trend for open talent is paramount for businesses to stay ahead of the curve. So what are some of these trends?
- Employees are now working remotely
The percentage of employees working "from home" or "virtually" varies from 30-40% and this is continuing to grow. More and more businesses are seeing the advantages of employing staff that can complete their work virtually. Not only is it great proponent for work-life balance when recruiting staff, but, it also ensures that work can be done at all times without the need for staff to commute to the office. Therefore opening the talent pool - individuals that may not have been suitable a decade ago to complete these tasks are in a much better position now to prove to employers that they can get the job done.
- Access to a global talent pool
No matter the skill set - talent can now be sourced on a larger scale than ever before. Those marketplaces that seemed off limits due to barriers such as geography, language, time zones or simply just not having the reach is a thing of the past. Improvements in technology are changing the way that businesses recruit, communicate and engage with perspective candidates as the talent pool for many companies is becoming increasingly global rather than local.
- Access to online training
According to the Washington Post, more than 100,000 people around the world signed up to Yale's online Financial Markets course. However, Yale is not the only success story for the online training marketplace. Education is now available to everyone and in some cases grade point averages do not factor into an acceptance into a course. Training schemes and/or companies have started to realize the importance of tapping into the online marketplace whereby individuals can be trained on the go (through apps) or by logging into an online session. Technological advances has essentially said goodbye to the traditional methods of teaching, and you no longer have to be physically in the classroom in order to get a degree/masters/certificate of completion etc. You do not even need to be in the same country.
- The rise of freelancing & project based work
Hiring freelancers is on the increase, especially with online marketplaces like Elance and Odesk (now in talks to merge) that helps to match freelancers with clients. This compendium of freelance and project based work is opening up the talent pool as businesses can choose when to expand and contract their workforce at will. Once again, geographical location is not a constraint.
Collaboration at any levels will likely ensure the success of your business. This extends to the online arena. Collaboration does not need to just be a linear process, whereby you sit and meet with people face-to-face. Nowadays, the common meeting and/or work space can be in a virtual conference or meeting room. Technological advancements is allowing for shared databases, shared screens, shared files, shared data etc. It definitely allows the potential of the virtual employee to still feel like a full-fledged member of the team.
- Accessible all the time through mobility
The new workforce is definitely mobile. People can be working while they are on the move with little or no impact to their productivity.
The most important aspect of this new era in Human Capital Management is not necessarily the ownership of talent but that businesses are able to access talent, and are able to do so freely. A business is only able to do this correctly if they are able to leverage their internal and external talent base appropriately and effectively.
About Vanguard HR
Vanguard HR offers an innovative approach to recruiting, leveraging web technologies, social networking, access to global talent networks and employment branding solutions.
Our primary area of expertise is in providing highly skilled technology, engineering and management professionals within the areas of IT (Software development, Mobile, Cloud, Security, Networking, Big Data & Analytics, Internet technology…), Telecom, Energy & Natural Resources, Aerospace and Emerging technologies.