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L O A D I N G

How Employers Can Access a Wider Range of Talent Pool?

Published on October 29, 2024

Introduction  

Today’s organizations are facing continuous disruption due to dynamic business landscapes and continuously evolving technologies such as AI and automation. Some of the key concerns that HR remains anxious about are, rising labour costs, managing a remote workforce, and skills shortages.

48% of HR leaders see skills shortages as a top threat to their business this year

There is a dire need to bridge the skills gap, and this calls for focus on talent intelligence i.e. a deep understanding of the available talent pool. 

The Talent Landscape

The evolving Future of Work, and socio-economic disruption has transformed the talent pool. Expectations of a consumer-grade experience, man-machine liaison, flexible work arrangements (remote, hybrid), are changing the employer-employee contract. Employees today value Culture (50% respondents), Values and Purpose (47% respondents), Fair Pay (34% respondents) and Flexible Working (33% respondents) . The rise of on-demand, gig economy is a case in point. Organizations must align with talent expectations and build a focus on skills-based hiring. 

Why Accessing a Broader Talent Pool is Crucial? 

Skill shortage is real. A skill gap directly impacts business outcomes – decreased productivity, reduced innovation, increased costs, and high employee turnover.

Over 3 in 4 organizations have had difficulty recruiting for full-time regular positions while nearly half have had difficulties retaining full-time regular employees in the last 12 months. 

As AI and ML redesign the very fundamentals of work, ‘Skills’ are overtaking ‘Degrees’ as the future work-currency. Building the critical skills for tomorrow requires a mindset of “right skill for the task at hand”. Organizations must proactively address the skill gap through skills-based workforce strategy. Moreover, to make businesses agile, innovative, and learning-oriented, these same values should reflect in the talent pool. A broader talent pool, with an optimum blend of specialized skills and skill diversity, can help achieve this outcome. 

This may translate to several options –hiring globally by embracing the remote work model. Or, tapping into a largely untapped pool of ‘returning mothers’, by providing more flexible work options. DEI is another focus area – Amongst global jobseekers, 39% have turned down or decided not to pursue a job opportunity because of a perceived lack of inclusion. Companies can also opt for a blended workforce strategy, using a mix of full-time employees, and on demand talent. On demand workforce can be in the form of fractional CXOs, project consultants, subject matter experts, domain experts, short term or interim talent, gig workers, apprentices, returnships, etc. Many companies are already leveraging this talent pool – around 4 in 5 organizations that do offer apprenticeships or returnships say these programs have been somewhat or very effective in addressing talent shortages. The impact of a contingent workforce strategy would amplify when applied at the Executive level for high level, strategic roles. 

79% of business leaders say leveraging top-level contractors can yield key competitive advantages, citing an increase in agility as the primary benefit

Broadening the talent pool is a win-win for both employers and employees, by providing a skill-centric growth opportunity for people as well as growing the organization. Perhaps, the impact of this goes beyond business, to social impact. For example, many companies consider DEI as a key factor while reporting environmental, social and governance (ESG) metrics. A global talent network can definitely help carve a more inclusive world of work.  

How to Access a Vast Talent Pool?

To create a reach and access beyond immediate and conventional talent pools, the first step is to define the workforce strategy:

 

  • Leverage Remote and Global Talent: Design the work and workplace for remote working, open up access to location-agnostic talent pools. Focus on skill-based hiring, beyond the immediate geographical location.
  • Diversify your hiring channels: Companies must figure out the ideal blend of traditional hiring, tech-led hiring, social hiring, referral hiring, outsourced hiring etc. For example, to hire Gen Z digital natives, social media hiring may work well.
  • Adopt Flexible Hiring Models: The recent wave of ‘return to office’ mandates has left many flexibility-seeking employees discontent. For global reach, redesign roles to suit new digital ways of working, and upskill and reskill people to perform them.
  • Utilize Online AI-Talent Platforms: AI has the power to maximize hiring efficiency and effectiveness, by matching talent with skills, at scale. Invest in a tech-led talent platform  to optimize talent search and maximize ROI.
  • Social Media and Employer Branding: The ‘Great Reconsideration’ has encouraged many employees to re-evaluate priorities, goals, and ways of working and living, including their relationship with work. In fact, nearly 44% of GenZs and 37% of millennials say they rejected assignments due to ethical concerns. To attract, engage and retain such purpose-driven talent, enterprises must be vocal about their practices, values, culture, and the larger impact. This reflects aptly in statistics – 61 % of CHROs said they need to update their EVP in response to the external labor market.  

Why SolveCube is Your Solution for Accessing A Vast Talent Pool?

SolveCube combines AI & advanced technologies with domain expertise to revolutionize blended workforce strategies for companies across the world. The goal is to create a blueprint for people strategy, while realizing the larger vision of “creating work opportunities for millions“. This is possible through:

 

  • Integrated Talent Solution: SolveCube offers a multidimensional platform which solves for a wide range of workforce challenges. Complete with global reach and deep domain expertise, it is a one-stop-shop to hire curated experts for on-demand roles. SolveCube helps build a future-forward, business-led people strategy.
  • AI-Powered Shortlisting: Years of tech expertise helped develop the cutting edge Al engine, which Sources, Searches, Indexes and Rank-orders the right talent match for organizations. Some of the useful features include Instant AI selection of best candidates for your JD, rank ordering of matches, and a communication system for notifications.
  • HCM Tools and Toolkits: SolveCube offers 3 strategic, business-friendly HCM suites:

    • ice.cube is a deep-dive diagnostic tool providing a clear direction for people strategy and HR practice. 
    • hr.ready is a cost effective and time saving HR toolkit offering ready to use, country specific HR policies and templates. 
    • p.three quickly assesses the maturity of an organization’s people practices relative to business requirements – a great starting point to refurbish HR processes. 
  • Speedy and Efficient Scaling: Need-of-the hour workforce solutions
    ensure speed, accuracy and global scale.
  • Expert – Experienced team: What makes SolveCube deliver beyond talent expectations, is the deep expertise of the team across domains – industry experts with over 4 decades of hands-on talent expertise! And with a keen eye for business, as the core enabler for talent excellence.

Unlock Global Talent with SolveCube!

Accessing a wider talent pool is no longer a choice, it is a mandate if one wishes to win the War for Talent. The key to unlock the talent advantage lies in identifying and implementing an ideal workforce mix and workforce strategy that aligns with the business outcomes. Keeping business at the center of all talent decisions is an imperative for business success.

Frequently Asked Questions

Accessing a broader talent pool is essential to bridge the skill gaps and to build “right skill for the task at hand”. It fosters DEI, builds new values and cultures, and helps businesses align their agility, innovation, and learning orientation with futuristic growth.

Going global opens up avenues for skills-based hiring. The rise of the on-demand, gig economy is a case in point. On demand workforce can be in the form of fractional CXOs, project consultants, subject matter experts, domain experts, short term or interim talent, gig workers, apprentices, returnships, etc

An Al engine can help Source, Searches, Index and Rank-order the right talent match for organizations. Some of the useful features of SolveCube’s cutting edge  AI-Powered Shortlisting tool include Instant AI selection of best candidates for your JD, rank ordering of matches, and a communication system for notifications. Companies can now optimize their talent search with minimal manual efforts. 

A global workforce requires an effective skills-focused workforce management strategy. Organizations must manage diverse time zones, policies, cultural differences, and multiple workforce segments and their needs. This requires an optimum blend of tech and touch.

SolveCube’s integrated talent solutions combine AI & advanced technologies with domain expertise to revolutionize blended workforce strategies. A team with deep expertise across domains, along with cutting-edge human capital management tools and interventions help companies scale their talent needs with speed and scale.

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