Dynamic Talent Sourcing Gains Traction to Meet Skills Needs

Michael Edmunds needed first-class consulting expertise and needed it fast. But getting strategic guidance for his startup from one of his big consulting firms is prohibitively expensive and time consuming. Edmunds is Senior Vice President of Global Operations and Quality at Witricity, which develops magnetic resonance charging technology for automotive, industrial vehicles, and public transportation. To create his Witricity roadmap for business development, market analysis and product development, Edmunds needed input from experienced management consultants.

Despite what seemed like a stalemate, Edmunds had a trump card. That comes from his previous work at a major audio product company, working at Catalant, a provider of platforms for flexible task staffing his team. Edmunds said he sent the requirements to Catalant and less than a week later, the company assembled a qualified team.

Edmunds said: “The Catalant platform allows us to instantly connect our business strategy and resources without having to bear the enormous overhead of our employees. It’s equal, if not better, and faster.”

Edmunds estimates that a deal with one of the big consulting firms could cost $4 million, but Catalant’s assembled team could probably deliver comparable results for $400,000, he says. .

The business environment favors dynamic talent sourcing

Venture-backed startups like Witricity aren’t the only ones in need of flexible and affordable staffing in today’s volatile business environment, including the possibility of a recession. IT organizations are also a good fit. CIOs need to be aware of not only the options available, but how to make the most of each as a potential aspect of workforce composition.

Forrester analyst Fiona Mark said: The Forrester Business and Technology Services Survey 2022 predicts that 44% of her leaders expect to increase her use of freelancers in 2023.

According to Mark, there are hundreds of freelance marketplaces covering a wide range of expertise. Some platforms like Catalant aim to provide management consulting services, while others focus on application development, web design, and other IT domains. Business models are also very different. Platforms like Fiverr bring together task teams for specific projects. In contrast, Germany-based Vicoland creates virtual companies to meet the needs of its clients. Other platforms such as 365Talents, Fuel50, Gloat and Starmind are creating marketplaces for companies’ in-house talent. This is another approach CIOs are taking to meet skills needs in a tight talent market.

Gartner recognizes the emergence of what we call the Talent Ecosystem, which consists of inventories of both internal and external talent that are used to create the flow of labor where and when it is needed.

“Leaders find it difficult to find the talent they need, when they need it, and the pace of skill change is rapid,” said Gartner analyst Helen Poitevin. Gartner predicts that by 2027, his 50% of large companies will adopt an ecosystem approach and use platforms to coordinate the flow of talent internally and externally.

Project management as a service

The Save Our Children Truth Commission, a nonprofit founded to file class action lawsuits on behalf of foster children, has been on a limited budget and minimal staff for far too long with a starter website. I’ve done it. Executive her director Melody Janelle recognized that it was time for an upgrade.

“Website design was wasting my time,” Janelle says. The organization seeks to protect children’s rights from child trafficking and other forms of abuse in the United States and internationally. We needed the ability to securely handle document uploads and funding, as well as a unified and cohesive design, she explains Janelle.

After working on Fiverr’s logo design for her previous company, Janelle looked to Fiverr again. Her first contact was with an onboarding specialist to discuss her needs and budget. The next step was to connect with a project manager provided through Fiverr’s Project Partner Services. He proposed three teams to serve the organization’s needs regarding copywriting, web development, and web design.

“They provided project management, which was very important. They managed timelines, tracked tasks, and coordinated meetings,” says Jannelle. As the work progressed, she worked her one-on-one with each of her three teams her leader and project manager. Janelle said Fiverr also provided much-needed security experts, especially since her website at SOC had been hacked twice before. In 12 weeks since the project started in January 2022, she has a new website.

Make Dynamic Talent Sourcing Work

As flexible staffing becomes mainstream, best practices emerge. Witricity’s Edmunds said: “The key is the description of the requirements and the desired outcome. Then we check it daily or weekly.”

Flexibility becomes important as the work progresses. Some teams may be hybrids with multiple internal employees working with freelancers provided through the platform, he says. [subject matter experts] If you have questions, you can undo the patch,” advises Edmunds.

Keeping the line of communication open between the platform provider and the customer is essential for both to evaluate each other at the end of the job.

“You value them and they value you, so it’s important that it’s a win-win,” says Edmunds. These ratings are important tools for prospective clients to scrutinize available talent. Like prospective employee referrals, positive ratings give users confidence in what they’re signing up for.

“That’s the good thing about Fiverr. They have a lot of quality talent. People don’t stay at Fiverr without the reviews kicking them out,” Janelle points out.

Before joining a freelance platform, Gartner’s Poitevin recommends looking for talent within the organization. “Companies should look first at their internal capabilities, then at freelancers, independent contractors, and partners they already have relationships with,” she says. If your needs are still unmet, she advises, it’s time to turn to the freelance market.

However, making the most of the inside market presents its own challenges. Analysts say the key is cultural acceptance and commitment. “The most important thing to watch out for is that managers are stockpiling talent. Employees must be allowed to work on other projects. Will you?” Poitevin asks.

“Dynamic labor models are attractive, but there is a hidden cost to increasing or decreasing talent, and there is value in organizational knowledge and relationships,” said Forrester’s Mark. She emphasizes the need for governance to ensure the quality of work as well as expectations regarding scope and knowledge transfer upon project completion. “Empower your organization to manage the most valuable and differentiating work,” she says.

Dealing with internal employee feelings is important to avoid being neglected with outside help, Mark says.

Edmunds says the best way to avoid holding a grudge, following Poitevin’s advice, is to maintain a gig environment both inside and outside the company. “If people don’t feel vested and invested, you’re in a very difficult position,” says a startup executive.

looking ahead

The industry forces that have driven the adoption of talent platforms — economic uncertainty and skills shortages — have not gone away, especially as companies become more adept at dealing with them and their employees enjoy them. , it seems likely that the use of the platform will continue to increase. Time commitment and location flexibility.

“There are some really talented people out there. We’re going to see the workforce transform into an Uber-like experience where employees work a quarter and then take a quarter off,” said Witricity. says Edmunds of “Kids can’t work for one company.” [for their entire careers]They want to be turned on and then turned off. Also, teams can be anywhere in the world,” he adds.

With many forces in their favor, will the talent market become the dominant hiring model? Probably not, says Forrester’s Mark. “We will see growth over the next few years. However, relative governance and overall switching costs of ups and downs may limit this to becoming the dominant model for all organizations.” analysts predict.

Still, Edmonds is a believer. “Speed ​​is paramount in any industry. If you’re looking for talent, you search by the month, or even the quarter. It’s the anchor for your boat,” he says. We are also seeing a significant shift in momentum in management consulting. “There are a lot of retired executives who can do it for a fraction of the cost. Strategists and consultants are swaying the business from the big three.”