Hiring strategies are changing at a dramatic pace across the world. Long gone are the days where companies simply fulfill their recruitment targets by adding talented new employees to their existing permanent workforce.
Organizations must now build creative hiring strategies that help them to overcome skills shortages in their industry, beat their competitors to top talent, reduce costs and keep up with the agile nature of project-based work.
That’s why businesses are increasingly turning to the contingent workforce, hiring a blend of non-employee and permanent employees to access top talent and improve their recruitment ROI.
The contingent workforce is so beneficial to both employers and workers, that it has grown exponentially in recent years. In fact, the average percentage of workers who are contingent is expected to grow to 24 percent in 2022, and to 29 percent by 2030 (SIA).
To improve their recruitment strategies, many organizations are now implement a total talent acquisition strategy into their hiring practices.
What is total talent acquisition strategy?
Total talent acquisition is a hiring and management strategy that is designed specifically to align your workforce with your business goals. In its simplest definition, it is hiring workers for specific work - as opposed to hiring for a position.
Rather than filling open positions within your organization, total talent acquisition is a way of looking at the work your business is required to do at any given time and how you make use of both traditional and non-traditional staffing to get it done successfully.
By tying your talent strategy to your overall business strategy, your organization will be able to better understand its human resource needs.
The result? You can develop a hiring strategy that empowers you to acquire the best possible talent to meet your business objectives, at the time you need them, whether they are permanent employees or contingent workers.
What are the benefits of total talent acquisition
A survey by Cielo that polled more than 1,000 corporate stakeholders found that a total talent acquisition strategy, which it described as a “consistent and comprehensive approach to recruiting and hiring”, is a top priority among 90 percent of businesses.
There's plenty of good reasons for this. Adopting a total talent acquisition strategy can bring a number of benefits to your organization’s HR and procurement efforts. Here are some key benefits:
- By optimizing the balance between full-time employees and non-employee workers, your business can create an agile workforce that can be seamlessly changed (from a diversity of resources) depending on market demand and the projects that your company needs to fulfill.
- Lower hiring and recruitment costs through the centralized management of sourcing, onboarding, engagement and much more.
- Increased flexibility to shift your business objectives when required.
- You can beat skills shortages and access the top talent in your industry by focusing on hiring non-employee workers instead of filling full-time positions.
- You will be able to make better workforce decisions since you’ll be utilizing your talent pool more efficiently.
- Your HR and recruitment will become more strategic.
Why you need to properly manage your total talent acquisition strategy
Developing a total talent acquisition strategy that blends both permanent employees with contingent workers can be complex.
Its no longer feasible for your company to continue managing its contingent workforce, and the staffing agencies you use to source those workers, with time-consuming manual processes such as spreadsheets, in-house databases or sharepoint sites.
To truly reduce hiring costs, improve efficiencies, consolidate your vendors in one location and have complete visibility into your workforce, it’s crucial that you create a plan for centralized management. That’s where a vendor management system (VMS) comes in.
A VMS is a cloud-based software that empowers your business to procure and manage its non-employee workforce. In fact, some vendor management systems even allow you to manage both contingent workers and permanent employees within the software.
Can You Manage Both Temp Workers and Perm Employees with VMS Software?
Through a VMS you can consolidate your vendors, manage vendor relationships, analyze vendor performance and manage every aspect of hiring temporary workers.
By using a VMS to gain more control over your total talent acquisition strategy, your business will see benefits such as improved cost savings, complete visibility into non-employee workers, increased efficiencies and more strategic vendor decisions.
Are you interested in learning more about total talent acquisition, and how a VMS can help you manage your non-employee workforce? Contact Conexis VMS today. Our team of vendor management system experts would love to help.
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