In recent years, a new approach has emerged regarding the talent pools available to organizations. The conventional view considers the influx of talent into a company as a linear process in which talent is sourced from a static pool of candidates and progresses through the company according to individual engagements.
The new approach, however, acknowledges the existence of ‘talent ecosystems;” an ever-evolving array of talent relationships that can include full-time workers, alumni, consultants, contract workers, and crowdsourced workers, to name but a few labor categories.
With the advancing economy and new attitudes towards work dictating how companies employ workers, talent relationships can span years and involve not only permanent workers, but also temporary workers sourced repeatedly as experts, as well as remote workers who can reside on the other side of the country or even overseas.
For organizations looking to remain competitive, it’s imperative that the relationship between talent ecosystems and business economics is clear. A recent survey mentioned in the KellyOCG® report “Leadership in the New Frontier – Executive Outlook 2015-2016,” showed that when asked what was the key connection between ecosystems and economics:
When viewed in light of business strategy, two crucial insights are revealed:
Clearly, forward-thinking employers need to incorporate the notion of talent ecosystems into their talent management strategies. In order to achieve sustainability, cost-effective processes are vital to establish and maintain these talent ecosystems. This will most likely require a reassessment of relationship management processes in order to make them leaner. At the same time, viable talent strategies must also take the human factor into account; e.g. flexibility, a desire for advancement, or the need for meaningful work. Without doing so, recruitment spend is likely to be ineffective and result in high attrition rates.
With a significant percentage of business leaders understanding the correlation between talent ecosystems and business economics, it’s clear that successful talent management strategies need to focus on sustainability and accommodating the human factor.
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