CorSource Blog

How Your Company Can Prepare for the New Talent Economy

by Andrew Hermann on July 30, 2018 in Hiring Trends, Staffing Lifecycle Management, Technical Staffing

15-Second Overview:

  • The Wall Street Journal recently discussed the importance of preparing for future workforces
  • These important points require expansion and adoption by the c-suite and management for true success
  • A proven strategy for connecting all the dots is the Staffing Lifecycle Management framework


Earlier this year, The Wall Street Journal published an article containing a high-level view of how an organization can prepare for the workforces of the future. While it makes some excellent points, the mentality of creating a hiring roadmap adapted to the new Talent Economy is something that requires deeper consideration and holistic strategy.


A New Relationship with Your Workforce

Preparation for hiring in the new Talent Economy begins by examining the relationship with your current workforce. The preferences of your staff are likely changing, spurred by the gig economy and an increase in attractive temporary and remote positions. Work-life balance becomes a priority, with tech pros wondering why they should sit in commuter traffic for two hours each day when they could work from home. Likewise, variety becomes more attainable in consulting roles offering access to additional technologies and more flexible vacations.


This new dynamic affects employee retention efforts, which in turn shape hiring for new talent. During an employee’s tenure with your company they will encounter tempting gig opportunities in the Talent Economy, and they may eventually leave for those roles if their current job does not evolve. Organizations must learn to adapt prior to that breaking point by learning how to incorporate an appropriate mix of temporary, direct-hire, and outside positions into their model.


Connecting Temporary, Direct-Hire, and Outside Resources

Most companies are comfortable with traditional, permanent hiring strategies. Perhaps your organization has robust hiring and onboarding processes geared toward direct-hires. However, throwing temporary and outside resources into that mix can spell disaster if processes aren’t tailored appropriately to the new talent coming in and how they connect with other roles.


Some may disregard onboarding for temporary talent, while others put temporary employees through the same, lengthy onboarding process as full-time staff. The most effective methods typically land somewhere in between those two extremes and are based on the level of training and acclimating necessary for success. Doing so requires a cohesive strategy that connects all the moving parts of an organization.


For more on hiring in the Talent Economy, download the Staffing Lifecycle Management Guide here


Asking the Right Questions

When forming the right hiring mentality for the new Talent Economy, there are a number of questions that The Wall Street Journal summarizes nicely and that CorSource has been asking for several years while forming our Staffing Lifecycle Management framework:


  • How proactive is the board at sensing work of the future opportunities?
  • What is management’s level of dialogue across the C-suite?
  • Has management conducted a future of work assessment, and what are the findings?
  • Does management have a strategy for addressing the open talent network?
  • What steps has management taken to engage today’s contingent workforce as valued and essential collaborators?


These questions are focused on the future, a new Talent Economy, and communication. They’re meant to ground an organization in the strategies that can successfully shape modern IT workforces going into 2019 and beyond.


Implementing a Holistic Strategy through SLM

Digging into the right questions and taking a strong look at the makeup of your workforce and how it interacts should be viewed as preparation, as it will be meaningless without action. That’s where Staffing Lifecycle Management comes in as an effective future-proof hiring strategy.


With a continuous cycle that begins with an assessment, SLM framework makes it much easier to adapt to any industry disruption that comes along, whether it’s a gig economy change or new salary history bans. It connects all aspects of your organization that affect hiring in a nine-step strategy that includes aligning staff to business objectives, promoting diversity, prioritizing a partner ecosystem, and more. In sum, strategies like SLM that link talent resources, technology, and high-level goals are the ones that thrive within the new Talent Economy.


How Your Company Can Prepare for the New Talent Economy

Preparing for the new Talent Economy isn’t easy, but it must be done if an organization is to remain fully staffed into the foreseeable future. Those who accept the challenges today’s hiring environment brings and go above and beyond with their strategies reap the rewards. The modern marketplace evolves rapidly; can your hiring keep up?


To learn more about the Staffing Lifecycle Management framework and how it can boost your hiring, download the free guide.


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