As the economy continues to make unprecedented shifts, many businesses will need to critically evaluate how they source talent to balance the cost of hiring full-time employees vs. the flexibility of using an extended workforce (i.e., contingent workforce, alternative workforce). Unfortunately, organizations do not have good visibility into different talent types’ data that is sitting inside and outside of various systems.
In the US, we have the lowest unemployment rate in the last 50 years at a little under 4%. Organizations are struggling to find the talent they need to be successful. Yet, according to Deloitte’s Global Human Capital Trends study, only 8% of respondents had established processes to manage and develop alternative workforce sources.
The relationship between an enterprise and its workforce used to be pretty simple. A talent management lifecycle looked like this: the enterprise hired an employee and paid him or her a salary or hourly wage, provided benefits, including for retirement, and the employee stayed on until they were eligible to retire.
Your enterprise talent management strategy needs to look beyond your full-time employees. It's time to incorporate your extended workforce into your 2020 plan.