The way we used to think how a perfect workforce would be formed is no more the same with the global talent economy model emerging, compelling businesses to rethink, reconsider, and reshift their hiring and retention processes. Till now, businesses knew what roles they would need to fill and where and how they could find the talent to fill those talent requirements. The employees used to come to the company building in the morning and leave at the end of the day, where the business owners and managers could see and interact with each other.
Things are changing now. More businesses and talents are shifting from traditional full-time jobs to more flexible freelancing and contract jobs or hybrid forms, allowing the workforce to work from anywhere and businesses to source talent from anywhere on the globe. In the following sections of this blog, we will discuss what is open talent economy and what are its benefits for businesses in embracing this model - an evolving hiring model that enables open talent sourcing practices.
Organizations have begun re-imagining how their workforce should be structured in order to remain efficient and competitive. The definition of the workforce is changing, bringing the working relation to equal terms for both employees and employers. The workforce will be evolving to be a blend of traditional full-time employees, contractors, gig workers, and freelancers, who work across business operations and regions. In other words, this is a work culture that challenges the traditional hiring and retention strategies that have been in existence during the 20th and early 21st centuries.
The emergence of remote working, developments in technology, and the impacts of globalization are the key driving factors behind the advent of open talent economy. According to Deloitte, the trend is in its early stages of evolvement and is likely to be the future way of sourcing talents for companies to remain efficient and competitive. The model is about organizations leveraging contractors, freelancers, partnerships, or open-sourced talent to meet their talent requirements on an on-demand basis. This trend will ultimately transform the meaning of the term “workforce”, from what we believe now.
