Total Talent Management (TTM) is a holistic approach to managing permanent staffing requirements (RPO) and contingent workforce requirements (MSP) into an integrated system.
Organizational Barriers to Talent Acquisition
Almost 69% of global organizations are facing a talent crunch. Adding to the shortage is the older generation who are retiring before the younger generation is ready to take over. Organizations around the world are spending heavily on reskilling their workforce. Reskilling is helpful to fill positions that are relevant in the present times, but even reskilling is not a permanent solution to meet the talent crisis. Employment legislation changes in every country and geography.
Paving Way in The Gig Economy
Organizations worldwide are adopting new models of talent management to deal with the changing workforce economy. The labor market has seen tremendous growth and seismic change in the last few years. Today, almost 36% of US workers are part of the gig economy as either a primary or secondary source of income. The gig economy renders short-term work arrangements for the employees and the job seekers wherein the labor pool functions on an “on-demand basis.” Gig workers are a part of the contingent workforce that has been in the market for a while. With the onset of the pandemic in a digital-savvy environment, organizations and job seekers equally realized the importance of shifting toward a contingent workforce.
Why Are Organizations Moving Towards Total Talent Management?
One of the main reasons Total Talent Management (TTM) has been gaining momentum is because of its capabilities to solve organizational barriers and bridge the gap between “HR” and “procurement.” For decades organizations have been structured in a way to keep the work of the HR and the procurement teams separate. In the long run, this has resulted in a significant gap in their functions. HR is responsible for permanent staffing and RPO management and the procurement teams are responsible for purchasing the contingent workforce. This ‘disconnect’ between HR and procurement has been the driver of TTM.
The Total Talent Acquisition (TTA) models implemented by enterprises focus predominantly on finding quality talent and onboarding them. But the TTM model works post-acquisition of talent. TTM is focused on implementing a system of inclusive workforce view engaging both employees and non-employees labor. It brings visibility into the complete cycle of acquisition of talent.
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Benefits of Total Talent Management
Historically, organizations have gained significant impact when they have aligned their business functions with their business strategies. In a unified setting, permanent and non-permanent employees are managed similarly. Thereafter, organizations can truly secure and engage with the right talent. Here are a few of the benefits that TTM brings to the system-
- Improved visibility for all stakeholders in the talent supply chain.
- Cultural and performance attribution of talent to supplier or candidate database source.
- Easy compliance without geographical barriers.
- Control over labor costs even in economic adversities.
- Meeting skilled labor requirements with various talent types (Employees, Non-employees, Temporary workers, Freelancers, Contract workers)
- Mitigate any potential risk by analyzing project timelines
- Flexibility in creating a talent mix
Converging Talent and Technology
One of the biggest barriers to TTM is the lack of an implementation strategy. Even if organizations are ready to adopt the right strategy to implement a unified system, there are factors like budget, technology, resources, and operations that need to be taken into consideration. CEIPAL’s total talent management platform enables organizations to combine the talent acquisition of employees and non-employee candidates within an integrated platform wherein organizations can make informed decisions by aligning recruitment and business strategies together. With ATS and VMS working together, organizations can achieve everything happening under the umbrella of talent management. With streamlined project execution in CEIPAL, you can-
- Direct Sourcing– AI-powered recruitment automation to identify, capture and source ideal candidates.
- Contingent Staffing– With CEIPAL’s VMS integration, find contingent candidates, compare supplier rates side-by-side, and maintain employee and vendor compliance – all while tracking profitability from one platform.
- SoW Services– Execute each project with informed data of each project’s costs, milestones, worker timesheets, and requests.
TTM is a long game. Total management can be highly beneficial for organizations in various ways including high time-cost savings, higher quality talent, employer branding, etc.