Digital disruption is all pervasive. Organizations are re-inventing themselves to stay abreast and equipped with the right talent for the changing needs of business in the digital era.
Talent and how this talent is supplied to the business is now the central theme. With the dynamic skill demand, both in numbers and skill sets required, current talent supply systems are incomplete, and outdated.
Right skilled talent, at the right time, now differentiate the organisation’s ability to win a client from another. The existing talent supply model does not provide the flexibility or control to make changes to this VUCA environment.
A dire need to critically re-look at the current talent supply model is therefore imminent.
Why does the current model need revamp?
The current model of talent supply from campus or off-campus to manage the year-long demand of organisations is not agile enough to cater to the needs of changing business dynamics.
- Dynamic demand of the organizations cannot be predicted a year ahead.
- The skills that universities provide are insufficient for the digital economy.
- Dependence on talent scouts to understand the granular details creates a huge gap.
- Cost of procurement is heavily seller-driven.
- Predictability of supply numbers from the current model is low.
An alternate model to address these challenges of talent supply and provide an On-Demand Supply is required.
The On-Demand – Talent Marketplace
An On-Demand marketplace (like Diamondpick) for talent and skills is the answer to this. The benefits of such an approach are simple yet profound.
- On-Demand talent and skills are closer to actual project delivery.
- Increased catchment net for improved probability of matching skills.
- Self-service mode for the actual delivery manager.
- Demand-driven cost or pay-out for skills.
- High predictability of guaranteed supply.
- High flexibility & scale agnostic.
Such a model, makes today’s established and conventional approach redundant. Internal functions like hiring, training, workforce management & talent engagement, will also have to revamp their offering to the business and reinvent their skills to stay relevant and valuable to the business.
The talent marketplace removes the middle men in the entire talent procurement process and moves the benefits of cost, time and control back to business. The merits of this model outweigh any challenges it may have.