How To Engage A Global Infrastructure With Talent Strategy
Those in the manufacturing industries are familiar with the basic principles of a successful supply chain. This is essentially managing connections with multiple suppliers to make sure you have all the raw materials you need to create a successful product. While the materials may be different, the basic concept is becoming more and more versatile across the board. In a world where global business is the norm, a new paradigm is coming into place when it comes to managing your international workforce. As it turns out, these supply chain principles work well when adapted for talent.
How Optimizing A Contingent Workforce Became Essential
To see an example of the need for talent strategy optimization, we should look at the major IBM layoffs in the early 2000s. IBM had long built its niche not necessarily in bleeding-edge tech, but being able to provide solutions more efficiently and quickly than its competitors. As the company began to expand its operations globally around this time, issues in the “talent supply chain” became more and more apparent.
To make this a bit clearer, the talent pool at that time generally consisted of three main sources: contractors, full-time employees, and applicants. The issue here was that hiring and managing these three main sources of talent was mainly done independently. As a result, there would be a lot of redundant hires or talent basically waiting for assignments. For a company that had the market advantage of efficiency, this was not acceptable and eventually resulted in massive layoffs as operations were consolidated.
How do businesses today avoid history repeating itself? Now, it’s the advent of a contingent workforce, a more unified, flexible system of talent that allows different professionals to swap from project to project within a company. You can still use the same three differing sources, but there’s a lot less separation, leading to a true talent ecosystem versus smaller teams with tunnel vision. Being able to manage talent in this way was a key part of growing the “world of work” as we know it.
In perspective, competing with startups and other emerging contenders for attracting dynamic young workforce, major established companies are now putting forward an environment of collaborating and partnering with talent. “Open-source talent” is a term that’s often used, and it’s not far off from the truth.
Managing A Talent Supply Chain
So, with this said, how does connecting to a global pool of talent for contingent workers help your company? There are a few key benefits to talk about. For example, being able to take on projects for multiple companies rather than being locked into a single role is a great benefit for talent growth and development. Having multiple tasks to take on helps expand their knowledge, which ultimately lets them be a better asset for the companies they work with. In addition, a pool of better-educated, versatile talent is good for the entire industry.
There are also practical benefits as well. For example, rather than having multiple sets of full-time employees locked in, the ability to take on contingent workers as needed makes it a lot easier to budget for individual projects, as well as universal needs. Finally, it’s more practical to manage multiple workers across different countries this way. By using a talent pool in multiple markets, it can be easier than spreading domestic workers too thin by relocating them. However, to do this compliantly, you may need Global PEO services.
Global PEO and Talent Supply Chain Solutions
It’s important to note that PEO isn’t the only approach to the contingent workforce employment. While looking at this path, you may find businesses that use outsourcing agencies, the self-employed or other tactics. However, when it comes to building an international image, you want to focus on the best practices. This is where PEO stands above. For example, it’s far easier to establish confidentiality and business connections with your talent using PEO. In addition, Global PEO services are naturally designed to be more agile and adaptable to meet client needs.
Because an effective talent strategy has become more and more of a necessary practice for businesses, any sort of support in this area is key for success. However, as businesses expand internationally into new markets, managing these regulations becomes even more difficult.
For instance, opening your own entity in each new market to handle foreign integration is a slow and bloated way to tackle this issue, which is where PEO (professional employment services) from a managed service provider like Acumen International comes in.
Global PEO services come with a unique feature called dedicated management that allows companies to manage a global workforce deployment all through one single contract. This applies to a single key piece of talent or multiple teams across multiple countries. In addition, we also provide key benefits like medical insurance, social contribution, payroll, and bonuses, which are essential for drawing and retaining your top talent. Be ready to tackle the new world of work today with Acumen International, the global employment provider.
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