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How To Get The Best Talent in the Gig Economy to Work for You
The document discusses the evolving gig economy and the urgency for companies to access flexible talent as traditional employment models decline. It emphasizes the need for businesses to leverage a variety of flexible workforce options, including freelancers and consultants, to meet skill demands and enhance competitiveness. Best practices for integrating this talent into existing systems are also outlined.
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How To Get The Best Talent in the Gig Economy to Work for You
- 1. - 1 - Howto Get the Best Talent in the Gig-Economy to Work for You October 17, 2017 1:00pm ET +
- 2. - 2 - TerriGallagher President and Co-Founder Gallagher & Associates linkedin.com/in/terrig3 Julia DiGiammarino Key Account Leader Catalant Technologies linkedin.com/in/juliadigiammarino
- 3. - 3 - WalkAway With An Understanding… ① …of the gig economy (and why it matters to you) ② …the range of options available ③ …how to best leverage these options
- 4. - 4 - Newtechnology and shifting labor demographics are changing the way we work
- 5. - 5 - Oneout of every two companies can’t find the right people for the work they need to get done (Forrester)
- 6. - 6 - ofU.S. companies can’t fill the positions they need (McKinsey) in GDP will be lost because companies cannot fill the jobs available (BCG) 40% $10T
- 7. - 7 - Andin-demand professionals are increasingly opting out of traditional employment 2015 29 34 # of Americans working independently (millions) 2021
- 8. - 8 - 78%consider talent acquisition and access urgent or important3 84% of CHROs believe that most great people, ideas, and capabilities lie outside the walls of their company
- 9. - 9 - Todate, access to these people, ideas, and capabilities has been perceived as binary
- 10. - 10 - Typically, enterprisesturn to one of two options for flex capacity and specialized expertise Brand Name Consulting Firms Global firms with thousands of employees and large overhead Typically engaged through longstanding relationships and RFP processes. Skill-based workers engaged temporarily Typically onboarded through MSPs or staffing firms Temps
- 11. - 11 - Butwhat about all the options in between? Brand Name Consulting Firms Temps
- 12. - 12 - Freelancers/Contractors• Boutique Firms Retirees/Alumni • Consultants • Subject Matter Experts Your options have changed
- 13. - 13 - IntroducingThe Flexible Workforce Brand name consulting firms Traditional staffing Traditional Staffing Brand Name Consulting FirmsOn-Demand Talent
- 14. - 14 - Flexibletalent is supercharging how companies work 1. Provides on-demand access to specialized skillsets 2. Reduces FTE overhead burden and lowers recruiting costs 3. Drives cost-efficiencies through competition 4. Decreases reliance on large, external consulting teams 5. Some of your best talent, particularly in STEM, can ONLY be found in these communities
- 15. - 15 - Sowith all of this upside, why isn’t everybody engaging the flexible marketplace?
- 16. - 16 - Yourcompetition is leveraging the new workforce
- 17. - 17 - •Phase I of integrating on-demand talent strategy into their current CWM program • Moving beyond legacy CWM solution provider – not able to integrate this solution • Built baseline business case to sell on- demand solution to C-Suite (focusing on cost savings and caliber of talent) Flexible Talent: A Tale of Two Companies • Struggling to find enough top-tier engineering and technology talent within existing talent supply chain (staffing providers and perm recruitment) • Potential to introduce on-demand solution in addition to existing talent supply chain (staffing suppliers) • Will need consultative expertise (aka “hand holding”) to understand the ROI and how to integrate this talent within existing structure, possibly part of new CWM solution Case Study 1: MedTech Company Case Study 2: Multinat’l Computer Data/Hardware Co.
- 18. - 18 - BestPractices for Leveraging the Flexible Workforce Identify your skills gap Think about the work to be done, not the job description Assess your options: one size doesn’t fit all Understand how flexible talent fits into your ecosystem Educate stakeholders and solicit buy in Consider a phased roll-out approach and prioritize teams
- 19. - 19 - WhatWe Hear From Clients ? How do I leverage this new way of accessing talent? ? How do I select the right vendor for my needs? ? How do I manage independent contractors? ? What’s the ROI for tapping into the flexible workforce?
- 20. - 20 - Q& A
- 21. - 21 - ThankYou! Terri Gallagher terri@gallagherandconsultants.com Julia DiGiammarino jdigiammarino@gocatalant.com
Editor's Notes
- #4 And we will give you an opportunity to ask questions at the end as well.
- #6 Forrester: A Custom Technology Adoption Profile Commissioned by Catalant, July 2017 55% don’t have the right talent to get the job done 48% cite competition for skillsets as top challenge in attracting and retaining talent 19th Annual Global CEO Survey: Pharmaceuticals and life sciences industry key findings PWC, 2016 8 out of 10 CEOs identify talent acquisition and access one of the most urgent or important factor to their success3
- #7 The struggle is real: Forty percent of U.S. companies can’t fill the positions they need, estimates the McKinsey Global Institute And if this continues, $10 trillion in GDP will be lost because companies cannot fill the jobs available.
- #8 Note from report: Independents are adult Americans of all ages, skill, and income levels who turn to consulting, freelancing, contract work, temporary assignments or on-call work regularly each week for income, opportunity and satisfaction; includes full time and part time If you add “occasional independents, the 2021 number will be 49 million, just over 40% of the non-farm workforce By 2021, nearly half of the population (48%) will be independent or have tried independent work in their lifetime --- https://www.mbopartners.com/state-of-independence ~44M in total contingent workforce, accounting for temps -- MeasuringGigEconomy_1609.pdf – staffingindustry.com Schedule C employment now >16% of US employment versus ~13% in 2000 (was steady ’92-00) http://www.sole-jole.org/16375.pdf; https://www.mbopartners.com/uploads/files/state-of-independence-reports/2016_MBO_Partners_State_of_Independence_Report.pdf
- #9 Pain point – Businesses cannot find skillsets to match their needs – this will become increasingly challenging over time Forrester Report 19th Annual Global CEO Survey: Pharmaceuticals and life sciences industry key findings, PWC, 2016, http://www.pwc. com/gx/en/ceo-survey/2016/industry-focus/pharma-life-sciences-key-findings-global-ceo-survey-2016.pdf. 84 percent of CHROs believe that great people, ideas, and capabilities lay outside the walls of their company (Source: CT CHRO Survey) (Catalant 2016 CHRO Survey)) Growing Millenials want more flexible way of working Retiree networks may not want to be in office but still want to stay connected ”Mckinsey Moms” looking for a work/life balance Transition: But most companies aren’t prepared to access this new on-demand workforce
- #11 Typically, when you need extra hands or specialized expertise, think of two resources: 1. Traditional staffing firms Dependent on recruiting and retaining FTEs Does not enable work to get done in a nimble way Does not promote the use of FTE budgets on flexible, on-demand talent 2. Brand Name Consulting Firms Global firms with thousands of employees and large overhead Typically engaged through longstanding relationships and RFP processes But what about all the options in between? Catalant bridges that gap that exists between traditional staffing solutions and brand name consulting
- #12 There is a whole world of contingent labor that hasn’t been tapped.
- #13 Who are we talking about? Overlap in categories which is why it can be confusing
- #14 Terri to speak to? <TG> Yes, see add below. The technology platform makes it easy to access and utilize this talent to augment your talent supply chain strategy and “widen the net” to access highly skilled resources <TG> think we should mention how companies can easily access/implement the Catalant platform given it’s cloud based vs. more complex VMS, HRIS implementations. Typically, when you need extra hands or specialized expertise, you typically think of two resources: 1. Traditional staffing firms Dependent on recruiting and retaining FTEs Does not enable work to get done in a nimble way Does not promote the use of FTE budgets on flexible, on-demand talent 2. Brand Name Consulting Firms Global firms with thousands of employees and large overhead Typically engaged through longstanding relationships and RFP processes But what about all the options in between? Catalant bridges that gap that exists between traditional staffing solutions and brand name consulting
- #15 Terri: Flexible talent model is the ultimate economic “shock absorber”
- #17 Terri: Those who haven’t are stuck, they need buy in. <TG> Talent is #1 for organizations today; particularly in the “sweet spot” for these platforms; highly skilled, technical, professional talent. Accessing this highly curated talent, quickly and cost effectively provides a competitive edge and allows companies to be nimble to adjust to changing markets/demand
- #18 Terri: Here’s an example of a company doing it right and one that can’t get out of its own way, <TG> will expand on these two companies above, as much as I am able (have signed (NDA)