If you’ve been reading our series on “Diverse Talent Cloud -- the Future of Work,” you know diversity is good for business. Not only is it critical to increasing company profitability, efficiency, and innovation, it’s also a key component for attracting and retaining future talent -- be it full-time, part-time, SOW, contractor, IC, or gig workers.
👉 A study from Intuit found that roughly 25 to 30% of the US workforce is contingent, with more than 80 percent of large corporations planning on substantially increasing their use of a flexible workforce in the coming years.
It also predicted contingent workers will exceed 40% of the workforce by the end of 2020. What’s more, by 2025, 75% of the workforce will be made up of millennials -- the most diverse group in American history, with 44.2% identifying as “non-white.”
The importance of total talent diversity in all areas of your workforce is more critical than ever. Not only do companies need to find and attract this workforce to compete in the future, they need to engage with prevetted, qualified talent immediately and be able to sell them on their company’s brand, culture, and values. If not, they risk losing out on prospective talent to their competitors. Speed-to-hire has never been more important.
Historically, traditional recruiting performed by staffing firms or internal recruiters favored volume over quality. Assessing the skill competency and cultural fit of talent often equated to having a short conversation about a specific role with a recruiter who had little expertise on the skills necessary to perform that role successfully.
Add to that the limited accountability for the candidate experience, little candidate engagement, or follow-up, and the process often felt transaction-based and reactive. There was little sense of urgency, especially when it was a buyer’s market, which turned talent off of a company’s brand and offered an overall negative experience for all involved.
The pandemic, along with globalization, automation, and digital transformations, brought to the forefront the need to quickly vet talent in an unbiased, scalable way. What’s more, emerging technologies and the need for companies to upskill/reskill a significant portion of their workforce led organizations to seek out new talent strategies.
How does AI speed up the hiring process?
This lack of access to global, qualified talent, the need for flexibility to fill ALL forms of work through one source, and the need for companies to create talent strategies that are agile, repeatable, and can respond to ever-changing business needs quickly has been solved, in part, by AI.
You can’t have a scalable process without a platform to support it. Because of this, companies are looking beyond traditional staffing solutions to direct sourcing and talent cloud partners that can scale private talent networks in a fraction of the time it used to take to engage resources.
At The Mom Project, we use advanced technologies and statistical techniques including neural networks (NN), natural language processing (NLP), and predictive analytics to provide a data-rich, customized experience for our talent network.
Talent is sourced based on applicability to jobs from our ever-expanding job community. The system prevents bias in the early steps of the matching process through rigorous input selection. The Mom Project community managers perform an additional layer of vetting to ensure cultural fit.
Engage with partners who can deliver
The Mom Project will deliver a methodical, repeatable process for engaging and screening talent that utilizes both technology and human oversight. Having partnerships with organizations that take diversity seriously matters. Moms are 3.2X more likely to engage with an opportunity via The Mom Project than traditional outreach. As a result, other working moms are referred to our network constantly, growing our available Cloud of diverse candidates for our clients.
👉 SIA’s 2020 Staffing Company Survey found 50% of contingent workers are likely to work remotely for clients even after the pandemic ends. Companies must find partners who have strategies centered around remote interviewing, group interviews, and pre-recorded assessments, which can offer huge time savings. These are all foundational to our Diverse Talent Cloud platform.
As a part of our commitment to this topic, this is the seventh in the series “Diverse Talent Cloud -- the Future of Work,” intended to help shed light on their importance, ways to integrate them into your existing talent strategies, implementation best practices, and how to best support these initiatives organizationally.