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 diverse workforce means the ability to have a wider variety of skills, experiences, and perspectives, which delivers a more prosperous, sustainable way of doing business. Diversity has become a key component in an organization's future talent strategies because of this. While the pandemic put on hold many initiatives due to its immediacy, it also arguably highlighted the necessity for companies to get their DE&I strategy right, especially as it relates to the contingent workforce.
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 pre-vetted, qualified talent immediately and be able to sell them on their company’s brand, culture, and values. Speed-to-hire has never been more important.
As mentioned above, one driver is the pandemic itself. It expedited the shift to remote work and working from anywhere, broadening the workforce to allow global talent to access work like never before. Add to that the digital transformations and automation happening making reskilling and upskilling a part of every company’s agenda, as well as the flexibility companies must adapt to, and it’s become clear there needs to be a shift in how companies find talent.
Talent strategies for the future
For the past decade or so, companies have turned to traditional VMS/MSP partnerships to manage their supply base. But as the need for a more flexible, global workforce has become evident -- along with the social injustices and calls for racial equality in all aspects of life -- finding a way to attract diverse talent has moved front and center.
Public digital marketplaces, talent pool providers, direct sourcing, and other emerging markets that serve diverse and underrepresented communities have come on the scene as a way to access, vet, curate, engage, and hire talent in a more scalable, agile way than traditional methods. But with all these options, how can companies choose what's right for them?
Partnering with organizations that have forward-thinking talent strategies is critical. At The Mom Project, we’ve invested in technology solutions that make accessing diverse talent at the center of what we do. One of our most strategic partnerships is with Beeline, a contingent labor management technology created to increase diversity across the entire workforce.
👉 The Beeline Diverse Talent Cloud (BDTC) powered by The Mom Project is the only platform on the market that connects you with curated communities of pre-vetted and ready-to-work gender and ethnically diverse top talent. Our bias-free, AI-enabled matching, and data-driven recruitment expertise mean an easier, faster path to building and growing a more inclusive workforce.
We believe talent pools that are inclusive in nature, engage talent throughout the hiring process, and are curated and vetted using subject matter experts, will offer both talent and organizations a more diverse workforce.
💜 We also partner with RISE, a scholarship program committed to accelerating equity for moms of color, providing access to upskill certifications while harnessing the power of community, support and job placement. Our contributions to this program are something we’re extremely committed to supporting.
Accenture: Accenture has set bold goals to achieve a gender-balanced workforce by 2025. TMP is working with them to fill 150 roles at Accenture Midwest, which will primarily be in the technology, strategy, and consulting practice groups.
We are also partnering with innovative companies such as Equinix, Zendesk, and Sony Music on exciting initiatives to support moms/returners/families.
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.This means our clients will have a scalable solution to continuously support their DE&I goals.
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. We look forward to sharing more with you soon. In the meantime, please check out more information here.