Talent clouds help companies create networks of known or unknown talent with specific skill sets that add value to the organization. Talent clouds are also known as talent pools, and they’re made up of independent professionals who have been sourced by a company, referred from industry contacts, or workers who have made their presence known to the company in question.
Then there are private talent clouds, which are similar to general talent clouds but with one key difference. Private talent clouds allow companies that manage those clouds to limit access only to those independent workers who have been given explicit permission to join that talent pool. It’s like a locked gate; the company is the gatekeeper, and only company representatives have the authority to open that gate to prospective talent.
So what should you know about private talent clouds, and how can they help your business reach annual goals of more revenue, higher profit margins, and greater product diversification? Read on for more information about how these exclusive communities can benefit your brand.
In theory, anyone can join a talent cloud. But a private talent cloud requires a recruiter for an organization to invite a specific professional to join that community.
Talent clouds provide a number of benefits to organizations. First of all, they offer a direct link to independent professionals based anywhere in the world. Globalization and modern technology have changed the nature of work environments. Prior to the COVID-19 pandemic, it was reported that the number of remote workers had increased 140% from 2005.
Second of all, companies are becoming more flexible with the idea of working from home. A study from Mercer found that 70% of companies are adopting the hybrid work model in response to the COVID-19 pandemic. The hybrid work model allows employees to choose whether they work from the office or from the comfort of their own homes.
As a result, there’s a growing appetite on both the employer and employee side of the hiring spectrum for flexible work arrangements. Talent clouds allow companies to connect with remote workers from all corners of the world and offer them full-time, part-time, contract, contract to hire, freelance, or other methods of employment.
These flexible models are very appealing to professionals, especially in the product development space. For example, a study in the United Kingdom found that 70% of developers want flexible work options without the need to always be in the office. The same study says that UK companies will struggle to hire quality development talent unless they adopt more flexible or hybrid work models.
Due to this growing demand for greater work flexibility, companies have an incentive to embrace talent clouds and connect with remote professionals with skills that can benefit their businesses. But there are other practical reasons why companies should embrace talent clouds to expand their skilled workforce.
In the tech space, high growth is baked into most company forecasts. Brands want to scale growth to record levels as fast as humanly possible in order to build a business that can transform the marketplace.
Talent clouds enable companies to find qualified professionals in record time, often with the assistance of third-party recruiters who can vet the candidates on behalf of your company. It’s this form of direct sourcing that steered modern recruitment away from traditional hiring firms.
Talent clouds are also more cost efficient than traditional hiring firms. For example, clients who use High5 to create their own private talent clouds save, on average, between 15-25% of what it would cost to hire in-demand tech talent through traditional firms. This is a great opportunity for your business to keep hiring costs low while attracting the most capable professionals who otherwise might work for your competitors.
So what are some of the underlying benefits of private talent clouds for your brand?
This is one of the biggest assets that talent clouds provide to your business. You can create a private community of quality professionals with skills, knowledge, and experience to help build up your business. Simply maintain a network with the members of the community and scale up or down your employee roster as needed to help achieve your overarching business goals.
Time is money, and your in-house recruitment team only has so much time to search, vet, qualify, interview, test, and hire each employee in your company. Rather than overburden your in-house staff, you can use private talent clouds to save a lot of that time and headache. At High5, our private talent clouds include access to 18,000 subject matter experts with the ability to search, screen, and qualify professionals in your talent pool on your behalf.
This is an added benefit that comes from using our platform and building your talent clouds through our workspace. Our recruiters will handle the bulk of the work, functioning as another arm of your recruitment team. As a result, time is made available for your in-house team to focus more on the big picture objectives for the organization.
Speed to hire is one of the most important metrics that helps companies achieve their goals for growth. By using private talent clouds, you can submit a job posting and begin engaging with qualified professionals in less than one week. By contrast, traditional hiring firms will take potentially 8 weeks to achieve the same result.
This is a no-brainer. If you want to add more skilled workers to your team as quickly as possible, talent clouds are your best resource to make those connections. You can filter down to the professionals best suited for the job and start engaging with that exclusive group to find the best suited candidate to deliver results.
High5 provides recruiters with a large pool of global talent, including full-time, part-time, and remote workers. Each candidate is individually vetted by experts within the field so that you can easily identify the best candidates for your business.
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