Talent clouds are digital networks that connect your brand to a robust community of professionals. Unlike traditional hiring services, talent clouds allow your organization to form one-to-one relationships with independent workers so that you can source, vet, qualify, and offer opportunities to those workers as the needs of your company change. This is the primary purpose of talent cloud services that can help your company achieve their targets for growth.
Hiring needs vary from company to company, and there may be specific product development needs unique to your organization. But two fundamental changes in the market have occurred in the last few years that have increased the importance of, and demand for talent clouds.
First, technological breakthroughs have enabled companies in many sectors to achieve impressive year over year growth. In a summary of historical compounded annual growth rates by sector, industries in online retail, for example, have reported net profit annual growth rates averaging 26% over the past five years. These impressively high numbers mean that business is booming in these industries. Since much of that business is done online, products and services must continuously evolve to keep pace with growing demand. As a result, companies must make fast hiring decisions and bring on only the most capable of professional talent.
Second, the global adoption of remote work in response to the COVID-19 pandemic means people can work from anywhere so long as they have access to the internet. In a report compiled by McKinsey Management Consulting, they determined that 20 to 25 percent of workforces in the 8 most advanced economies on the planet will continue working from home three to five days a week after the pandemic. This marks a growth rate of four to five times above the adoption of remote work pre-pandemic.
These massive global changes mean companies are more invested than ever before in hiring the most capable professional talent. Facing the need to deliver on high growth expectations, geography can no longer be a barrier when it comes to hiring the best talent to help achieve those targets. That’s why talent clouds and talent cloud services are in such high demand. They allow you to connect with experienced professionals anywhere in the world and bring those workers into your company’s fold as seamlessly as any local hire.
You want to hire the best and brightest for your team. Otherwise, you risk losing their skills to the competition.
Speed to hire rates are very important for companies eager to deliver on high growth expectations. Fast speed to hire rates also mean you have far better chances of not losing out on quality talent to the competition.
So why are talent cloud services the best option to improve your company’s speed to hire rate? Well, the fact is that internal hiring processes are often bogged down and delayed by factors that could cost you the best and brightest professionals. These include:
It’s believed that internal recruitment has been largely outsourced to help companies fill headcount faster. Unfortunately, this doesn’t always translate into positive results.
Around 40% of US-based companies are believed to have outsourced their recruitment needs to hiring agencies that, in turn, subcontract to firms in markets like India or China. However, fewer than one third of those companies actually monitor whether the new hires are a good fit. At the same time, due to all of the contracting and subcontracting of hiring services, there’s lots of extra work being done to connect with new hires without measuring the impact on the business. This makes it very difficult to improve the recruitment process.
By using talent cloud services, you cut out all of the unnecessary parties involved in recruitment and streamline the whole process. Using talent cloud services like High5, for example, you can hire four times faster than by using your current process. Additionally, the platform’s managed services team will weed out all of the unqualified candidates and hire only the best and brightest. You can also measure the effectiveness of their work once they come aboard to calculate the ROI of your new hire and the process with which you use to bring them aboard.
Of course, one of the biggest benefits of talent cloud services is how much they can save your recruitment team. This isn’t just about real dollars; it’s also about time savings, ability to fill diversity hires, speed to hire rates, and so much more.
This table outlines a direct compare and contrast between talent cloud services like High5 vs. traditional hiring agencies and other online platforms. You’ll see that the time to fill an open role with talent cloud services is approximately one week from the time you submit a job requirement to the time you start engaging with talent. Using a traditional hiring agency, that process could take as long as 8 weeks.
Other online platforms can deliver candidates nearly as fast as talent cloud services. However, those other platforms cost more due to a monthly service fee, a charge that’s waived when using High5. Additionally, there are no expert vetting services or any quality guarantees from third party online platforms. As a result, you may be able to hire fast but there’s no assurance those candidates will add value to boost your company’s ROI.
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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