What Is Total Talent Management?
Total Talent Management (TTM) is a new methodology for talent acquisition and administration requiring consideration of all manner of talent/worker classification when hiring full-time employees, contingent workers, and other assorted contractors. The talent shortages driven by globalization prompted the need to source and manage talent in different ways. Fueled by the growing relevance of the contingent workforce in contemporary business operations, this model calls for a seamless blending between permanent hires and contingent labor when developing HR and procurement policies and practices.
What Are the Benefits of Total Talent Management?
Organizations engaging total talent management practices typically experience a wide range of benefits that flow from the application of this all-inclusive process. Some of the most frequently reported benefits include:
- Cost savings;
- Replacement of poor/inefficient hiring processes with best practices;
- Quicker talent delivery;
- Improved access to talent;
- More precise, effective workforce planning;
- Greater visibility and control over workforce;
- Higher satisfaction among hiring managers.
How Does nextSource Differentiate Among Other Providers of Total Talent Management practices?
nextSource as an organization has been built upon the tenets of Total Talent Management since before the term was even widely known. “nextSourcing” is the eponymous term our experts derived to describe the very processes that have since become the dominant paradigm driving TTM. As early adopters and market leaders, nextSource is deeply experienced in all the practices and methods needed to:
- Identify the proper mixture of worker types to maximize productivity and cost efficiency;
- Ensure legal and reputational risks are considered when placing different types of workers into any roles;
- Achieve a clear-eyed assessment of the true cost of pay and benefits for all types of workers you intend to use;
- Work on methods for achieving cohesion between full-time workers and non-employee workers;
- Build solid training and career vectors for all types of workers;
- Develop ways to keep a diversified workforce motivated and focused on common goals.
Why Might I Consider pursuing a Total Talent Management Practice in My Organization?
There are plenty of excellent reasons to pursue a Total Talent Management initiative for your organization—and there is little downside potential in doing so. However, there are several critical business factors and conditions that, when present for your operations, greatly increase the urgency of need for Total Talent Management within an organization.
First and foremost, organizations experiencing expansion in their use/utilization of a contingent workforce operating in parallel with their traditional HR function for full-time workers are prime candidates for TTM. Total Talent Management effectively dissolves the silos between these two separate, but interconnected, human capital practices, and strengthens the efficacy of both by bringing them together under a single process.
Another key driver of need for Total Talent Management practices is the expansion of geographically disparate operations. For organizations with operations across multiple states or expanding into foreign markets, there is a dramatically increased compliance burden driven by the different laws and regulations in place at each disparate location where the organization has talent deployed. A Total Talent Management program helps impose controls and clarified visibility over the workforce across the entire enterprise.
Contact nextSource for TTM Expertise
To read more on this subject, turn to nextSource for expert guidance and visit our solutions page.
