If you’re a talent leader considering moving towards a Total Talent Management (TTM) approach, why benefits and outcomes should you expect to see? In this article, we dig deeper into what organizations should expect as the return to their TTM investment along with some of the experiences of our clients on the value of TTM.
Total Talent Management (TTM) is a human capital management strategy to satisfy enterprise workforce demands by embracing both full-time employees and gig working in its various forms. The main contractual constructs found in TTM strategies include:
- Full-time Employment (FTE) Contracts
- Contractor Procurement – Normally procured through indirect procurements via staffing agencies
- Project Outsourcing Purchase Orders – Sometimes called ‘Outsourcing’
- Statement-of-Work (SOW) Contracts – The provisioning of work against agreed milestones stipulated in a contract
- Micro-Task (or Micro Job) Contracts – The fulfilment of tasks by gig workers, normally via an online task portal
Whenever, the team at Workspend speaks to clients and prospects about Total Talent Management, we break down the benefits of TTM into three major elements:
1. Cost savings
Visibility always leads to cost savings, similarly to how an MSP can help drive cost savings with suppliers. By starting with an examination of your total workforce (as a talent pool) before going to an outside source for the right candidate, you have an opportunity to source talent you already own, essentially for free.
2. Improved compliance / enhanced risk mitigation
You should expect to reduce compliance risks by adopting a broader and more consistent approach to checks, underpinned by more robust processes. In the same way that your MSP may operate today, TTM normally installs a robust mechanism to validate work roles, worker credentials, pay rates, etc. according to the regulations. This assessment can (and should) stretch across every single worker; be they full-time, contracted, freelance, consulting, etc. Insist on a one-stop for all the compliance requirements for hiring talent full time or otherwise through a single agency or in-house resource.
With HR and procurement working hand in hand on an all talent strategy, the effectiveness of talent programs is boosted by removing parallel processing in areas of onboarding, background checks, purchase-to-pay processing, reporting, and other key areas of back-office processing.
What we think
Failure to adopt – or at least work towards – a Total Talent Management agenda is a missed opportunity to strive for smarter talent results, greater efficiencies, and so-far untapped economies within your talent program. It’s about adopting a more holistic approach to talent, joining together the resources and management capacity of HR, Procurement, IT, and Finance to collectively raise the bar on the quality, value, flexibility and operational effectiveness of talent.