Whitepapers and Factsheets

Understanding Talent Marketplaces (Talmix Management Insights)

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2 TALENT MARKE TPL ACES: AN INTRODUC TION The World of Work is Changing "87% OF GLOBAL BUSINESS LEADERS SAY THAT THEY ARE CURRENTLY EXPERIENCING SKILLS SHORTAGES, AND ONLY ONE-THIRD BELIEVE THAT THEIR COMPANIES ARE PREPARED TO COPE WITH FUTURE WORKFORCE DISRUPTIONS". MCKINSEY GLOBAL SURVEY, 2020 The warning signs have been there for a while. The exponential growth of digital advancements over the last decade, buffered by daunting skills gaps across global industries. Increasing market volatility and competition. Employees demanding more value and flexibility in their work, and employers demanding more value from their workers. In a world in which the business and employment landscape is constantly changing, the capacity to adapt to these changes and confront a growing talent problem, without impacting productivity or profitability, has now become a critical business objective. The pandemic has revealed just how abruptly conditions can change — now, having access to a wider marketplace of plug-in talent, alongside establishing more agile and competent workforce strategies has become critical. For any businesses not yet thinking about flexibility and scalability in their workforce strategies, there is little time to lose. A Wider Talent Ecosystem Flexible working arrangements have risen exponentially over the last few years. The freelance workforce is growing three times faster than the total workforce, and 50% of the global workforce is now expected to be working freelance by 2028. For the most progressive companies, the realization that labour forces can be extended beyond permanent employees to a wider talent ecosystem (the extended workforce) has provided a smarter range of options with which to improve strategic/hiring decisions, address diversity and inclusivity within the workplace, and drive greater innovation and competitive advantages across the business. Ranking the importance of the external workforce in meeting business goals SAP Fieldglass: Contingent Workforce Highlights, 2019 www.talmix.com +44 20 3176 5615 @wearetalmix wearetalmix 50% of the global workforce will be working freelance by 2028

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