If you’re involved in staffing or recruiting, you might have encountered this term before. It represents a new, holistic way of sourcing talent for global businesses. In this article, we describe what Total Talent Management (TTM) is.
In the current business climate, organizations are having to keep up with market changes. Total Talent Management has emerged as a solution to fragmented IT systems, governance, and budgetary models that inhibit organizations from creating an on-demand workforce model through an inability to leverage the various resourcing mechanisms.
Total Talent Management is a human capital management strategy designed to satisfy enterprise workforce demands by embracing both permanent (RPO) and contingent (MSP) talent solutions. The main contractual constructs found in TTM strategies include:
A Total Talent Management strategy is seen by many as the pivotal philosophical change needed to implement an on-demand workforce model, helping organizations leverage the potential of the gig economy.
Unlike traditional models of talent management oriented around the maintenance of a full-time employees, a TTM strategy embraces:
The rampant pace of change in the digitally enabled markets is causing management teams to revisit their business models more often. A pressure for agility and adaptability in recruitment, technology, and data processes is leading to a push towards an on-demand talent sourcing approach.
Business leaders find themselves facing continuous re-org demands to accommodate changes in talent demand. To remedy this talent shortfall, TTM is gaining in popularity within leadership teams.
In the last decade, the accountability and responsibility of talent sourcing strategies has been split between departmental heads, HR, and procurement chiefs. Decisions on sourcing approaches and recruitment mechanisms used to be fragmented by departmental priorities, systems and decisions
TTM initiatives aim to create a joined-up requirements gathering, sourcing, and management approach to ‘get work done’ irrespective of the resources used or the contractual construct adopted. However, projects to normalize and standardize current operational approaches are suffering as the result of:
Changing attitudes and behaviors can be ‘enabled’ by an effective TTM ecosystem. This normally takes the form of an integrated portal that equips recruitment teams to work with procurement and IT colleagues to adopt the best approach to getting work done.
That's all for today.
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