A key emerging talent management strategy is the notion of a talent ecosystem, one in which everything is connected – attracting and acquiring talent, managing and developing talent, understanding and planning talent, as well as extending talent.
It involves having a talent pool that is available to any business as an extended, dynamic and evolving network of relationships, instead of as a single static pool. It reflects the disparate and multi-layered market for talent that has become the norm for many firms, particularly those with rapidly changing skills requirements, those in cyclical industries or where talent may move fluidly across regions or countries.
Today, the traditional marketplace is soon evolving into a talent ecosystem supporting the talent supply chain management strategies.
“In a talent ecosystem, workers can move between roles, places, and categories as they desire or according to an employer’s needs. This means that companies need to maintain a holistic view of the talent ecosystem and in what manner workers can best be employed in order to meet the organization’s objectives in the most risk-free and cost-effective manner possible,” said Anthony Raja Devadoss, KellyOCG’s Vice President for Asia Pacific.
“Only by taking a holistic and agile view of the talent ecosystem will companies be able to create a sustainable talent management strategy,” he added.
Benefits of a Talent Ecosystem
The findings from KellyOCG’s Executive Outlook Report 2015/2016 indicate that in an expanding economy, businesses have the opportunity to enhance their competitive edge by cost-effectively mining their talent ecosystems to simultaneously benefit business goals and human capital.
A talent ecosystem also has the potential to enhance flexibility, efficiency and adaptability. It builds wider relationships and skills communities that can be tapped into as needed. It supports a learning culture and an environment that is conducive to lifelong development of skills.
It links closely with the concept of sustainability, since there is an emphasis on talent development, evolution and renewal that is sometimes overlooked in traditional talent models.
“Organizations must think about the entire talent ecosystem and not just the talent they own today or they want in the future. Tailoring resourcing strategies to specific talent segments, jobs and locations is crucial in order to close global talent gaps in a talent ecosystem. To be able to make truly optimal business decisions, HR strategists must have domain expertise, enterprise-level perspective and knowledge of local markets. Simply put, optimizing global strengths and local capabilities is key for a sustainable talent ecosystem“, added Devadoss.
Traditional Talent Models vs. Talent Ecosystem
While traditional talent approaches are being put under pressure by global trends, a talent ecosystem helps reframe the thinking and approach to talent management.
A talent ecosystem reflects a borderless world of talent acquisition and management with multiple sources of acquiring people. It consists of an extended and evolving series of relationships that goes beyond a traditional talent pool and conventional employee-employer arrangements. It can include:
The business leaders today recognise the importance of building a talent ecosystem that is viable and adaptable in meeting the changing needs of the enterprise.
“Organizations must cultivate a new way of thinking by applying talent supply chain management (TSCM) principles with talent strategies across organizational boundaries: in the company, the extended enterprise and beyond the enterprise,” Devadoss added.
In conclusion, by integrating talent ecosystems and economies into business strategy, organizations can develop targeted talent acquisition and management strategies and become more aware of the real expenditure associated with them.