In our recent white paper, “The Talent Cloud Advantage,” we explored emerging Talent Cloud solutions, the concept of “Talent as a Service” and how AI can bring speed and intuition into the often-daunting process of sourcing talent.
During our research, we also discovered one-third of senior leaders today report their most significant material challenge is finding the right talent. And finding the right candidate takes the average employer 27 days, up three days from the previous year, while top candidates are off the market within 10 days.
So we wanted to take a closer look at what’s driving the gap between employer hiring practices and candidate expectations, and better understand the tangible features of a Talent Cloud.
Millennials are the largest generation in the U.S. labor force, according to a Pew Research Center analysis of U.S. Census Bureau data. And technology has become completely instilled into the everyday lives of millennials. Unlike the generations that have come before them, they have experienced the rapid evolution of communication through technology. Real-time responses from texts and instant messengers, intuitive, data-driven emails from their favorite retailers, and the concept of “on-demand” everything isn’t just reserved for their personal lives anymore. It’s created a new standard for treatment in all aspects of their lives, and employers are no exception.
When a millennial job applicant entrusts an organization with their resume and other rich personal data, an expectation is created that their data will be processed quickly, intelligently and efficiently. This expectation thus builds an increasingly overwhelming responsibility on the part of organizations and hiring managers to deliver on this expectation. And while technically organizations are empowered with more candidate data than ever before, without the tools to process it, hiring managers are left with the all too familiar challenge of information overload or worse, “analysis paralysis.”
So how can organizations get smarter about how they are processing all this candidate data so they can hire the best employees faster? While simultaneously delivering a candidate experience on-par with Millennial demands? Enter the Talent Cloud.
From an employer perspective, a Talent Cloud or “Talent as a Service” platform provides organizations with a powerful living network of talent. Just as CRM tools like Salesforce provide invaluable access to customer data, and cloud content management services like Box deliver instant access to your company files, talent clouds house your most invaluable asset: your talent.
Talent Cloud networks are comprised of either known talent sources such as previously vetted and approved workers, independent contractors and former candidates – known as “Strategic Talent Clouds.” Alternatively, organizations can cast a wider net and reach newer candidates found via recruiting campaigns, job boards, email and text campaigns – known as “Sourcing Talent Clouds.”
The technical capabilities built within these networks provide employers the powerful advantage of machine learning and natural language processing which ultimately delivers capabilities such as:
So, what does this look like from a candidate perspective?
The Talent Cloud’s technology-powered platform is able to deliver the intuitive, expedited and accurate hiring process candidates have come to expect from best-in-class brands, with features such as: