How are you sourcing and retaining the best contingent talent for your business?
All organisations strive to find, engage and retain the best available talent to enable the business to achieve their goals.
In an effort to reduce costs, improve quality of hire and stem the ongoing talent drain, many organisations are building talent pools of known talent – that is, those with previous experience with your company. According to SHRM reports, direct replacement costs can be as much as 60% of a worker’s yearly pay, and even up to 200% for total costs associated with turnover. By hiring known contractors, employers can save significantly on external recruiters and the internal effort involved in the recruitment process. In many instances, redeploying contingent workers can be two-thirds cheaper than hiring new.
Compared with talent that has no experience with your company, the benefits of known talent are:
Contractors are usually sourced through recruitment suppliers, which often attracts inflated margin costs. Organisations are now shifting towards identifying candidates for available opportunities using their own knowledge and networks. Here are some emerging methods for employing known contractors:
How CXC can help
CXC works closely with our clients to achieve their talent first goal by improving their capability to measure, retain and redeploy known contingent workforce performers. Additionally, CXC implements proprietary and partner technology and services that drive improvements in quality, efficiency and cost savings for new contingent talent acquisition.
CXC’s customers have been able to transition from a decentralised supplier sourced approach to a managed program where the majority of contingent talent is now being sourced and engaged directly.
To drive additional savings and provide an opportunity to access more talent, CXC can provide our clients with the opportunity to be part of Workforce Exchange (WEX). WEX is our talent pool of proven, pre-qualified workers with a history of working with other CXC clients.
Typically, our contingent workers, at the end of their contract, are interested in further quality assignments, while our clients want known, proven talent to fill niche roles. WEX meets both demands.
Our talent pool consists of contingent workers with technology, project management, engineering, finance and other professional service experience gained in industries, including financial services, energy and resources, telecommunications, technology, infrastructure, media, FMCG and consulting and professional services.
- CXC’s team manage a rolling talent pool where new requirements are cross referenced against suitable contingent workers in the talent pool.
- Through Workforce Exchange, CXC review suitable contingent workers who have completed engagements of a similar nature at other enterprise clients.
- Based on availability and interest, the contingent worker is submitted to the talent team who will determine suitability and manage the ongoing application process.
- Referrals are solicited from the hiring manager who will introduce the candidate into the process for CXC to manage.
- ‘Silver medal’ candidates, who have previously interviewed for positions but were not selected, would be incorporated into our talent pool.
“CXC introduced a workforce management program across our non-permanent workforce over five years ago. They work closely with our on-site outsourced RPO team to deliver a seamless workforce acquisition and management service to our hiring managers, suppliers and our extended workforce.”
Recruitment Lead, Human Resources, leading financial services client