Why Multi-Speed Talent Is The Future of Work
Apr 10, 2019 Susan Marshall
Marketing leaders across industries and geographies are feeling the pressure to answer tough questions about the future of work, like:
- How do we attract and develop the new talent we need?
- How do we scale and accelerate the pace of change?
- How can we ensure that the people with us now don’t get left behind?
- And how do we make the right investment in our people to prepare them for the future?
An agile, modern workforce depends on a people-first strategy that embraces tech. Leaders need to play a driving role in supporting the development of an agile workforce if they want to survive the digital transformation.
The businesses of Silicon Valley and other tech hubs have become leading examples of why an agile mindset works, hitting home the importance of implementing methods that get things out the door for testing quickly (like rapid prototyping or the sprints we do here at Torchlite). Rapid innovation is key — there’s always time to hammer out the minor details after you can prove that a concept is valuable.
BMO’s chief transformation officer, Lynn Roger, put it best:
“Speed is the new business currency.”
Adopting a multi-speed talent strategy allows you to:
Bridge the gap between current employees and the skills they’re missing
The new business model looks “more like highly orchestrated networks and ecosystems with a multitude of approaches to mobilizing, orchestrating, and engaging talent, skills, leaders, and ideas,” according to Deloitte.
This business model is especially attractive to companies with talent gaps. No one employee can know it all, which is why more and more businesses are turning to freelancers to supplement their teams. The role that a freelancer plays on a team varies based on the needs of your company. Some on-demand experts augment teams on a single project basis while others enter into months- or even years-long working relationships. Freelance talent is also used to manage variable demand for companies like agencies whose workloads vary based on client needs. These experts also work in both extended, long-term projects as well as one-off project roles.
According to Accenture, “up to 40% of companies experience talent shortages impacting the ability to adapt and innovate.” Understanding that your potential talent’s experience comes from a variety of locations — taking breaks to pursue further education, building a side hustle as a stay at home parent, interning, traveling — and not just traditional corporate jobs is key to building a diverse and effective workforce.
Drive collaborative innovation
New perspectives are refreshing. When your team recruits help from the outside (via freelancers, consultants, or any number of other methods), you’re opening the doors to potentially game-changing ideas. When you’ve been neck-deep in a problem for a long time, you start to lose perspective. A fresh set of eyes can unveil solutions you’d never come up with yourself.
These “outsiders” can also be pivotal to driving innovation. They force you to answer the question “why?” — and that’s never a bad thing. When they ask questions, they’re trying to get to the root of the problem so that they can help develop new solutions to test. This experimentation is the key to actually getting things done instead of just discussing them. These on-demand workers allow you to test ideas on the fringes and fail fast.
Focus on what you’re best at while building a happier workforce
The benefits of working with freelancers can be obvious — like the fact that you’re checking tasks off of your marketing to-do list. Equipping your team with the right tools, including access to on-demand experts, allows them to focus on their goals and get more done. Freelancers act as a second line of defense for your internal team, allowing you to focus on what you do best while the experts knock out projects quickly and effectively.
That’s our mission at Torchlite: Enable marketers to do great work and love what they do every single day.
Some benefits, however, are less obvious. It’s true that on-demand experts allow you to focus on what you do best, but did you know that they also create a happier workforce? Freelancers are “often able to pursue a broader set of goals, whether those are about family, a creative pursuit, a side interest, or community involvement,” according to Deloitte research. Perhaps the concept is best understood as Dr. Amy Wrzesniewski, professor at Yale School of Management and workforce researcher, shared with Deloitte: “They care about money, and they worry about money, but they’re not doing this just for money. In fact, money is a problem they have to solve so that they can do what’s really driving them.”
Partner with others to provide value for customers
And now, tech companies, agencies, educators and brands are all looking for ways to better access, manage and pay freelancers at scale. Our own customers are building and managing private marketplaces to manage talent and produce great results. From training programs to martech vendors, customers of all sizes and from many industries have leveraged the Torchlite platform to empower their own customers:
- One martech vendor found that a private marketplace provided access to the talent that their partners and customers needed. This increased their time to value, reduced customer attrition, and ultimately led to happier customers.
- Another marketing technology vendor took advantage of a private marketplace to create a new revenue stream. While freelancers involved in the private marketplace make money and provide value, companies are also able to monetize the ecosystem.
- One digital marketing academy CEO turned their custom marketplace into a tool for graduates of their program. The students want to put their certifications and skills to work immediately, and their marketplace allowed them to showcase expertise and find gigs.
How do I start?
Before you can set any changes in place, you must first expand their concept of the modern workforce. That means understanding that some of the most valuable contributors on your team can extend beyond a 9-to-5, office setting. Modern marketers recognize that the ability to source talent in new ways is key to competitive agility — and that means incorporating tech and other tools into the talent-hunting process.
Put your team on the path to success with a single source of truth that allows you to access, engage and manage on-demand talent. After all, success depends on having the right people at the right time.