We are on the cusp of recession; many latest studies reveal the probability of recession next year is 100%. US inflation rates are 9.1%, a 40-year high. Unemployment is 3.6%, the lowest since December 1969. There are 11 million job openings in the US, yet 5.9 million people are jobless. This economy is unprecedented; despite increasing inflation, talent is in great demand due to a skills shortage.
The term shortage of learning talent will be one of the most important topics for L&D organizations in the upcoming year. Organizations are running out of skilled employees and are moving towards a period of economic and talent uncertainty. Hiring managers must work diligently to get the top L&D talent their organizations seek. An outsourced learning talent provider will help find (and retain) the best L&D talent and skills organizations need to thrive.
5 Ways Learning Talent Providers Are Transforming Skilled Talent Hiring
A learning talent vendor enables businesses to focus on other high-priority activities through recruitment analytics, robust candidate pipelines, proper sourcing, and reduced turnover. According to the Quarterly Talent Acquisition Trends + Insights report, almost half of companies are investing in sourcing, including looking more closely at the role talent outsourcing partners can play.
Organizations that partner with an external vendor for their L&D talent needs have access to extensive recruiting, marketing resources, modern technologies, and the ability to expand and react fast to ever-changing markets.
Partnering with a learning talent provider is beneficial. Following are the five reasons why:
Access to Expertise
Hiring skilled learning talent during a recession or disruption comes with multiple challenges. Hiring an external vendor or partner for the hiring needs will help organizations get a team of experienced professionals who care for the requirements. Also, organizations can focus on achieving their strategic business objectives while the experts (external vendors) take care of the recruitment. An external learning talent provider offers many benefits, including reducing premium costs, identifying individuals who share their values, and improving recruitment and retention for the organization.
Reduces Time to Hire
Reducing time is one of the primary reasons many organizations outsource their recruitment process nowadays. An external learning talent partner with expertise in hiring is clear about how time-consuming it is to screen, hire, and train new employees. It is because they have robust processes, experience, and advanced technologies to find the right people for an organization in a timely and effective manner. In addition, an L&D talent vendor can help an organization determine the specific talent needs (both now and in the future) and provides a list of qualified applicants. Thus, saving a lot of current time and time in the future.
Opportunities for Cost Savings
Recession or any major business upheaval brings a lot of economic disruptions that ask hiring managers to cut unnecessary expenses wherever they can. An L&D talent provider takes all an organization’s long-term and short–term recruitment efforts. It includes the hiring and operational costs and costs during an economic turndown. For instance, hiring managers may not have to spend money advertising open positions because the talent outsourcing vendor may cover this expense. Finding the right candidate also makes it easier for organizations to retain them for the long term. That way, organizations could spare themselves the potential financial fallout of losing the employee.
Access to Valuable Talent Insights
Successful workforce planning relies heavily on data-driven decisions that organizations can only collect when they source new candidates. An L&D talent provider pays close attention to market data that can enhance efficiency, pinpoint improvement areas, and suggest when a change in talent hiring strategy is required.
In times of uncertainty, organizations must be adaptable to survive. With fluctuating markets, it is easy to slip into the expensive cycle of hiring and training recruiters when talent need grows and then laying them off when the need for talent drops. When organizations partner with an L&D talent provider, resources may be scaled up or down based on recruiting needs. The learning talent providers have the recruitment, technology, and knowledge required to provide cost-effective support for the shifting talent demands.
An external talent provider will also help in enhancing employer brand, candidate quality, improved recruitment efficiency, hiring manager satisfaction, and much more.
Outsourcing L&D talent may be the most viable solution for addressing the current shortage that the L&D industry will experience. Outsourcing talent requirements to an L&D talent vendor helps reduce time-to-hire, and cost-to-hire, offers scalable support, valuable data insights, and expertise in tech and other talent-hiring capabilities.
Are you looking for a learning talent provider to help with your talent requirements? Infopro Learning can be an extra pair of trusted hands by taking all-inclusive talent requirements.
We specialize in placing a wide range of learning and development professionals with a network of 9500+ professionals across 40+ countries. With customized engagement models, including full-time, short-term contracts, dedicated teams, and hourly/half/single day, we specialize in hiring instructional designers, learning architects, business analysts, project managers, and LMS administrators. Let’s Talk!
Suggested reading: Top Learning Talent Acquisition Trends You Must Know in 2023