What is a Talent Network?

A talent network is a vetted and qualified on-demand pool of independent professional talent that managers can quickly tap to obtain skills needed for their projects. A company's talent network  has some level of relationship with your company—they may have previously worked with the company or may have been invited to join—and they meet a certain set of criteria such as having specific experience, a certain set of skills, or operating out of a particular location.

A broader talent network is a marketplace of talent that is vetted and qualified and can be tapped to fill project roles even if they haven't worked with your company before. Often they have worked with your competitors and have a record of performance.

A talent network is an excellent way of shortlisting talent to work on future projects. To think of it another way, imagine using an app for grocery delivery. Your weekly routine would involve scanning the fridge to identify what you need. For items you don’t have, you place an order through the app, so you don’t have to make a run to the store. In the same way, hiring managers can use their company's talent network or work with a marketplace recruitment team to source available skills rather than having to go through a third party such as a staffing agency or consulting firm.

Benefits of a Talent Network

The biggest benefit of a talent network is the ability to quickly find and engage talent. Talent networks save managers time by providing access to talent who are ready to be deployed on projects. If your chosen independent contractor has been previously onboarded, you can realize even greater time savings.

Cost savings is another benefit. Managers working to stretch a budget throughout an entire year win big with a talent network. By bypassing third-party firms and engaging talent through their own network, managers can avoid paying those third-party markup costs—and that means more money left in their budget.

5 Steps to Building a Private Talent Network

1. Always start with the end in mind. Which types of projects will you have in the next quarter? The next year? Knowing this will help you target the right type of talent. When it comes to the individuals in your network, think about the type of talent you’ll need to support your projects. By nature, you should be looking for independent professionals (individuals with no third-party affiliation) so you will be able to work with them directly.
2. Consider the various channels where you can find the types of talent you need. A redeployment solution, engaging workers who have previously worked on projects with your company or as a traditional employee with your company, is a great place to start. Since onboarding can be a lengthy process, using talent who are already familiar with your company can be very helpful.
3. Get creative about accessing the talent you need in your network. Here are some ideas: Tap into your retiree population, create a manager referral program, or find ways to leverage your company brand to attract talent.
4. Access a talent-friendly platform to ensure easy access to talent. MBO’s marketplace allows organizations to create private talent networks that can be used to engage skilled independent contractors for consulting jobs.
5. Nurture the talent in your network so that they stay connected with your brand. Create a newsletter that is sent to talent in your network and encourage them to follow you on your social channels to stay connected with your brand.

With MBO, our Independent Talent Network solution gives you access to 130,000 qualified independent professionals with the skills and experience you are looking for to fill critical roles.