3 Benefits of Creating a Virtual Talent Bench

By MBO Partners | June 10, 2024

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Key Points

Independent talent provides companies with access to in-demand skills when they are needed.

A virtual talent bench allows organizations to dynamically respond to business needs.

Hiring managers can quickly engage a contractor from your pre-vetted, onboarded talent bench so work can start right away.

By incorporating independent talent into the workforce, organizations gain access to in-demand skills where and when they need them most. To take this idea a step further, forward-thinking enterprises are creating virtual talent benches—groups of independents who are already vetted and onboarded.  

A virtual talent bench allows companies to dynamically respond to ever-changing business needs. In order to remain agile and competitive in today’s fast-changing world of business, enterprises increasingly need easy access to high-value, skill-based workers.  For many, this means reshaping the conventional idea of a workforce into one that is composed of both full-time and independent contractor talent. 

What is a Virtual Talent Bench? 

A virtual talent bench is a group of independent talent who have already gone through an interview process and performed all onboarding steps including background checks, work arrangement validations, and equipment assignments. Often these workers are added to the bench before an actual engagement is proffered. Having a pool of pre-vetted and onboarded talent lets hiring managers act quickly when it’s time to fill a role or when a specific project need arises.  

Up next: The Value of a Virtual Talent Bench 

3 Benefits of Creating a Virtual Talent Bench

1. Talent can get right to work

A virtual talent bench lets managers quickly engage independents who meet their needs. This eliminates time previously spent searching for and onboarding qualified talent and can also result in substantial cost savings.  By engaging talent through their organization’s virtual talent bench, managers can bypass the use of third-party firms they may have otherwise used to find independent contractors. 

Check out: 8 Ways Direct Sourcing Reduces Staffing Costs 

2. Top talent will want to work with you again and again

Our research finds that over half of all independent professionals say they have a lot of choice in picking the clients they work with. Among the things they value most in a client relationship? Reasonable processes and procedures.  

The fewer hoops they must jump through before getting to work, the better. When a company has a defined process and technology in place that creates a streamlined engagement experience, it builds trust, loyalty, and retention. 

Independents value a company that understands the importance of a good relationship and employs tools to facilitate a good work experience. Creating a trusted network that meets these needs will go far in building positive contractor-client relationships, and in attracting and retaining top talent. 

Learn more: Attract and Retain Top Talent by Becoming a Client of Choice 

3. Worker misclassification risk is minimized

Proper worker classification is a key consideration when engaging independent contractors. In this context, different independent professionals have different levels of self-employee compliance. If they are not properly vetted and qualified, a company may be at risk of worker misclassification. 

Fortunately, one of the benefits of implementing a virtual talent bench is the ability to reduce compliance risk. By pre-engaging contractors, organizations can ensure proper classification before any work begins. 

Up next: 5 Benefits of Building a Direct Sourcing Strategy 

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