3 Benefits of Creating a Virtual Talent Bench

By MBO Partners | August 25, 2022

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Key Points

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

Independent talent provide companies with access to in-demand skills where and when they need them most.

With a virtual talent bench, enterprises can remain agile and competitive.

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 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. 

By incorporating independent talent, 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 benches of talent—groups of professionals who are already vetted and onboarded.  

What is a Virtual Talent Bench? 

A virtual talent bench is a group of independent talent who have already performed all onboarding steps including background checks, work arrangement validations, equipment assignments, etc. prior to a role being offered. This enables organizations to quickly deploy talent when the time comes to offer 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 to work quickly

A virtual talent bench facilitates an easy way for enterprise managers to quickly and easily deploy talent. This not only saves managers time searching for and onboarding qualified talent, but it can also present a substantial cost savings opportunity.  

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 to get 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 what they are looking for in a client relationship and employs tools to make their experience as straightforward as possible. 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 something all organizations that engage independent contractors should be aware of. Independent professionals come from all different backgrounds, and each brings individual levels of self-employability. 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, along with a direct sourcing strategy, is the ability to reduce compliance risk. By pre-engaging contractors, organizations can ensure proper qualification before any work begins and check off important compliance boxes. 

Up next: 5 Benefits of Building a Direct Sourcing Strategy 

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