According to the IMF boss around one third of the world will enter a recession in 2023. Our most popular and recent blog was on how tech talent can recession-proof themselves as lay-offs at companies like Amazon, Vimeo and Salesforce become the norm in 2023. In this blog we are going to look at what companies can do to stay productive as the inevitable hiring freezes come into full force.
Hiring full time talent in 2021 and 2022 was at a record high with demand outstripping supply. For some companies continuing to hire full-time will continue but for many it will become a luxury. Y Combinator in the now famous letter to founders in Q4 2022 made it clear that founders have to modify hiring plans and get creative. Large companies like Apple, BT and Microsoft have implemented hiring freezes already.
Let’s look at 3 Ways To Borrow Talent in 2023t instead of hiring full-time:
3 Ways To Borrow Talent in 2023: Internal talent mobility strategy
Often the last place you look for talent is in plain sight. In a recent HR Trends report by Deloitte they stated:
An organisation’s biggest potential talent source may be its own people
In the last few years we have seen a huge increase in distributed teams and self learning. This creates a huge opportunity for looking internally first.
What is talent mobility?
Lets say your company has hired Software Developers globally in the last year and you have a demand for a Solidity Developer for a project the CEO has asked you to kick off. The chances are that one of those developers has been learning Solidity in their own time and would value the experience of trying it out commercially.
A few years ago I was working with a global energy company who were looking to hire entry level Data Analysts for a new project. They decided to look internally and found that many of the Help Desk Analysts were re-skilling in their own time. A win-win.
There is lots of software that can help with internal mobility but a good hack is to build it into your sourcing strategy when you have a short term project demand.
3 Ways To Borrow Talent in 2023: Side-Hustlers
At Gigged.AI we love side-hustlers. The side-hustle is on the rise and is a great way to hire amazing talent for short projects. A study conducted by Henley Business School found that 1 in 4 UK adults have a “side hustle”, with people aged between 25 to 34 most likely to have one. Side hustles is Gigged.AI’s favourite on list of 3 Ways To Borrow Talent in 2023.
What is the meaning of side hustling?
A side-hustler is someone who has full-time role but does freelance gigs on the side.When we built the initial Minimum Viable Product of Gigged.AI we used side-hustlers that work in marketing, web design, data science and copywriting at some of the top FTSE 100 and Fortune 500 companies. We could never afford them full-time but could borrow them for short projects. Skillscrush says that the top 5 tech side-hustles are web design, web development, SEO, social media management and copywriting.
Most talent platforms have a community full of side-hustlers. This can be a quick and cost effective way to get high quality resources.
3 Ways To Borrow Talent in 2023: Hidden Talent
Accenture wrote in 2021 about how companies can hire hidden talent to help fill skills gaps. Not everyone is looking for full-time work and tapping into hidden talent pools for project work can be really fulfilling and productive.
Here are a few examples of hidden talent:
Return to Workers: Many great talents are looking for more flexible work after leaving the traditional 9-5 during the so-called Great Resignation. They maybe took time out to raise a family, career change, move location etc. Many are turning to freelance work. There is an amazing pool of talent here that can be hired that can add value immediately.
Students and Recently Graduated: Hiring students for project work when they are looking to either generate more experience or a project as part of their degree can be a great source of talent. The Data Lab has amazing PHD and Master programmes that allow companies to engage data talent on a project basis.
3 Ways To Borrow Talent in 2023
In short, most hiring managers are going to need to get creative to stay productive with less.From out list of 3 Ways To Borrow Talent in 2023 it is clear that tapping into new talent pools is going to be key. Check out how Gigged.AI can help you hire a side-hustler, hidden talent or even that internal hire. Enjoyed reading out 3 Ways To Borrow Talent in 2023? Let us know your thoughts, or if you have a something we should add.