In today’s economy, one in three employees plan to leave their current role within the next 12 months. Needless to say, recruiting and holding onto talent is far easier said than done for HR professionals who are taxed with the talent shortage problem, and get little relief from current software tools in this highly competitive market.
Here’s what companies have: a talent marketplace full of millennials who are changing jobs more than ever, but also expecting more than just a paycheck. They want meaningful and challenging work, perks, mentorship and learning opportunities.
Here’s what companies need: A new system and new HR tools they can use to engage and retain those people
The Blended Workforce
This mix of employees comprised of part-timers, contractors or freelancers is what we call the “blended workforce.” This new trend has flipped old organizational models upside down and companies are working to figure out how to manage this new type of workforce.
Today’s successful companies are decentralizing authority and transitioning to become product- and customer-centric organizations. They realize the value of dynamic, empowered teams that communicate and coordinate their activities in unique and powerful ways.
But it’s not easy to get there. It’s a daunting task for a company to assemble the right individuals into a team and obtain the best outcome in a specific challenge. It’s especially hard in a larger organization to find the right people and aim them at the right project. That’s where Rallyteam (acquired by Workday) comes into the picture as an advanced platform companies can use to seamlessly connect talent to opportunities and jobs by helping organizations find the people with the interests, skills and expertise required to meet its needs.
The combination of Rallyteam’s next generation platform, the big market opportunity and its talented team with many years of HR software expertise from Cornerstone are why we invested in their Series A funding round.
The Billion-Dollar Opportunity
Part of this is plain-old myopia. Enterprises—particularly large ones—don’t know who they have and what their people can do. But part of it is down to the difficulties presented by today’s talent marketplace.
The new normal is for millennials to jump jobs four times in their first decade out of college.
It’s a problem for American business but it’s an opportunity for startups that can solve it with an estimated 40 percent of global employers reporting talent shortages.
The Solution: Rallyteam
When it comes to the various HR solutions that address these very issues, Rallyteam has the breadth and depth to help organizations challenged by the problems outlined above. For starters, Rallyteam helps increase internal fill rates and reduce attrition by matching employees to new opportunities. Simply put, it enables a business to better utilize its people by intelligently matching employees to projects, tasks, ideas and other employees, so the business can quickly organize teams and respond faster to incoming challenges.
Rallyteam helps companies look at the skills and goals of employees, gather them into teams and focus them on projects and/or jobs that interest them most and benefit most from their abilities.
Rallyteam boosts companies in two ways. It helps them create a startup-like culture in which flexible, multifunctional teams responds to challenges effectively. And it helps them hang onto talented people, because those people are happy in their work. They’re doing stuff that interests them, solving challenges and working with others who share their interests.
Rallyteam has already posted some impressive wins with big-name companies like eBay. We feel Rallyteam brings to the market a great software solution and a proven team of its own in a space where we have a lot of experience with investments—in companies including Avetta, Glint, Legion, Risesmart, Simpplr, TigerText and Udemy.
Rallyteam’s proven founders and executives have a lot of momentum and bring to the table the very kind of talent that they help other businesses and organizations tap into.