Idea in Brief

The Problem

Although many companies have invested heavily in digital transformation in recent years, when it comes to talent and hiring, most are still following traditional practices that are rapidly becoming obsolete.

The Reality

Organizations need to embrace an open-talent strategy—an approach that involves engaging with a globally distributed freelance workforce that’s accessible via on-demand digital platforms.

The Way Forward

Companies will need to create an “external talent cloud”—that is, a set of digital talent platforms that can quickly and precisely match their supply of talent to the organization’s specific needs.

The biggest headache of global businesses today—not to mention their most considerable cost—is figuring out how to secure talent.

A version of this article appeared in the January–February 2024 issue of Harvard Business Review.