Impact Sourcing: Empowering Communities, Transforming Business, and Creating Long-term Impact
With the talent demand-supply gap continuing to persist globally, providers and enterprises are increasingly leaning on alternate talent acquisition channels and models to address their resourcing needs. Impact sourcing has emerged as a strong and effective option in the global services segment and has become a model of choice for many leading service providers globally.
Watch this webinar as our impact sourcing experts shed light on the successes and trends developing in the impact sourcing space. Participants got a view into the ecosystem of impact sourcing, how providers, buyers, industry bodies, governments, and NGOs are undertaking several of their own initiatives, and the results they are seeing.
What questions did the webinar answer for the participants?
How is the impact sourcing model continuously evolving the business case?
What are service providers doing to enhance the adoption of this model?
How are buyers responding to services delivered by impact workers?
What are the emerging trends in impact sourcing and what is the outlook?
Impact sourcing is gaining global recognition as a powerful solution for meeting talent needs in a socially conscious way while achieving business results and gaining positive publicity.
Rita N. Soni, Principal Analyst, Everest Group, and Prateek Singh, Practice Director, Everest Group, shared their thoughts, saying promoting diversity, equity, inclusion, and belonging through impact sourcing can also attract positive publicity.
The talent market has witnessed significant turbulence over the past few years, starting with the pandemic and hiring freeze to the great resignation and ongoing economic uncertainty. It is becoming increasingly difficult for enterprises to secure a skilled workforce, making the talent and skills shortage one of the top three business concerns in 2023.
This is where impact sourcing steps in – a practice that aligns social and ethical values with business benefits for the betterment of both society and the organization. Learn more about impact sourcing and the benefits businesses can gain in this article by Rita N. Soni and Anik Dutta.
Everest Group proudly participated in three noteworthy global sustainability events in Manhattan this September: Climate Week NYC, the 78th session of the UN General Assembly (UNGA 78), and the Clinton Global Initiative (CGI) annual meeting. These events centered around economic inclusion, climate change, health access, biodiversity, and other critical concerns. Read on for insights from our analyst team, who attended and presented at these pivotal gatherings that fostered collaboration and dialogue with the international community to advance sustainability efforts.
Climate Week NYC
This year’s Climate Week NYC was the largest climate event globally, bringing together 500 events and uniting over 10,000 people with a theme of “We Can. We Will.”
The week-long event from September 17-24 focused on accelerating action to achieve net zero emissions by 2050 and building a more just and equitable society. We are seeing businesses across industries planning their paths to net zero, while also focusing on the “people” aspect of sustainability by actively working toward diverse and inclusive workforces and social and economic equity.
Climate Week NYC presented many opportunities to engage with like-minded individuals and organizations actively working towards a more sustainable and resilient future. Capgemini invited Rita Soni, Everest Group Principal Analyst, Impact Sourcing and Sustainability Research, to speak on a panel about technology companies’ unique role in addressing biodiversity entitled, Data & AI for Climate: Biodiversity Buzz.
Representatives from governments, businesses, and civil society convened to discuss innovative solutions and concrete commitments to reduce carbon emissions, preserve ecosystems, and transition to a low-carbon economy.
Climate Week NYC serves as a powerful reminder that despite the immense challenges of climate change, an incredible amount of collective will and ingenuity dedicated to finding solutions exists.
At Everest Group, we assist enterprises by guiding them toward forward-thinking strategies such as the circular economy. This innovative model of production and consumption focuses on making the most of resources. By adopting frameworks like the circular economy, enterprises can effectively handle material resources, minimize waste, and seamlessly incorporate sustainable principles into their operations.
Additionally, we are helping businesses embrace crucial initiatives like carbon accounting and Environmental, Social, and Governance (ESG) reporting. Companies are increasingly prioritizing ESG reporting to manage risk, enhance their reputation, and comply with regulations.
UNGA 78
During the UNGA meeting, global leaders reaffirmed their commitment to the Sustainable Development Goals (SDGs) adopted by the United Nations in 2015 to work toward creating a more equitable, sustainable, peaceful, and prosperous world.
While leaders are intensifying efforts to reach the SDGs by 2030, global progress has been hindered by multiple critical issues, such as the ongoing pandemic, the war in Ukraine, and the looming climate crisis. However, the imperative to achieve these goals has never been more pronounced.
Our analysts participated in global and domestic discussions, including two particularly impactful events:
Delivering Development: Journeys, Directions, and Lighthouses, hosted by the Permanent Mission of India to the UN, highlighted recent development progress and considerable efforts to meet the SDGs.
The National Wildlife Federation hosted the premiere of the documentary film, Where it Floods: Planting Hope in Coney Island. The film and panel discussion covered the devastation from Superstorm Sandy in October 2012. It also showcased local non-profit organizations’ work with children to restore the waterfront while raising climate change awareness.
CGI Annual Meeting
Held during UNGA and Climate Week NYC, CGI’s annual meeting focused on the need to “Keep Going.” CGI is a “community of doers taking action on the world’s most pressing challenges, together.”
Everest Group shared the industry’s progress on its 2022 commitment to grow the impact sourcing market to half a million people in three years. Impact sourcing is a growing practice where businesses intentionally train, hire, and nurture people from a wide range of excluded and marginalized groups, such as people with disabilities, the long-term unemployed, individuals from rural/forgotten communities, and veterans.
We proudly announced that in just the first year of the commitment, the global services industry is within striking distance of the three-year target. The number of impact workers has increased from 350,000 to at least 430,000, representing faster growth than traditional hiring, even during this tumultuous year of economic uncertainty.
Everest Group’s pledge to inclusive talent
To uphold our pledge, Everest Group has enlisted support and partnership pledges from more than 50 prominent global employers, service providers, and enabling organizations. Together, we are embarking on a collaborative mission to enhance lives through impact sourcing. With the backing of CGI, this group is poised to expand its reach and ultimately impact more lives by bringing employment opportunities to those affected by discrimination, inequality, or systemic poverty.
Why impact sourcing is good for business
What makes this initiative so remarkable is that Everest Group’s research shows impact sourcing has mutual benefits for workers, employers, and buyers. For impact workers, this endeavor opens doors to newfound opportunities and a sense of purpose. As they engage in meaningful employment, workers not only gain valuable skills and financial independence but also experience personal growth and empowerment.
Companies that employ impact workers are making strides toward achieving their sustainability objectives and witnessing increased sales as consumers seek products with a greater social purpose. Moreover, companies are enhancing their employer brand proposition as potential employees are drawn to organizations that champion causes beyond profits. By prioritizing impact sourcing, businesses not only attract top talent but also inspire existing employees to be more engaged and committed to their work.
How your company can get involved
With the implementation of evolved impact sourcing practices and performance indicators, impact sourcing’s true potential lies in its widespread adoption at scale beyond the initial commitment. To fully harness its power:
Buyers must actively demand impact sourcing with timelines for growth
Service providers and enterprises need to:
Integrate inclusive talent strategies across locations and job roles
Establish a growing ecosystem of skilling institutions, recruitment firms, non-government organizations (NGOs), and government agencies to provide the necessary support
As emerging technologies like generative Artificial Intelligence (AI) and other yet-to-be-developed advancements become mainstream, the talent market will face both opportunities that will expand certain roles and reduce others. Impact sourcing can provide a viable workforce solution for the jobs of tomorrow.
Everest Group looks forward to partnering with employers, service providers, and recruitment and sourcing firms to leverage impact sourcing’s many opportunities and promote the benefits of a globally relevant and inclusive talent model. To join the movement and make a difference to individuals, families, communities, and businesses, learn more here.
