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.
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.
Step into the realm of responsible business practices and sustainability with an employer of record (EOR). Numerous studies have suggested that organizations with Environmental, Social, and Governance (ESG) initiatives are better equipped to create a positive impact on the world while also driving growth and business success. Read on to discover how EOR partners can guide organizations toward achieving their ESG goals, including architecting a blueprint for a sustainable workforce.
Contact us to learn more about ESG and sustainability initiatives.
By incorporating ESG principles into an organization’s vision and strategy, businesses can align themselves with broader ethical and sustainable goals. The “E” emphasizes preserving natural resources, “S” nurtures relationships and reputation within communities, and “G” commits to upholding impeccable corporate ethics and governance. In a nutshell, ESG charts a course for businesses to be responsible, well-regarded, and successful all at once.
Enterprises can build a sustainable global employment and mobility strategy by leveraging the services of an EOR, a third-party organization that enables companies to legally engage with workers in a new country or region without needing to set up a legal entity or risking violating local laws. The EOR undertakes the responsibility to pay and manage permanent or temporary employees on behalf of another company.
EOR providers have emerged as key partners in assisting organizations not only to build a resilient and diverse workforce but also to foster a sustainable future that aligns with their ESG commitments. Let’s explore this further.
Cultivating a workforce on ESG principles: the impact of EOR partners
Traditionally, business success has been measured by the bottom line. But what if success was not only about making a profit but also about the difference the organization makes? By balancing the needs of people, the planet, and profit in a sustainable way for all stakeholders, businesses can generate true value. This “triple bottom line” approach has pioneered a new era of business prosperity.
EOR firms act as guiding partners, helping businesses embrace flexibility, inclusivity, and ethical practices. EOR providers can help organizations advance their ESG goals in the following key ways:
Looking toward a brighter and more sustainable future
EOR providers act as catalysts for change, enabling organizations to cultivate a sustainable workforce that flourishes within today’s dynamic business environment. By promoting environmentally friendly practices, nurturing a socially inclusive work environment, and upholding ethical governance standards, EOR providers empower organizations to realize their ESG commitments and goals.
As the world continues to evolve, EOR providers remain unwavering allies, guiding organizations toward a future where both business success and societal well-being go hand in hand. A workforce characterized by sustainability, diversity, and accountability can materialize through these collaborative efforts. Partnering with EOR providers can help organizations transcend from simply aspiring to have a globally dispersed sustainable workforce to achieving that exciting vision.
Procurement Outsourcing (PO) providers are seen as strategic partners by organizations and are playing a critical role in helping them navigate the challenges posed by macroeconomic uncertainties and inflationary pressures by driving cost reduction and enhancing efficiencies. With the increasing willingness to outsource judgment-intensive strategic procurement processes, service providers are building strong domain expertise and digital transformation capabilities to drive value acceleration for organizations. Service providers are offering a comprehensive procurement digital ecosystem with advanced technology capabilities comprising end-to-end platform solutions, best-of-breed suites, and point solutions by leveraging in-house capabilities, partnership ecosystems, and targeted investments. Leading providers are also investing in developing capabilities and solutions in emerging areas such as sustainability, risk management, and direct spend management.
In this research, we present detailed assessments of 23 PO providers featured on the PO Services PEAK Matrix® Assessment 2023. Each assessment provides a comprehensive picture of the provider’s market success, vision and strategy, service focus and capabilities, digital and technological solutions, domain investments, and buyer feedback to assist buyers in making sourcing decisions. Given the increased extension of PO engagements in upstream procurement areas, we have also assessed 21 of these PO providers on their Source-to-Contract (S2C) capability and featured them on the S2C Services PEAK Matrix Assessment® 2023.
This report examines the:
PO Services PEAK Matrix® Assessment 2023
S2C Services PEAK Matrix® Assessment 2023
Key insights into PEAK Matrix® dimensions
Strengths and limitations of individual providers
Enterprise sourcing considerations
Overview of top PO providers across geographies and industries, along with their respective market shares
All industries and geographies
The assessment is based on Everest Group’s annual RFI process for the calendar year 2023, interactions with leading procurement service providers, client reference checks, and an ongoing analysis of the PO services market
The PEAK Matrix® provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global services markets, classifying them into three categories: Leaders, Major Contenders, and Aspirants.
Everest Group’s Eric Simonson, Managing Partner, and Rita N. Soni, Principal Analyst for Impact Sourcing and Sustainability, will attend the Clinton Global Initiative 2023 meeting on September 18-19 in New York City. This year’s focus is what it takes to keep going.
Last year, Everest Group pledged to dramatically increase the impact sourcing workforce– connecting hundreds of thousands of marginalized individuals to new jobs – by providing research and enablement tools, sharing best practices, and engaging enterprises, service providers, governments, and non-governmental organizations (NGOs) in collaborative efforts.
Everest Group’s Commitment to Action is to grow the impact sourcing market to half a million in three years. As the CGI community knows, making and keeping commitments isn’t easy. Despite this, we know the antidote is as simple as it is true – we must keep going.
Eric and Rita will join colleagues and global stakeholders at the event to discuss impact sourcing, the potential it provides to companies and underserved communities around the world, and initiatives to help companies incorporate impact sourcing into their business models.
Organizations’ methods of tracking performance metrics of impact workers vary across the board. Impact measurement can be a powerful tool to inform program creation, assess effectiveness, and drive decision-making. But when it comes to the measurement of impact workers’ metrics, what is the most effective approach, and how do you use the data for better business outcomes?
In this LinkedIn Live session, we will explore one of the key aspects of impact sourcing – impact measurement – and the need to track metrics effectively for better business case creation.
Watch to learn more about this important topic and to gain valuable insights into how to effectively measure the impact of impact sourcing initiatives.
In this forum, Rita will explore one of the key aspects of impact sourcing – impact measurement – and the need to track metrics effectively for strong business case creation. Organizations’ methods of tracking performance metrics of impact workers vary across the board, but what is the most effective approach, and how do you use the data for better business outcomes?
Join this virtual roundtable to discuss impact measurement and share key approaches, learnings, and best practices.
We’ll uncover the key aspects of impact measurement, including:
Market standards and general recommendations
Key approaches followed by organizations
Learnings from best-in-class peers
Pitfalls to avoid and best practices to follow
Who should attend?
ESG and sustainability leaders
Chief diversity officers
Corporate social responsibility leaders
Workforce and talent strategy leaders
CHROs and heads of HR
Heads of outsourcing
Global sourcing managers
Virtual Roundtable Guidelines
The only price of admission is participation. Attendees should be prepared to share their experiences and be willing to engage in discourse.
Participation is limited to enterprise leaders (no service providers). Everest Group will approve each attendance request to ensure an appropriate group size and mix of participants. The sessions are 90 minutes in duration and include introductions, a short presentation, and a facilitated discussion.
Principal Analyst, Impact Sourcing & Sustainability Research
Founder at Jack Frost
Executive Advisor at Harambee Youth Employment Accelerator
Group Strategy Director at Harambee Youth Employment Accelerator