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Online talent marketplace

The report discusses about the online talent and the marketplace for online talent

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Online talent marketplace

  1. 1. Online Talent Marketplaces – Landscape Analysis March 2013 This report is solely for the use of Talent Neuron clients and Talent Neuron Subscribers. No part of it may be circulated, quoted, or reproduced for distribution outside the client organization without prior written approval from Talent Neuron.
  2. 2. Talent Neuron Copyright and Disclaimer Copyright The material in this report is copyrighted. No part of this report prepared by Talent Neuron can be reproduced either on paper or electronic media without permission in writing from Talent Neuron. Request for permission to reproduce any part of the report may be sent to info@talentneuron.com. Customers are welcome to use an unlimited number of copies of the materials contained within this report. Furthermore, customers may copy any graphic herein for their own internal purpose. Talent Neuron requests only that members retain the source name/logo mark on all pages produced. Please contact our Talent Neuron account manager at +1-408-716-8432 for any help we may provide. The report herein is the property of Talent Neuron (A Zinnov LLC Company). Beyond the membership, no copyrighted materials of Talent Neuron may be reproduced without prior approval. Disclaimer All the information contained in this report is obtained through proprietary technology aggregation algorithms, human experts, network of domain experts, discussions with industry leaders, public and confidential information sources believed to be reliable. Talent Neuron makes no representations or warranties regarding the errors, omissions or completeness of any information contained herein and shall have no liability for the same. The report is provided solely for informational and marketing purposes and opinions must not be construed as advice, recommendations or endorsements. The reader of the report is advised to conduct an independent evaluation and form conclusions with respect to the information provided.
  3. 3. 2 Talent Neuron can help in selecting the right location by providing data, analytics and insights on Locations, Talent, Cost, Peer Group Footprint & Trends Location Analysis Understand the capability of each potential location and make data driven decisions on setup and expansion Peer and Talent Insights Understand the capability of each potential location and make data driven decisions on setup and expansion Ecosystem Analysis Understand the capability of each potential location and make data driven decisions on setup and expansion Source: Talent Neuron Website
  4. 4. CAPABILITIES Talent Neuron has assisted over 100 companies in their global location analysis and site selection process Ecosystem Insights Forecasts Industry/Domain Wage Inflation Trends Company TrackerMarket TrackerSkill Wizard Market Insights Talent Neuron KEY FOCUS IS ON THE TECHNOLOGY INDUSTRY. OVER 80% CLIENTS ARE IN THE PRODUCT ENGINEERING DOMAIN. Consulting Proprietary Data Sources Network Reports Web Crawling Expert Insights Analytics Surveys 500+ GLOBAL CITIES COVERED Source: Talent Neuron 6 DOMAINS 35 FUNCTIONs 150+ SKILL SETS
  5. 5. PROPOSED APPROACH – Data Gathering and Analysis through BIG Data Talent Neuron will use data driven Big data principles (for large data analysis) which will provide comprehensive insights and transparency on the trends, current realities and opportunities in any locations 100+ Job sites 3,000+ Company Career Sites Universities Social Media/ Public Profiles Hadoop Engine (Big Data Approach) = Over 12,000 Unique Data elements for each city Patent Databases Publication/ Journal Databases Technology Contributor lists Community Sites Connectors (API / Screen Scraping) Skill Availability Location Insights Compensation and Cost Trends Peer Company Footprint Source: Talent Neuron Website * Details not disclosed by the company Source: Talent Neuron Research and Analysis
  6. 6. 5 Talent Neuron has two module Talent Intelligence and Talent Analytics. Our data spectrum covers 500 cities, 9 Domains and 400+ skill sets 520+ Cities ~12,000 Unique Data Points Per City 9 Domains & 400+ Skills ~7,500 Companies & 22 Million Profiles Module 1: Talent Intelligence Module 2: Talent Analytics • Location Profiles • Talent Pool (Installed and Fresh) • Salary and Cost • University • Peer Companies • Monitor • Role Views • Job Engine • Top Brains • Public People Profiles • HR Data Consolidation • Peer Benchmarking • Decision Support Analytics • Workforce Planning • Skill Circles • Hypotheses Validation
  7. 7. 6 Talent Neuron, gathers data from multiple sources Data Mining from Connectors Job Sites Company Career Sites Social Media/ Public Profiles Patent Databases Community Sites Technology Contributor List Universities Publication/ Journal Databases Survey Data from Companies Data from Govt./ Industry Bodies Data from Local Recruitment Companies Data on City level suitability & Ecosystem Correlated data on Talent, Cost, Peer companies Zinnov Primary Research & Interviews News Articles & Public Data – Crawling Engine
  8. 8.  Talent Neuron estimates that the total number of freelancers registered in the online talent hub companies is around 5 to 6.5 million till date  Some of the Fortune 500 companies using the online talent services include Google, HP, Microsoft, AOL, P&G, Texas Instruments, Oracle, Dell, Accenture, Travelocity, NBC, Citi Group, American Red Cross etc.  The major reasons for the adoption of online talent by the companies are: • To save costs on overheads and other employee benefits • To get access to niche skill set expertise without geographic limitations • For flexible scalability • Freelancers are less likely to miss deadlines than employees • As freelancers are always directly in touch with the clients, the clients can build a better relationship with freelancers than agencies who have multiple contact points  Women population constitute less than 50 percent of the traditional workforce, however more than 55 percent of the freelancers are women. Moreover, 2012 witnessed more than 100 percent growth in the women freelancer population indicating that increasingly women are adopting online jobs for a better work-life balance.  Talent Neuron estimates that 40-45 percent of the online talent pool is present in the United States, while around 12-15 percent is present in India Executive Summary The online talent marketplace is set to grow at an unprecedented pace with increasing computing power
  9. 9. 8Zinnov TrendsComprehensive list of 30 global online talent marketplaces Deep dive List of Online Talent Marketplaces 1. eLance 2. Guru 3. oDesk 4. Freelancer 5. iFreelance 6. The Freelance Nation 7. Virtual Vocations 8. Freelancer Jobs Network 9. FreelanceJobs.org 10. Design Crowd 11. PowerLance 12. Bidfreelancer 13. ScriptLance 14. vWorker 15. Freelance Work 16. Writerlance 17. Sunoasis 18. ProjectSpring 19. Onlinejobs.ph 20. Freelancerchina 21. FreelanceCN 22. Freelanza 23. FreelanceIndia 24. PayPerHour 25. Freelancers.net 26. Freelance UK 27. ShortGig 28. Freelance-Seattle 29. AgentSolo 30. Freelance.com User Base Job Function Maturity Billing Models Skill Demand Geographic Locations Methodology Talent Neuron analyzed over 30 global talent marketplaces to analyze the trends in online job outsourcing
  10. 10. 9Zinnov 12 7 10 Global Vertical Specific Country Specific Online Talent Hub Companies Tracked • The online talent market is expected to be around USD 2.5 billion by the end of 2012 with Elance, Guru and oDesk leading the online job market • In the recent years quite a few vertical specific online talent hub companies have been set up such as ScriptLance, vWorker and Writerlance • Online talent hub companies in emerging countries like India and China have local freelancers who provide services at a competitive price than freelancers in developed countries Source: oDesk website and Talent Neuron Law of the Land Online talent hub companies offer global services in various domains for their clients. However, some companies offer niche skill sets only while some have registered talent from specific countries/regions
  11. 11. 10Zinnov Global Availability of Online Talent US has the largest number of registered freelancers followed by Canada. Emerging countries like India and China are also witnessing a healthy growth in the online talent availability. Source: Economagic website and Talent Neuron Freelancers working in the Technology domain in India are increasingly being preferred by the leading Global 2000 clients In the recent years, average compensation for freelancers in Philippines has dropped significantly, specially for software jobs United States has a significant number of online talent in Creative and Technology domains. In 2010, temporary jobs (which include freelancers and contractors) constituted over 60 percent of the total increment in private sector jobs in United States Canada has a developed community of online talent in the Editing domain.
  12. 12. 11Zinnov Source: Zinnov – ‘Talent Neuron’ Marketing Technology Legal Multimedia Editing Manufacturing Laggards Rapidly Growing Mature Jobs such as manufacturing design, circuit design, architecture and civil engineering are expected to be in demand in the Manufacturing domain Today most of the online freelance jobs is done in the Technology domain. In the last 6 months PHP skill set in the Technology domain had the maximum number of jobs posted online Online Talent Marketplace - Maturity of Functions LOW HIGH GrowthRate Accounting & Management Administration Multimedia and Editing domain jobs include web design, animation, content writing, blogs, business writing and regional language translation Global 2000 companies are increasingly leveraging the online talent marketplace for Accounting and Legal domain services Maturity of Online Talent Marketplace by Job Functions Online talent marketplace jobs are rapidly growing across various domains like Administration, Marketing and Multimedia apart from traditional Editing and Technology domain jobs Source: Talent Neuron
  13. 13. 12Zinnov Technology Multimedia Editing Marketing Shell Scripting Dreamweaver Speech Writing SEM COBOL Web Design Word Processing Internet marketing PeopleSoft Graphic Design Language Translation Marketing Strategy SAS Business Analytics Photoshop Content Writing Google Webmaster Central & AdWords Wi-Fi Illustrator Report Writing Social Media Caspio Microsoft Visio Word Perfect Google+ Firewall Framemaker Poetry MailChimp FTP Corel Ventura Spelling Affiliate Marketing Codesign Quark Express Journalistic Writing COM Sony Vegas Feature Writing Source: eLance, oDesk websiyes and‘Talent Neuron’ Skills in Demand Technology domain jobs like Shell Scripting and COBOL witnessed phenomenal growth in demand in 2011 and the demand for similar jobs are expected to grow in 2012 Source: eLance, oDesk websiyes‘Talent Neuron’
  14. 14. 13Zinnov Fixed Price Retainer 45% 55% 60% 4% 8% 10% Hourly Rates Revenue Share 25% 35% 50% 0% 2% 5% • Getting the pricing right for fixed priced projects is a difficult task • It is generally preferred for short projects and freelancers do not prefer to commit for fixed priced projects which may run over 6 months • Hourly rates are preferred by freelancers as they can charge for the total number of hours they work for • Clients generally do not prefer hourly rates as there is higher cost calculation risk • Retainer options are mostly opted by freelancers working in the Legal and Accounting domains • Retainers help in decreasing month to month accountability which is preferably refrained by the freelancers and the clients • Revenue share model is not readily adopted by the Online Talent marketplace due to project failure concerns • Clients refrain from revenue sharing as it may hit their profit margins Minimum Median Maximum Source: Freelance Industry Report 2011 and Talent Neuron Engagement Model Types Fixed price engagement model is typically preferred in the global online talent marketplace
  15. 15. 14Zinnov Outsourcing of niche work will increase Adoption by large/medium size enterprises Growth in virtual workforce Diversity of supply base  Compared to earlier, more complex skills are being outsourced such as Search Engine Optimization, Mobile Application Development, Legal, Accounting , Management, Manufacturing etc.  Today most of the companies hire freelancers for cost savings and flexible scalability. However, niche and specialized skill sets will be driving the market for online talent hub companies  Adoption of online marketplaces among medium/large scale enterprises is starting to happen E.g. Global 2000 companies  There will be a clear shift in user base of companies (Currently heavily skewed towards small and medium size companies)  Companies have been increasingly hiring freelancers. Talent Neuron estimates around 10 - 15 percent of the total workforce will be hired from online talent hubs in the coming years  Studies have indicated that there is more participation by the women in the online talent marketplace than the traditional workplace  In 2013, Talent Neuron expects significant growth in women freelancers  Companies like Shelancers are being established which are focused on the female online talent Summary A B C D Source: Talent Neuron Online Talent Marketplace Key future trends
  16. 16. For Detailed information on Location, Talent, Cost, Risks, University Information contact info@talentneuron.com Talent Neuron Global Location Profiles Global Talent Insights Global Cost & Salary Insights University Outlook Peer Companies Monitor Role View Job Engineer Talent Neuron Platform Talent Neuron Platform provides granular data for over 500 cities in 83 countries. It tracks over 12,000 unique data parameters for a city that spans across location attributes, talent pool size (Domain, Function and Skills), Universities, Salary and Cost etc. Source: Talent Neuron Website
  17. 17. THANK YOU 4701 Patrick Henry Dr. Building 7 Santa Clara CA – 95054 Phone: +1-408-716-8432 21, Waterway Ave, Suite 300 The Woodlands TX – 77380 Phone: +1-281-362-2773 69 "Prathiba Complex", 4th 'A' Cross, Koramangala Ind. Layout 5th Block, Koramangala Bangalore – 560095 Phone: +91-80-41127925/6 First Floor, Plot no. 131, Sector 44, Gurgaon-122002, Phone: +91 124 4420100 info@talentneuron.com www.talentneuron.com @talentneuron
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The report discusses about the online talent and the marketplace for online talent

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