The article discusses how the concept of impact sourcing can benefit your business.
There are a lot of things to consider when running a business. You have to consider time, resources, and employees to ensure success. While you focus on doing everything you can to increase efficiency and profitability, there’s one more thing you should consider—impact sourcing.
How Impact Sourcing Benefits Your Business
Impact sourcing has quickly become a popular trend in the business world, and with good reason—it allows you to save money on labor costs while at the same time observing inclusivity by upholding shared values and corporate social responsibility.
Impact sourcing is an innovative form of outsourcing that is based on shared values and has both a practical as well as ethical benefit for companies.
In this article, we’ll explain what impact sourcing is, why it matters, and how you can use it to benefit your business in the long run.
What Is Impact Sourcing?
The term “impact sourcing” may sound complicated, but it’s a simple concept. It is a socially responsible hiring strategy used by businesses to bring disadvantaged or marginalized communities into the global economy. Impact sourcing creates opportunities for these individuals to earn an income and receive job training. By leveraging this approach, businesses are able to access skilled labor while improving the social and economic well-being of those they hire.
The objective of impact sourcing is about creating meaningful job opportunities for individuals who would not usually have access to them due to socioeconomic reasons. It can be considered a form of corporate social responsibility as businesses are drawn to its attractive combination of cost savings, inclusivity, and shared values.
The strategy is all about upholding shared values and ensuring corporate social responsibility, which is a plus for any business model looking to be more socially aware.
Benefits of Impact Sourcing for Businesses
If you’re a business owner looking for an innovative and cost-effective way to increase profits, then impact sourcing could be the way for you. This practice uses operational expenses to contribute to social and economic development, without sacrificing quality or savings.
The concept has many benefits for businesses, such as:
Cost Savings
By outsourcing work to impact sourcing providers, businesses can save on labor costs while still getting quality work. In certain industries such as call centers, the savings can be quite substantial.
Quality Work
Businesses are still getting high-quality work that meets their standards and requirements. Providers practicing this approach have access to a global talent pool with specialized skills in areas like data analytics or web design.
Core Values: Companies that practice this approach also benefit by taking a stand on issues like diversity and social responsibility. By tapping into a network of diverse communities, businesses can show commitment to their shared values while fulfilling their need for skilled labor at the same time.
Specialized Talents and Skills
If you’re looking to save on costs while at the same time observe inclusivity, and uphold shared values and corporate social responsibility, then you should consider the concept of impact sourcing. Impact sourcing is a form of socially responsible outsourcing that uses the available workforce and talents within the marginalized sector.
Quality Talent Pool
The approach provides a broad talent pool from which to draw from, making it possible for businesses to have access to talented candidates that may have been overlooked. This means potential new opportunities for businesses who hire from this pool.
Both Parties Benefit
Impact sourcing does not only benefit businesses, but also those within the disadvantaged sector who are able to gain meaningful employment at a fair wage. It helps their well-being by giving them a chance to learn valuable skills and towards being self-sufficient.
As more businesses look beyond traditional options and embrace impact sourcing as part of their recruitment efforts, they open up more job opportunities to those with untapped potential. Both sides benefit: employers get quality work done while employees get jobs they otherwise wouldn’t have access to.
Adopting impact sourcing can bring about several improvements, such as:
Increased Efficiency & Quality
Impact sourcing provides access to talented professionals and experienced workers that can help you get the job done more efficiently and with better-quality results.
Cost & Time Savings
You’ll also be able to save money and time when outsourcing to impact sourcing providers. Because they have the right skills, they will be able to complete projects faster than those who don’t have the necessary skills or experience.
Increased Diversity & Inclusivity
Adopting this strategy is one way to promote diversity in your workforce, which is something that is becoming increasingly important in all businesses. The approach emphasizes inclusivity and diversity through its direct employment opportunities.
Impact sourcing helps build people-first frameworks, particularly supporting increased diversity and inclusion. As of April 2021, NTT DATA has formed an alliance with Intel, Snap, Inc., Dell and Nasdaq by focusing on diversity and inclusion.
With this approach, you’ll be able to access talent from a wider range of backgrounds and experiences, making sure everyone feels included and valued no matter what their background or skill set is.
When done responsibly, impact sourcing can be an effective way for businesses to not only save costs but also create positive social change by creating opportunities for disadvantaged sectors who may not have the same access as others. By adopting this practice into your organization, you’ll be able to create a more inclusive and diverse workforce while also improving operational efficiencies and saving costs.
Conclusion
By investing in impact sourcing, businesses can achieve cost-savings while also supporting marginalized sectors and helping to create practical solutions. This can be achieved through the adoption of this more ethical way of doing business that gives individuals an opportunity to succeed and use their talents to benefit the economy. Through impact sourcing, businesses can not only bring about greater inclusivity, but also uphold their shared values and corporate social responsibility.
Follow us on:
Facebook: Connext
LinkedIn: Connext
Instagram: @connextglobalsolutions_
Twitter: @ConnextPh
References:
Photo by Mikhail Nilov
Sudhir Agarwal. “Four Value Propositions Of Impact Sourcing”. https://www.forbes.com/sites/forbesbusinesscouncil/2021/09/01/four-value-propositions-of-impact-sourcing/?sh=b25f19210acb. Forbes. forbes.com. Accessed April 21, 2023.
Charles Towers-Clark. “NTT DATA – Putting Diversity At The Heart Of Organizational Change”. https://www.forbes.com/sites/charlestowersclark/2021/06/09/ntt-dataputting-diversity-at-the-heart-of-organizational-change/?sh=4346b33425bb. Forbes. forbes.com. Accessed April 21, 2023.
