Staffing Innovator Genesys Talent Closes $2.1M Seed Round Andrew Karpie - August 29, 2016 8:02 AM | Categories: Industry News, Services and Indirect Spend, Services Procurement & Contingent Labor, Services Procurement & Contingent Labor Management | Tags: General News, L2 Genesys Talent LLC, an innovative talent sourcing and curation firm headquartered in Houston, announced it had raised $2.1 million in funding from 12 investors, including undisclosed angels and some employees). The company will use the capital to grow the Genesys team, invest in additional technology and enhance its existing Talent Cloud processes, which it says are patent-pending, according to a press release. What is Genesys? Genesys Talent was hatched, over three years ago, within the Willis Group, a diversified staffing solutions player. Over that period, Genesys evolved from a research and development phase to its current commercial operational state. Today, its senior team includes experienced industry executives from Willis companies, as well as IQNavigator, OnForce and Manpower TAPFIN. We have followed the development of the company from its R&D phase to the present and have observed how a vision crystallized over time and took shape as a real business. The founders of Genesys realized that, in today’s world, the traditional staffing model was not adequate in addressing problem of bringing quality talent to businesses and in serving and supporting talent (the latter being something necessary to support the former). And Genesys emerged as a whole new model and approach to connect talent and businesses more effectively and efficiently than traditional staffing firms. “We believe that by focusing on the needs of the talent first, we will by definition create a superior pathway for enterprises to find the right people when and where they need them,” said Genesys President Rick Roberts. A Whole New Staffing Category Genesys can be thought of as a whole new category in the staffing supply chain, what we might call a talent sourcing and curation solution or service, which combines state of the art technology with human touch and human capabilities to engage talent and provide it to enterprises. The basic Genesys model is to build and curate communities (Talent Clouds) of top talent with specific skills and experience aligned to customer demand; the Talent Clouds are “presented to the enterprise’s hiring managers for review, selection, and engagement,” supporting fast, quality, efficient placement of both contract or permanent hires. The Genesys website states that cost of using Genesys is somewhere between that of a traditional staffing firm and a third-party payroller. “As opposed to existing freelancer management systems (FMS) and traditional talent community solutions, Genesys’ technology-enabled human Talent Curation layer is a critical value driver in terms of both outcomes and experience for both the job consumer and job creator,” the press said. One of the issues of emerging online marketplace and FMS platforms has been how to source and engage quality, fit-for-purpose talent. The Genesys approach is unique insofar as it performs a sourcing and curation function though technology and more importantly what it calls Talent Curators. Talent Curators Talent Curators have several roles, including sourcing talent aligned with client needs into the Genesys talent population and the client specific Talent Clouds. They also play the role of supporting individual talent prior to, through and after a particular work engagement. For example, a month before a contract worker’s assignment ends, the worker’s Talent Curator is notified, triggering a process to actively search for new Genesys opportunities within that or other clients (a process that is indicative of the Genesys talent-first approach). “Ultimately, our mission is to give our talent a superior experience that offers them the mobility they increasingly desire – between organizations, roles, and geographies,” Rick Roberts said in the press release. “We believe that by focusing on the needs of the talent first, we will by definition create a superior pathway for enterprises to find the right people when and where they need them.” Spend Matters Viewpoint From our perspective, Genesys is a prime example of how innovation can occur within the established staffing supply chain, as a reimagining and rearrangement of staffing processes enabled by new technology and platform models. (Something we have discussed at length in The Digital Evolution of the Contingent Workforce Supply Chain: What Does It Mean? (Part 1).) The takeaway for contingent workforce management practitioners is that the established workforce supplier landscape and supply chain is really changing now. Moreover, not only should we expect to see new work intermediation platform entities (like online freelancer marketplace, crowdsourcing or FMS platforms) emerging outside of the established supply chain but we should also expect to see new kinds of intermediaries emerging from within the existing supplier landscape. To learn more about Genesys Talent, visit its website. Please follow Andrew Karpie on Twitter @andrewkarpie. Read more of our contingent workforce and services procurement coverage. 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