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Impact Sourcing for Sustainable Development and a Brighter Future: Impact Sourcing State of the Market 2023 7 Dec 2023

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Impact Sourcing for Sustainable Development and a Brighter Future: Impact Sourcing State of the Market 2023

State of the Market Report

7 Dec 2023

by Rita N. Soni, Aishwarya Barjatya, Sailesh Hota, Aman Birari, Shubham Pandey

The growing interest in sustainable and responsible business practices has propelled the widespread adoption of impact sourcing among enterprises and providers. Over time, the advantages of impact sourcing, such as accessing previously untapped talent pools, improving retention rates, and enhancing employer brands, have become increasingly apparent. Providers are actively investing in underserved regions, forging partnerships with local authorities, non-profit organizations, educational institutions, and talent acquisition agencies to create employment opportunities for individuals from disadvantaged communities. Additionally, governmental policies mandating employment, coupled with incentives and tax benefits, alongside the increasing recognition and adoption of Environmental, Social, and Governance (ESG) norms and the United Nations’ Sustainable Development Goals (SDGs), have encouraged businesses to enhance their workforce diversity.

Enterprises are demonstrating a growing preference for providers that have implemented impact sourcing programs or other social initiatives. Most enterprises are satisfied with their impact sourcing engagements, covering various aspects such as domain expertise, service portfolio, delivery capabilities, talent, and commercial factors. Some enterprises are partnering with providers to leverage their expertise in developing their own impact sourcing programs, aiming to enhance inclusivity and diversity in their talent management practices.

This report relies on primary and secondary data collection, including conversations with various market participants such as enterprise buyers, outsourcing providers, and impact sourcing specialists. The primary objective of this report is to inspire and enable enterprises and providers to incorporate impact sourcing and other inclusive talent management strategies within their organizations.

Scope

All industries with focus on impact sourcing talent strategy
Geography: global
Impact sourcing programs of both impact sourcing specialists and traditional providers
This report is based on primary and secondary data collection, conversations with market participants (buyers, outsourcing providers, and impact sourcing specialists), and fact-based research

In this report, we analyze:

The concept of impact sourcing and the comprehensive impact sourcing market landscape, including market size, trends, and talent portfolio
Talent management practices of impact sourcing across the hire-to-retire cycle
Buyers’ take on impact sourcing and case studies highlighting some impact sourcing engagements
The role of technology on the impact sourcing market and the future trajectory of impact sourcing programs