Our Managing Partner Nigel Forbes has been interviewed by Chris Sheppardson, Founder of EP Business in Hospitality, talking all things Vested.
The video sees Nigel joined by Julian Fris, Founder at Neller Davies, where they both discuss why so many in the Industry are now talking about the emergence of the Vested outsourcing model.
For many of our followers, you will have heard us talk about Vested previously – it’s an approach we believe in and we see this as being the future way of working.
For those of you new to the concept, the mindset behind Vested is not ‘what’s in it for me’ but ‘what’s in it for we’. Vested outsourcing is a hybrid business model in which clients and service providers create a contract using shared values, goals and outcome-based economics to create an agreement that is mutually beneficial for each party.
Traditional outsourcing and businesses relationships are focused on win-lose arrangements where one party benefits at the other’s expense. A Vested agreement creates a win-win relationship in which both parties are equally invested in one another’s success. Vested relationships depend on collaboration, transparency, flexibility and trust. Rather than traditional business relationships in which companies buy transactions or services from suppliers, vested relationships instead focus on buying results.
The model was developed out of research by the University of Tennessee and was led by Kate Vitasek, and was where Nigel (and others in the Litmus team) went to learn more about Vested.
After the past year, this approach is arguably more important ever. We’ve all been tested beyond what we thought was possible, our working methods have had to completely change overnight and collaboration with partners has never been more welcomed.
The Litmus team