DCR has sponsored this invaluable independent research report from the renowned supply management experts, Ardent Partners, to bring you insights into the state of and future look into contingent workforce management. Read on to learn about the strategies and approaches that have helped the current market leaders to succeed, and craft your own success story.
The report, titled appropriately, “The State of Contingent Workforce Management 2016-2017: Adapting to a New World of Work” talks about how both work and talent today are based on a real-time culture. We live in a new world of work, with critical market trends shaping the use of contingent workers and their management. Enterprise technology as well as social and business networks are completely altering the way businesses find, engage and source their workers.
To stay afloat, you need to learn about the distinguishing characteristics of best-in-class performers and their operational benchmark statistics, and avail yourself of the advances in technology, intelligence and innovation to improve your own workforce management strategies.
Scroll down to access the full report. For now, here’s a sneak peek into the top tips:
If 2015 was about the growth of contingent work, 2016 was about the gig economy which pushed its use to new heights and 2017 is poised to mark a phenomenal change in talent management methods. This move is aided further by workers who seek flexibility in work hours and deliverables as well as employers who seek agility in their workforce deployment.
It’s time even hardened business managers, who usually see no need to toe the line and follow fads, also realize the importance of the gig economy and agree to rethink its impact on business strategy and talent acquisition. Execution of work itself is a new adventure, with projects being handled by diverse talent and every initiative is handled in an environment that approaches talent engagement in new and innovative ways.
Nothing proves this better than how the size of the contingent workforce is marked by steady growth –up from nearly 35 percent in 2015 and about 29 percent in 2011 – and touching nearly 38 percent of all workers in 2016. And the year has not yet come to a close!
Drawing on the performance, intentions and strategies of more than 275 procurement, IT, HR and finance professionals, the Ardent report takes a serious look at the trends governing the world of work; and their impact on contingent workforce operations and the strategies on deploying workforces. The report throws light on the trends in contingent workforce management as well as expectations from technologies deployed in this ecosystem such as a Vendor Management System. Below are several success factors:
Leverage the benefits offered by a vendor management system to gain real-time visibility into spend on contingent work and into the performance of suppliers and their management, 72% of respondents expected an ecosystem in this industry to address and help effectively manage these aspects.
Establish foolproof processes for onboarding and offboarding their contingent workers, and regularly review the relationship between the workers and the enterprise. A full 65% of respondents expected seamless automation of these tasks.
Create an agile talent sourcing strategy which includes bringing back retired seniors to perform contract work as well as leverage online, social and mobile talent networks. It’s also about making sure your workplace proves attractive to millennials. Approximately 60% expected communications to be improved between business stakeholders and their talent.
Prioritize compliance and talent acquisition – as cost savings takes a back seat. Strategize to stay ahead amidst the dynamic changes in the workplace. Nearly 45% expected improved control, regulation and compliance.
Institute, upgrade or start to take full advantage of your vendor management system and managed service provider in an effort to effectively address all aspects of talent sourcing, quality, supplier performance, compliance and spend related to your non-employees and report on them. Approximately 62% of the respondents expected to derive depth and value from data and intelligence collected and put it to work!
Christopher J. Dwyer exhorts organizations to revise their notions of labor, work and talent to reshape their talent management initiatives so as to thrive in this changing landscape of work – instead of just survive.
Access the full report here to gain more in-depth insights.
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