Webinar Wrap-up: Becoming Best-in-Class Depends on Real-time Analytics and Technology | DCR Workforce Blog

Webinar Wrap-up: Becoming Best-in-Class Depends on Real-time Analytics and Technology

Wow, Chris Dwyer really knows how to rock an audience! He’s fired up about the future of work and it shows.

If you missed the webinar we sponsored with Ardent Partners’ on Adapting to a New World of Work: The Current State of Contingent Workforce Management, you missed out on some great trends and strategies on how to realistically adapt to the gig economy.

Enter the changing world of work

The gig economy is a catalyst, and 2016 is the year that is propelling it to new heights. As we charge forward, we have to ensure that we’re covering all the bases in Contingent Workforce Management (CWM). That includes:

  • Engagement innovation
  • Transformative thinking
  • Mobile optimization
  • The blended workforce
  • Core CWM technology

The Changing World of Work

As companies are vying for the top talent in the market, they have come to realize that to capture that excellent talent, they need to readjust their thought process and embody transformative thinking.

First you have to use new networks to discover that talent. Ardent Partners’ report, The State of Contingent Workforce Management 2016-2017: Adapting to a New World of Work,” underwritten in part by DCR, shows that 71% of companies are using social, mobile and online talent networks to find new talent.

With the realization that the gig economy isn’t just some fad that’s going to pass, 61% of companies are now planning to formalize a companywide “agile talent” acquisition strategy.

And it should come as no surprise that companies need to be attractive if they are to attract great talent. It’s no longer a matter of “what have you done for me lately?” but “what can we do for you to capture your attention?” and to make the company an alluring place to work. It also means transforming talent engagement using new methods and targeting younger and more senior candidates to take advantage of both ends of the spectrum. A whopping 67% of companies plan to increase hiring senior candidates for contract roles and 65% plan to target Millennials for their skill sets.

Transforming Talent Engagement

The need for speed

Of course, once you have identified and attracted great talent there are many attributes vital to the success of your CWM program. For example, the majority (61%) of companies found that the speed at which talent is engaged and brought into the organization plays an important role as well as having a core CWM technology that supports a variety of needs (58%).

One of the more pressing concerns is the collaboration between internal functions of Procurement and HR (56%). Compliance is also a critical factor (51%) as risk comes into play with contingent workers.

Attributes that are Vital to CWM Program Success

The Vendor Management System (VMS) is at the core of the CWM tech ecosystem, with peripheral and supporting solutions such as Freelancer Management Systems, online talent platforms, global compliance risk mitigation, spend management technology, etc.

The CWM “Tech Ecosystem”

Becoming best-in-class

If you want to compete with the best-in-class, then you study what they do. The number-one factor that set best-in-class companies apart is that they have actively accounted for non-employee labor in corporate budgeting, planning or forecasting (86% vs. 42% of all others).

Additionally, their percentage of non-employee talent who complete projects on-time and on-budget (76% vs. 5%) is a grand example of how to properly manage Statement of Work to stay on task and control costs. And their Quality Index Score is nearly double (8.8 vs. 4.7). There’s also a marked difference in operations (86% vs. 54%), onboarding/offboarding processes (79% vs. 55%), vendor management (62% vs. 47%) and formal globalized plans (43% vs. 16%).

Best-in-Class CWM Performance Overview

Perhaps the biggest eye-opener was the analytical capabilities of best-in-class organizations. Their real-time visibility into all aspects of their contingent labor force blew their competitors away. For example, real-time visibility into spend- and supplier-led aspects of CWM was more than double (68% vs. 25%). An even larger chasm exists regarding the ability to forecast future use of non-employee labor resources (65% vs. 16%).

And then Big Data comes into play. The great divide between best-in-class companies and all others is that they have the ability to transform core CWM data into actionable insights (53% vs. 16%). What good is data if you can’t do anything with it and make strategic decisions?

CWM Analytical Capabilities, Best-in-Class vs. All Others

It should come as no surprise, then, that to gain visibility and insight, to effectively management contingent workers and suppliers, to forecast labor needs and transform data into intelligence, best-of-class companies have adopted a Vendor Management System (72% vs. 46%).

The fastest adapters in the gig economy have, quite simply, leveraged technology to take their CWM from slow-moving to warp speed.

CWM Solution Adoption, Best-in-Class vs. All Others

Tech and transformation

Transformative thinking, embracing innovation and strategic intelligence through technology can help move your organization’s contingent workforce management strategy from ordinary to best-in-class.

Transformative Thinking is the Key

All of the advanced functions of great technology for insight, analytics and other future-forward innovations are already built in to Smart Track VMS – they’re not on some far away “wish list” that most customers long for.

The future of work is here! Are you prepared?

Learn more by getting the report, “The State of Contingent Workforce Management 2016-2017: Adapting to a New World of Work,” underwritten in part by DCR.

And even if you missed the live webinar, it’s not too late! You can still get the webinar recording here.

If you attended the live webinar, let us know in the comments what you’re doing to adapt to the new world of work.


Disclaimer:
The content on this blog is for informational purposes only and cannot be construed as specific legal advice or as a substitute for competent legal advice. They reflect the opinions of DCR Workforce and may not reflect the opinions of any individual attorney. Do contact an attorney for advice specific to your issue or problem.
Neha is responsible for developing and overseeing marketing strategy and brand identity at DCR. She and her team collaborate on marketing and sales strategies and product development for new initiatives.