If 2015 was the tipping point for the non-employee workforce, then 2016 was the year that it truly broke into new heights. Propelled by the “gig economy” and boosted by the continued evolution of talent engagement and acquisition, today’s contingent workforce management (CWM) programs are at its most strategic peak. The CWM programs of 2017 must transcend the shackles of mere spend management or human capital management, find its footing in a new world of work, and embrace the evolution of talent.
Best-in-Class businesses understand the true, strategic impact of today’s evolving non-employee workforce, choosing to structure CWM programs that embrace innovation, maintain control over key non-employee workforce issues, and leverage a slew of multifaceted capabilities. These top-performing businesses are known for their top-tier performance across a series of key CWM metrics and have achieved:
- A 105% higher rate of contingent labor that is actively accounted for in corporate planning, budgeting and forecasting.
- A nearly 40% higher rate of projects and tasks that are complete on-time and on-budget, which reflects the Best-in-Class ability to effectively engage contingent workers that are well-aligned with the core requirements of critical enterprise initiatives.
- A rate of total compliance that is nearly 25% higher than that of all other organizations.
- A cost savings rate that is nearly 60% higher than all other enterprises.
Best-in-Class enterprises have been able to achieve this desired level of contingent workforce management performance due to their reliance on four key attributes, including:
- Technology and innovation. From continued utilization of core CWM technology, like Vendor Management Systems, Managed Service Providers, or outsourced compliance management, to new forms of innovation (including online talent platforms and mobile talent engagement), top-performing companies are embracing the advancements within the CWM solutions world.
- Core CWM capabilities and competencies, such as standardized day-to-day operations, strong onboarding and offboarding processes, and internal category expertise.
- Analytics, reporting, and Big Data-led strategies that fuel visibility into core aspects of contingent workforce management and help Best-in-Class businesses properly forecast, plan, and budget for the future, and;
- A sharp focus on mitigating risks related to contingent workforce compliance, which, as discovered in the new State of Contingent Workforce Management research study, is the top challenge within the average CWM program.
Best-in-Class organizations are well-positioned to thrive in the new world of work, supported by CWM programs that: promote visibility and intelligence, push forward-thinking concepts and solutions, leverage the necessary technology to manage the evolution of talent, and embrace the gig economy and future of work. Click here to download our new research study and learn more.
How does your CWM program compare to Best-in-Class? Read our State of Contingent Workforce Management 2016-2017: Adapting to a New World of Work Report, which defines Best-in-Class performance for 2017 and judge for yourself.