Reminder to join me and Andrew Bartolini this Thursday at 2 pm when we present a webinar focused on the “Big Trends and Predictions” that will shape Procurement in 2014. It will be good, please join. Click here to register.
Welcome to the second of two articles that takes a “crystal ball” approach to the year ahead in contingent workforce management. In this series of articles, we’ll take outline how this industry will change from process, strategy and technological perspectives, and offer some guidance as to which areas organizations can anticipate the greatest growth and evolution. The first article can be found here.
Ardent Partners’ State of Contingent Workforce Management research report found that nearly 60% of organizations believe the concept of “total talent management” would be the most prevalent aspect of the future of the contingent workforce management industry. We’ve talked about total talent management (TTM) here at CPO Rising in the past (click here for a refresher on this strategy), and it’s been growing in prevalence as more and more organizations realize the benefits of managing both traditional and non-traditional talent under the same banner / umbrella program.
It comes as no surprise, then, to see TTM at the head of the list of our second round of predictions for the contingent workforce management space:
- Total talent management will become a reality for many more organizations. The main argument against beginning the process of implementing a formal TTM strategy / program is that it’s much too complex; the moving parts are scattered across multiple divisions and it can be very difficult to sell the program to key stakeholders. However, once companies get over the hump and understand that it’s not an overnight process, TTM can pay tremendous dividends. The visibility alone afforded by a TTM program (i.e. data / intelligence into enterprise-wide projects, initiatives, etc.) is reason enough to embark on this rewarding journey.
- CWM will bring out the “best” in procurement, finance, IT, operations and HR. Collaboration isn’t the newest (or even the hottest) strategy out there in the market, yet even the non-adept enterprise can easily put together a team comprised of varied stakeholders and gain immediate efficiencies. The world of CWM dictates a multifaceted approach, one that requires the spend management prowess of procurement and the talent management skills of HR. However, 2014 will see other units join this duo in managing contract talent. Operations will need the visibility into critical corporate projects, while finance can benefit from the forecasting that can be derived from CWM intelligence.
- More contract talent, more risks; are we ready to handle them? Most companies are aware of the various risks inherent in utilizing contract talent (i.e. co-employment, misclassification, federal audits, etc.). However, those risks are expounded significantly when more and more talent types are integrated into the enterprise. Those companies leveraging non-traditional talent (such as freelancers or contractors) will often find that these workers will fall outside of the CWM program, leaving a gaping hole in intelligence or future forecasting. Considering the growth ahead for the market, this aspect could having dire ramifications across the enterprise.
RELATED ARTICLES
2014: The Year Ahead in Contingent Workforce Management (Part I)
Independent Contractor Compliance: A Four-Step Program
Digging into the Data: Big Data and Contingent Workforce Management
The Talent Wars: Why Talent Will Be the #1 Focus in Contingent Workforce Management
