Today’s CPO Rising article is an extension of our “things that matter” series in the contingent workforce management industry. We’ve covered the tactical, strategic, and analytical capabilities that matter for driving ultimate value from CWM efforts, so today’s post will revolve around higher-level keys that sit at the very top of the average program: the three goals that every CWM program should strive to achieve.
For some enterprises, the concept of even having a true, multifaceted contingent workforce management program is a goal for the future. These companies must:
- Understand how contract talent is situated across the entire organization (i.e., the labor types that are linked to various projects and initiatives).
- Drive collaboration between procurement, finance, and human resources, which can foster spend and workforce management capabilities / processes.
- Utilize Ardent’s Contingent Workforce Management Framework as the catalyst to develop the programmatic competencies that should comprise a contingent workforce management program.
Companies with standardized CWM programs in place within their organizations must maintain a focused eye on a series of goals and not just a single objective for their teams’ robust efforts in managing contract talent. CPO Rising has identified three “goals that matter” that every enterprise should look to as their main focal points for their CWM programs:
- Provide the greater organization with a deep array of intelligence regarding the total impact of talent. Some enterprises may consider CWM intelligence a benefit that is created in the quest for a greater program goal, but I’d argue that working towards a high-visibility environment in which actionable intelligence is regularly gleaned via the CWM program and automated systems (i.e., VMS) should be the top goal for any contingent workforce management initiative.
- Drive ultimate value from the contingent workforce…while also supporting cost reduction efforts. We’ve discussed that cost savings is one of several key metrics should be monitored, tracked, and gauged. However, in the greater arena of contingent workforce management, other metrics have risen to the forefront of this rapidly-evolving category. Now, this doesn’t translate into a non-focus for the spend management side of CWM; driving value from contract talent also means that enterprises must support their greater cost reduction efforts via robust procurement principles.
- Ensure a top-tier level of contract talent quality through the utilization of core talent management capabilities. The talent wars rage on in both the traditional and contract talent worlds, and with companies now looking to contingent labor to support, enhance, and drive key corporate projects, there must be a delicate balance between spend management and talent management capabilities. While there is ultimate value in leveraging contingent labor (and all its forms), the main key for any CWM program is engaging top talent and aligning it across the enterprise.
RELATED ARTICLES
Three Tactical CWM Capabilities That Matter
Procurement’s Evolution (Part IV): Convergence with Contingent Workforce Management
The Talent Wars: Why Talent Will Be the #1 Focus in Contingent Workforce Management
