There are several key factors that determine whether a contingent workforce management (CWM) program is successful: is it a truly value-add initiative? Does it regularly impact bottom-line savings? Does the program consistently deliver high-quality talent for mission-critical enterprise projects? The truth is that true “Best-in-Class” contingent workforce programs can be measured, in addition to the aforementioned items, by a key performance metric: the percentage of all non-employee labor (including gig workers, temporary staff, freelancers, independent contractors, professional services, etc.) that is actively and actually accounted for in corporate planning, budgeting, forecasting, and planning.
According to the 2018-2019 edition of Ardent’s annual State of Contingent Workforce Management research study, Best-in-Class contingent workforce management programs are nearly have achieved a 200% higher rate of visibility into the non-employee workforce than all other programs. In this changing world of work, visibility is paramount. No enterprise can fully develop and execute dynamic responses to new global challenges without the best intelligence and insights behind them. Best-in-Class businesses are the ones that leverage their vast intelligence to understand the current and future impact of talent…and leverage that knowledge for the greater good of the organization.
And, within the Future of Work model, innovation is the most prominent factor. The idea that all facets of “work,” like talent acquisition, project management, project alignment, process orientation, etc., must be optimized in order to thrive in changing business times is the foundation to how the future enterprise will eventually operate. There are an incredible number of innovative outlets, both technological and talent-led (like total workforce management), that will ultimately decide the future state of work. With this in mind, it can be stated that Best-in-Class businesses embrace the pure power of next-generation technology and harness its influence to not only optimize work, but also improve intelligence and talent engagement:
Best-in-Class enterprises are 37% more likely than all others to leverage AI, a factor which reinforces these leaders’ foray into the Future of Work. Artificial intelligence is currently one of the world’s “hottest” innovations, and a major catalyst for the Future of Work. Artificial intelligence outlets include automated, data-driven, and “smart” systems that are predictive, proactive, conversational, and analytical. They represent the convergence of a half-dozen composite elements – Big Data, algorithms, machine learning, natural language processing, speech recognition, and robotic process automation – that when combined, has the “look and feel” of a system that mimics human cognition and communication. Other AI outlets, like chat bots, are driving process efficiencies in Best-in-Class organizations.
Best-in-Class companies are 35% more likely to utilize blockchain technology to augment how work is done. Setting aside its original purpose in streamlining cryptocurrency, blockchain can be leveraged to store documents (such as legal and accounting records), lock down intelligence, and, in the futuristic possibility of being connected to the Internet of Things, be utilized to run enterprise processes in real-time with just a few clicks. In the world of talent and workforce management, blockchain could represent incredible advancements in quickening payroll processes, providing real-time access to learning, organizational, and HR-led worker information, and ultimately streamlining a professional’s “data network” regarding his or her employment history and certifications (as well as degrees).
There is another technological element at play here, as well: digital transformation. The new dialogue around “digital transformation” finds that businesses can be enabled with the cloud-based, digital tools to not only enhance existing corporate processes, but also develop real-time abilities to address dynamic market challenges. From the talent and workforce management perspectives, the “digital enterprise” is one that leverages the power of both traditional and innovative systems while providing functional stakeholders with a real, digital experience in regard to process orientation, flow of data and intelligence, and access to resources (including talent). Best-in-Class enterprises are also nearly 75% more likely than all other organizations to promote an “innovation-ready” culture that embraces new systems and platforms, a factor which illuminates just how critical the next generation of technology is in the ultimate quest for contingent workforce management success and the optimization of how work is done.
Want more insights into the Best-in-Class contingent workforce management program? Want to understand the greater link between CWM and the Future of Work? Download the latest edition of Ardent’s annual State of Contingent Workforce Management research study by clicking here.
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