The world of work has evolved significantly over the past decade, and the contingent workforce has boomed in recent years. This has translated into ample opportunity for today’s large businesses to tap into a new network of world-class, on-demand talent.
As we covered in a recent blog, titled “How Technology and Communication Tools Have Fueled the Gig Economy”, technology and communications tools have been a huge factor in the changing workforce behaviours.
New technology has not only helped create a world of on-demand and specialized talent, but it has also given businesses the opportunity to leverage online talent platforms and marketplaces in their overall workforce management programs.
Using these technologies to create new talent engagement strategies can help companies access the best talent within their industry, boost growth, generate new ideas and address any shortages in skilled workers within their sector.
Enterprise companies that want to thrive must adopt best practices in hiring non-permanent workers, and embrace a new wave of dynamic technology if they want to hire the best talent and create a flexible and agile workplace.
A new world of work
So, how exactly have work behaviours changed? The progress of communication technology has resulted in workers and organizations becoming more comfortable working with each other over devices, as opposed to working in an office or setting up face-to-face meetings.
In fact, many of today’s employees are now free to work from where they want, when they want and have the ability to choose their preferred company and project at any given time.
This workforce simply cannot be underestimated. Researchers estimate that the contingent workforce makes up around 30 to 40 per cent of all US workers today, and that around 40 per cent of the average enterprise’s total workforce is considered temporary, contingent or non-permanent.
In the new world of work, businesses today depend on flexible, agile, and on-demand labor more than ever before. Creating a company-wide contingent workforce management strategy will give your company access to a diverse and talented workforce that maximizes return on investment (ROI) and reduces costs.
Making the most of new talent engagement strategies
To access this top talent, companies must harness the power of new strategies, technologies, innovations and approaches to adapt how they not only access talent, but also manage how work is done.
Platforms such as vendor management systems (VMS), freelance management systems (FMS), talent marketplaces and digital staffing outlets have opened up a new, and seamless, way for companies to manage their non-permanent workers and acquire top talent.
Talent marketplaces, as opposed to conventional staffing suppliers and vendors, can be leveraged by companies to fill real-time needs in an on-demand manner.
It’s possible your company goes through seasonal fluctuations or simply only needs specialized skills for certain projects throughout the year. Talent marketplaces allow you to create an agile workplace, in which workers can be engaged in an on-demand manner and have the specialized skills for specific tasks.
Not only are you hiring these workers when you need them most, but they will be the right workers for the right job. This mitigates the risks and costs associated with hiring full-time employees.
Bad hiring decisions and sudden changes in demand or workloads can amplify the risks associated with full-time employees and can become expensive and time-consuming. Contingent workers, on the other hand, are easier to onboard and typically quicker to ramp up since they are already highly specialized in their field.
In addition, organizations can act with more flexibility if contingent workers do not fit the company culture or meet the immediate requirements of the position.
What does it all mean for my company?
With the implementation of a contingent workforce management program, you will be able to dive into a new era of talent engagement that allows you to leverage innovative new technology and talent marketplaces to access the very best talent in your industry.
Real-time access to on-demand talent will help your company optimize the way it does work, create a truly agile workforce and work on a project-by-project basis that continually makes use of highly specialized workers to complete high-quality work.
Want to learn more about implementing a company-wide contingent workforce management strategy? Contact HCMWorks today.