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HCMWorks Insights

[Infographic] The Solution to the Contingent Marketplace Chaos

Posted by Julia Fournier on 12 Oct 2015

Of course, you use contingent workers to save on costs, increase workforce flexibility, and get the skills you need to achieve your business goals. But as your organization becomes increasingly reliant on contingent labor, you’re going to need as much help as possible to navigate through the contingent marketplace chaos. The more contingent workers you need to hire, the more staffing vendors you’re likely going to have to work with to find the candidates with the skills you need. The more candidates you’ll need to meet with and consider. The more workers you’ll need to onboard, manage, and pay. And the more risks and liabilities you’ll need to be aware of and eliminate.

Although hiring contingent labor comes with a lot of advantages that can allow you to stay relevant and profitable in the competitive business environment, your needs might start to get too complex and overwhelming for you to handle on your own. Without help, you could end up wasting time and money on administrative tasks; you might end up hiring the wrong workers due to time constraint and lack of knowledge or data; you might end up getting subpar work for your dollar due to poor management techniques; and you might end up getting hit with fines and penalties due to unmanaged risks.

If that happens, then the disadvantages of hiring contingent workers will start to outweigh the advantages, and that’s not good for business.

What you need is a solution. What you need is a partner to help you navigate through the contingent marketplace chaos. The answer is simple. Engage an expert in total contingent workforce management. Here’s what you’ll get.

 

10 Ways to Reduce Costs & Risk of Your Contingent Workforce

Candidate Management

As contingent work becomes increasingly popular, more and more workers are quitting their nine-to-five jobs to take on contract work. After all, they benefit from the arrangement too with extra flexibility and freedom. Although you’ll have a sea of candidates to choose from, not all with be equal in terms of skill, experience, and education. To get the best value for your dollar, you need to ensure that you’re choosing to hire the best independent contractors on the market. A contingent workforce management expert can help by providing you with fewer and better qualified candidates to choose from—candidates that are already pre-vetted and pre-selected for your review—so you can make better and faster hiring decisions.

Vendor Management

You could be working with over a dozen different staffing vendors. It can be hard to keep up with all of the terms and conditions, pay schedules, pay rates, and contracts when you’re hiring your contingent workers from so many different companies. An expert in contingent workforce management can help you in the form of vendor management. The expert will ensure that you’re choosing the best staffing vendors for fair market rates and ensure that you get accurate, centralized contract, billing, and payment management so you can stay on top of your vendor relationships.

Resource Management

An expert in contingent workforce management can also help you with the day-to-day management of your contingent workers. The company will take care of sourcing, classifying, managing, paying, and scheduling your non-permanent workers for you, similarly to a staffing vendor, but without the mark-up seen with staffing firms, so you can reduce your costs while ensuring that your contingent workers are managed as effectively and efficiently as possible.

Trend Analysis and Reporting

Big data can be incredibly valuable when it comes to hiring and managing contingent workers. With a contingent workforce management expert by your side, using the right technology, you’ll have access to trend analysis and reporting. You’ll have the usable, actionable real-time data you need to make more informed decisions about your contingent workforce.

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Exploring Your Contingent Workforce Ecosystem

Tags: Workforce Management, Independent Contractors

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