Today, the contingent workforce makes up an increasingly large portion of a company’s total workforce. They function inside your organization, or on the periphery, and are often undetected by HR. These workers are your directly sourced temporary workers, interns, consultants, freelancers, SOW and contract workers, as well as independent contractors.
You’ll find contingent workers in IT, technology, engineering, health care, transportation, retail, and more.
According to recent estimates, the contingent workforce can represent as much as 35% of the total workforce in many organizations. However, organizations consistently underestimate the size of the contingent workforce in their ranks.
The result is a general lack of visibility of contingent workforce headcount and spend.
You can't manage what you can’t see.
This lack of contingent workforce visibility can lead to organizational inefficiencies, higher workforce costs and poor decision-making based on incorrect assumptions as to the true makeup of the organization's workforce.
“The HCMWorks team was the foundation in the implementation of a contingent workforce managed solution which extends from the hiring process to the payment of consultants. For more than 5 years, our partnership with HCMWorks enables us to effectively meet our objectives in accessing a large talent pool, all while controlling our costs.”
"For a stress-free solution to handling payroll, payment, and labor compliance, Easy Living Services, Inc. highly recommends HCMWorks. Our partnership with HCMWorks has been one that was built on trust by positive interaction, responsiveness, and integrity. The staff at HCMWorks honored their promises and honestly represented the service provided, the cost, and the implementation details. This is a great organization, one that I wouldn't hesitate to ask you to consider for payment solutions."
"I've been working for almost 10 years with the HCMWorks' team and I hope to continue for another 10 years. Professional and passionate are few words that best describe this team. They offer excellent overall service and are always available for any inquiries. Their knowledge of the market makes them an asset for the business. I would not hesitate to recommend them."
So, where to begin? Gaining visibility into contingent workers and independent contractors, requires putting your arms around the whole issue and tackling the numbers, processes and procedures.
Let’s look at ways to get you started:
Once you have consolidated all of the information related to your non-employee/contingent workforce, you will be better able to compare rates, track spend, gain better access to talent, reduce risk, and manage with standardized procedures. You will have the visibility and control you need to realize opportunities and benefits from this increasingly important sector of your workforce.
Should your organization lack the internal expertise to accomplish contingent workforce visibility and control, HCMWorks can provide you with the advice you need.
This white paper dives deep into your contingent workforce ecosystem and uncovers three key areas to improve on. It offers valuable insights and actionable recommendations.
Gain control over the growing contingent workforce with these best-in-class risk management, talent acquisition, and cost control recommendations. Best practices that HCMWorks implements every day with clients across North America.
Last year at HCMWorks we wrote an article about a study by The Economist that found the demand for contingent workers would skyrocket over the next five years, with more than 61 percent of top bosses expecting the use of contract labour to increase.
The report surveyed executive decision-makers at 210 US and UK companies with at least 2,000 employees, finding that contingent workers account for more than a fifth of the workforce at over half (58 percent) of those businesses. A figure set to grow over the coming years.> Read More
The contingent workforce is always changing. Whether it’s the growing pool of workers, new methods of sourcing talent, changing workforce laws or optimizing your contingent workforce management program, there is always something new to learn and implement.
Making sure your organization stays on top of these changes is a crucial element of ensuring your contingent workforce is consistently optimized so that it can maximize results for your business.> Read More
Organizations have significantly increased their use of contingent workers over the past decade, helping to compete with rising labour costs, improving access to top talent and adapt to rapidly changing market conditions.
In fact, new Ardent Partners research shows that 41.5 percent of the average enterprise’s total workforce is considered non-employee, which includes temporary workers, independent contractors, professional services, gig workers and freelancers.> Read More