How to Excel Using Contract Workers

 
 
By Karen A. Frenkel  |  Posted 02-11-2016 Email Print this article Print
 
 
 
 
 
 
 
 
 
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    How to Excel Using Contract Workers
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    How to Excel Using Contract Workers

    Contingent workers are vital to the success of many businesses, but managing this freelance workforce presents many challenges for managers and executives.
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    A Contingent Workforce Is Vital to Success
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    A Contingent Workforce Is Vital to Success

    95% of organizations today perceive their contingent workforce as important and vital to day-to-day operations and ultimate enterprise success and growth.
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    One-Third of the Workforce Is Contingent
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    One-Third of the Workforce Is Contingent

    35% of today's workforce is comprised of non-employee workers, including temps, freelancers, statement-of-work (SOW) workers, independent contractors and others.
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    Easy Access to Talent
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    Easy Access to Talent

    Organizations everywhere can find, source and engage independent talent in real-time through on-demand methods. Here are the top sources: Online labor marketplaces: 66%, Freelancer networks: 62%, Job boards: 61%, In-network talent: 57%, Social networks/social media: 49%
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    Total Talent Management (TTM) Taking Hold
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    Total Talent Management (TTM) Taking Hold

    TTM, the centralized management of all enterprise talent under standardized processes and integrated systems/solutions, is taking hold as companies try to understand and assess enterprisewide talent of all kinds.
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    Few Companies Know Their Worker Footprint
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    Few Companies Know Their Worker Footprint

    Although companies want to understand their talent, only 50% have clear visibility into their "worker footprint," meaning visibility into all talent across the enterprise. The result: an inability to forecast, budget and plan for talent-based needs.
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    CWM Challenges
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    CWM Challenges

    Respondents revealed the following challenges to CWM: Lack of intelligence and visibility: 48%, Control and mitigate compliance risk: 46%, Pressure to reduce costs and/or improve savings: 45%, Need to improve the way talent is engaged: 37%
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    Statement of Work Management Key to CWM
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    Statement of Work Management Key to CWM

    Statement of Work-based projects (SOW) involve supplier on-boarding and off-boarding, supplier evaluations, ongoing performance management, measurement of delivery dates, milestone achievement, and project budget and expense management.
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    HR Should Support SOW
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    HR Should Support SOW

    HR's support is critical to SOW-based projects because talent forecasting and workforce management can help businesses gain control over complex contingent labor. "SOW is the next frontier," says the report.
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    Status of SOW Management
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    Status of SOW Management

    SOW management is not yet a strategic imperative for the respondents' CWM programs, as the following shows: Strategic component of CWM program: 28%, Initial stages of SOW management program: 25%, Tactical component, not yet strategic: 23%, Not a focus, no plans to address SOW: 17%, Not a focus but plan to address within next 12 months: 7%
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    Benefits of Total Talent Management
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    Benefits of Total Talent Management

    Total talent management includes centralized and standardized management of all types of enterprise talent, both traditional and non-employee. Below are key benefits according to respondents: Enhanced visibility into the total talent pool: 80%, More intelligent decision-making: 64%, Reduction of overall labor spend: 62%, Enhanced alignment between projects and the talent they require: 57%, Seamless processes from requisition to project completion: 54%, Better quality of data regarding all enterprise talent: 50%
 

Contingent workers make up nearly 35% of today's workforce, and 70 percent of surveyed companies expect to increase the number of contract workers, according to a recent study. The rub? Only 51% of external labor and services spend is formally accounted for in corporate planning, budgeting and forecasting. The study, "The State of Contingent Workforce Management 2015 to 2016: the Future of Work Is Here," was sponsored by Fieldglass, an SAP company, and conducted by Ardent Partners, a research and advisory firm focused on supply management strategies, processes and technologies. Respondents were 210 procurement (58%), HR (24%), operations (10%) and other professionals (8%) representing financial services, tech, health care and manufacturing. The report addresses the state of contingent workforce management (CWM), the evolution of CWM programs, best-in-class CWM performance and strategies for success. "On-demand and a real-time talent has permanently altered the landscape of CWM, blending social, economic, political and personal attributes while impacting how enterprises find and engage the necessary skill sets for driving corporate success," the report revealed.

 
 
 
 
 
Karen A. Frenkel writes about technology and innovation and lives in New York City.

 
 
 
 
 
 

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