Contingent workers, freelancers, contractors, project-based workers, and temps are part of the growing “gig economy” and they’re here to stay. In fact, more than 35% of the U.S. workforce is comprised of contingent workers and that number is only expected to grow in the near future.
As non-traditional forms of talent continue to flourish, it will be essential for companies to develop new strategies to attract and manage independent contractors. Here are three areas of focus for implementing a successful contingent workforce management program:
Real-time reporting is the key to make data-driven decisions for today and the future. Visibility into your suppliers, worker performance, and spend will allow your business to make informed, finetuned pivots in strategy on-demand. Robust reporting will also enable your company to yield cost savings and create process efficiencies.
Ensure you’re engaging top talent at the best rates by optimizing your supplier management. Whether your company manages its suppliers first-hand or by partnering with an MSP, you can realize immediate cost savings through vendor rationalization, demand management, rate step-downs, and even volume discounts.
While there are many benefits to employing contingent workers, there are also compliance risks and multiple employment hurdles to manage. Examine your current internal processes and systems to ensure you are properly classifying your contingent workers. This will allow your organization to maintain a diverse talent pool and maintain flexibility.
How is your organization preparing for the future of contingent workforce management? Contact one of our experts today to learn more about our vertically integrated solutions and proprietary technology, Eastridge Cloud™.
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November’s Employment Situation Summary was released by the Bureau of Labor Statistics on Friday, December 6, 2019
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