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Five Reasons Why The Rapidly Expanding Contingent Workforce Is A C-Suite Priority
80% of large U.S. corporations plan to increase the use of a flexible workforce, with contingent workers making up over 40% of the total workforce. 62% of enterprises perceive contingent labor as a vital workforce component. Despite its size, the contingent workforce has often been associated with “non-core” business functions. But at many leading companies, this paradigm is changing.
Here are five key implications for including contingent workers in C-level strategic dialogues:
- Financial Impact
Staffing Industry Analysts’ “Workforce Solutions Buyer Survey: 2020 Americas Results” indicates 84% of companies have experienced cost savings with managed services programs (MSPs) and 76% have seen savings with vendor management systems (VMSs). This bottom-line impact will strongly interest programs with tens if not hundreds of millions in contingent workforce spend.
- Talent Acquisition
Non-employee labor can be leveraged on organization-critical projects to provide organizational flexibility, which is key during uncertain times. Contingent labor also impacts D&I initiatives and allows organizations to tap into new talent acquisition strategies. For example, organizations can “pilot” remote work in new or more diverse markets through low-risk contingent labor.
- Spend Centralization
Businesses spend more than $500 billion on services procurement, but many organizations aren’t capturing this spending or trying to manage it. This spend is separated from traditional “staffing and direct sourcing” engagements, resulting in inefficient processes and negative user experiences. Since this spend is typically protected at high levels, it often requires a conversation at the executive level to drive this change.
- Risk Mitigation
The contingent workforce offers myriad tax and benefits risks associated with worker misclassification and co-employment laws. The complexity increases as ambitious organizations attempt to globalize and localize their operations simultaneously. The growing preference for highly-skilled contingent “knowledge” workers globally versus full-time is also accelerating this segment’s complexities.
- Total Talent Management
With talent dispersed across the globe, organizations need to understand where their workers are located. It’s important to know who has access to facilities and — perhaps most critical — intellectual property. Companies must be able to quickly and efficiently communicate with workers. Business intelligence enables organizations to move beyond short-term mindsets limiting talent retention and stunting global growth initiatives.
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