• Oct
  • 05
  • 2019

Let us look at Trends that show the need for optimization in Contingent Workforce Management (CWM)

If we look back, we will find that non-employee workforce is strongly emerging as a corporate driver that has brought the businesses to the new heights. With the cost cutting factor, the companies are putting their foot forward to optimize the labour standards.  

In a survey by CareerBuilder, it is found that about in 2014, about 42% of companies had switched to temporary or contract employees. The Staffing Industry Analysts claimed that within 10 years, this 42% of companies and organizations would move to contract employees or virtual assistants while about 37% of organizations may stick on their full-time office employees. The organizations are going to utilize these virtual assistants and contract workers by 57% while 27% would use their same workers, as per the report of Staffing Buyer’s survey.

The Ardent Partners in their survey found that contingent workers would be the crucial and important players for the companies and organizations that would help in stepping towards the goals and targets. The companies all over the world are working on the ethics of cost minimization and efficiency maximization in their business. Thus we cannot imagine the coming years without the Contingent Workforce Management(CWM).

The researchers have found that program visibility, cost reduction and the cutback in risk are the essential requirements to look out the progress of the business. With the changing standards in the business strategies and working modules, the organizations are now looking forward to the contingent workforce to work with efficient management team and productive programs for the organizations. For managing the remote workers and management team you can go through 5 Strategic Keypoints to coordinate with your Remote Workers and Management Team

The organizations need to manage the contingent workers for the betterment. There exist three main categories of the workforce as Standard transitory workers, Complex Contingent workforce and Freelancer Contractors that need to be concerned regarding non-employee workers that every organization must understand. This worker’s selection depends on the skills, talents and above all the need for the organization and project.

Catch the Trends of Contingent Workforce Management:

No doubt, CWM is taking the place of employees in all the organizations. Here are the few trends that need to be considered-

  • As per the Ardent’s research, the use of transitory workers would be increased by 30% by next year.

  • The urge to search, use and maintain the top talented and skilled employees would be increased.

  • The process for hiring the virtual non-employees needs to be straightforward.

Why do the organizations take CWM on the top??

Since the use of part-time workers is increasing thus a strong management team with top qualities in handling is required that can manage the financial, services from the contingent workers and their visibility factors.  

With the contingent workforce, the organizations are achieving their business goals. Some of the trends are given below:

  • There is a hike in the compliance rate by 15-17%.

  • The corporates are leveraging with contingent workers due to the budget factor and moreover, they foresee the planning and maintenance of these labours. This makes about 193% of organizations to work with the contingent workforce.

  • The cost-cutting is an important factor for hiring contingent labours. About 43% of rates would increase year by year. This increases the gamut of CWM in the organizations.

Thus companies with the right optimization strategies would be able to intensify the returns and achieve the targets they are expecting through the investments and set budgets. The contingent workforce has influenced the corporate environment enthusiastically. Before working with these contingent workforces, you should see the influence of Influence of contingent Workforce on Job Market.

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