Contingent Workforce: Is Your Business Missing Out?

If you use temporary or contractual workers, you can get a high degree of flexibility, letting you ramp up or down as changes occur. But most businesses don’t manage these kinds of workers well enough. As a result, the costs of using contingent workforce can skyrocket.

Contractors are different to the rest of the workforce. Their hours are varied and they often have separate pay rates. For these reasons, it is vital for you to carefully manage contractors and monitor their time. Technology can give you a consolidated view of all your workers, including permanent, part-time, casual, independent, and contract workers. This visibility is invaluable to save money and boost productivity.

To avoid high staff turnover rates, increased labour costs, and lost productivity, you must manage contractual workers carefully. To do this, you need greater visibility so you can recognise the real value of non-permanent staff, and thereby streamline management processes and recruitment requirements.

Contingent workforce management software can help to better organise contractors by managing their hours and assigning them to tasks according to their abilities. This is when you can realise the true benefits of temporary or contractual workers.

There are three key ways workforce technology can help businesses develop a strategic approach to reap the benefits of having a contingent workforce:

1) You Can Respond to Needs More Quickly

When employees are on leave or demand increases unexpectedly, you need to make quick, informed decisions. According to a 2013 survey of HR and procurement professionals, conducted by the Human Capital Institute, the flexibility to respond to sudden shifts in demand was identified as a top reason why organisations use contractors.

2) Helps Make Informed Hiring Decisions

Real-time visibility into your total workforce makes it easier to evaluate the cost and productivity of contractual workers, aiding nimble staffing decisions.

3) Helps Identify and Deploy New Best Practices

A flexible, configurable workforce management solution lets you monitor, compare and assess data generated by your total workforce, so you can discover best practises sooner, and implement them across your business.