Over the past 24 months, this part has shown to be quite valuable in providing flexibility and crucial abilities.
Fremont, CA: Due to their flexibility and particular skill sets, contingent workers have become more important to organizations during these unpredictable economic and political times. According to a survey, 94percent of corporate executives claim that their flexible or extended workforce is a crucial and strategic aspect of their company. On average, non-employee workers make up about 47percent of a company's overall employment. From 43.5 percent, this is an increase. According to the research, the contingent model's scalability and agility are what is driving this. Eighty-two percent of respondents predicted that firms would require more contingent labor.
HR, TA, and procurement leaders now place a high focus on digital transformation. According to the report, 71percent of participants noted a rise in the use of labor-management technologies, such as extended workforce platforms, vendor management systems, and human resources information systems (HRIS). Organizations have long been able to handle end-to-end operations involving contingent labor, such as sourcing, services procurement, and invoicing, thanks to VMSs. According to the report, best-in-class firms are 96 percent more likely than all other organizations to use VMS technology. Organizations now rely on HR technology to boost employee engagement, manage workforces, and keep their flexibility and agility.
Providers of managed service programs (MSPs) continue to be a crucial component in managing contingent labor. According to the research, MSPs assist with managing contingent labor on a day-to-day basis, including hiring people, procuring services, using direct sourcing, and maximizing staffing supplier performance. As a result, best-in-class businesses are 66percent more likely than average to use MSPs.
Direct sourcing is increasingly being used to manage and recruit contingent workers. According to the study, a direct sourcing program is in place at roughly a 75percent of best-in-class firms. This demonstrates the ongoing change in how businesses handle contingent labor. With direct sourcing, companies may create talent pools and personal connections with contingent workers by utilizing a variety of recruitment strategies that are often used for full-time employees. This facilitates future contracts with specialized expertise and the conversion of temporary workers into permanent employees.