The business world is changing. Seemingly by the day, new technologies and strategies are redefining how work is done by pushing today’s enterprises into exciting territory as they seek competitive advantages and fresh sources of business. Within this scenario, the very notion of “talent” is actively shaping how far enterprises can go in terms of innovation, growth, and ultimate business expansion. Talent is today’s most valuable commodity, and as globalization takes its hold on businesses across the world, the dynamics around talent are being revolutionized.
To get a better understanding of this talent and how it is accessed, managed, and optimized in today’s business world, Field Nation contributed to the underwriting of a report conducted by Ardent Partners on “The State of Contingent Workforce Management 2015-2016: The Future of Work is Here.” This report covers the evolution, assessment, performance, and recommended strategies for contingent workforce management leaders so they can improve overall customer workforce management operations and results.
In our last section, we discussed the evolution of CWM technology, and mature technologies including Vendor Management Systems (VMS).
- Advanced solutions. Visibility and compliance are two of the top challenges for today’s contingent workforce management programs. As utilization of non-employee talent continues to grow, compliance risks (in the form of misclassification or co-employment) and the general lack of insight will negatively impact the greater CWM program. Within the spectrum of compliance, Independent Contractor Engagement Specialists (ICES) and outsources compliance management solutions facilitate the relationships between an organization and its independent talent, helping to mitigate major risks and provide users with “peace of mind” regarding their utilization of independent talent.
The realm of Big Data penetrates even the smallest of organizations; in fact, nearly every business around the world has realized that, in order to succeed, visibility must be at its maximum. Business intelligence tools for contingent workforce management, typically offered within platforms such as VMS, provide enterprises with robust visibility into compliance, quality, effectiveness, spend, and supplier management.
- Emerging solutions. The evolution of the contingent workforce deems that innovation pave the way for effective management of emerging types of talent. As freelancers and self-sourced, independent talent continue their growth in in the months ahead, enterprises will require inventive solutions that can not only directly source these types of labor, but also easily integrate information, project intelligence, and talent insights into other key CWM systems (i.e., VMS). Freelancer Management Systems (FMS) have revolutionized the way independent talent is sourced and managed, facilitating key processes such as engagement, “talent matching”, project management, and payment. FMS solutions represent the future of contingent workforce management technology.
In a similar sense, mobile applications also provide an innovative spark for CWM programs. Contingent workforce management has become a more strategic imperative for organizations today; as such, executives like hiring managers and other key stakeholders who are tasked with CWM require the “portable power” of mobile apps that can directly manage aspects such as requisitions, data, and project status updates.
Coming up, we discuss the components and benefits of total talent management.
Read Part 1 of The State of Contingent Workforce Management… and the Future of Work
Read the most recent entry in the series here.