When it comes to the contingent marketplace, there is rarely a matter of importance more pressing to a service provider than that of getting work and getting paid. This becomes especially relevant given the fact that the average independent worker will wait 52 days before getting compensated for their work, For the service companies that employ these workers, it then becomes of equal importance to have access to a system that is simple and efficient so that they can get work done, pay their contractors and move on to the next job in a timely manner.
This reality of high work opportunity turnover is rapidly becoming a focal-point in the industry, as the number of temporary employees in the workforce is at an historic all-time high. Contingent labor has long played a leading role in the marketplace, with 42.6 million (or 30% of the total workforce) employed in these services in 2005. The U.S. Bureau of Labor Statistics also reported that the number of temporary workers rose 29% between 2009 and 2012, and there will be an estimated 65 million temporary workers by 2020. Another survey indicates that the number of employers who utilize these services is also going to increase with a 10% jump in the number of IT leaders who estimate that providers will make up almost 25% of their overall workforce by 2018.
The expected increase in the use of contingent labor stems in part from a shift towards corporate implementation of cloud-based technology, with the majority of U.S. businesses already using some form of cloud computing for IT. A desire to save money by outsourcing work on an as-needed basis and having the opportunity to select the most desirable candidates from a pool of skilled specialists also proves appealing.
“The use of contingent workers is not going away,” says Jason Hayman, market research manager for TEKsystems. “In fact, as organizations increasingly encounter the need for more specialized skill sets, the use of contingent workers will only increase.”
With more work opportunities and increased competition, getting work and getting paid will become an even greater importance to service providers, while getting work done has always been a top priority for service buyers. Field Nation has long understood the significance of what lies at the core of this evolving industry by acting as a “one-stop” platform where service buyers can go to get work done and where service providers can go to find work. Utilizing the latest business intelligence and industry data, Field Nation brings this opportunity to users while providing a streamlined and simple process that also offers an optimized solution to all stakeholders’ key concerns.
Service providers can feel secure knowing that Field Nation continually ensures the timely and consistent compensation for their work. Unlike the technicians of fellow competitors who can see 30 days go by without receiving payment for jobs costing as little as $100, the Field Nation Accounting Team processes payments twice a week. Once a work order is approved by a service buyer, 75% of providers get paid in as few as 3-4 business days, while 90% get paid in one week.
Decreasing the amount of time between job completion and the moment a provider is paid is a feature that was recently released in conjunction with Field Nation’s new WorkSmartTM Workflow. Alerts on work orders can be configured to update a service company or buyer via email or text message the moment a job is marked “done” by a provider. Increasing the visibility on the status of a work order not only encourages buyer review within 24-48 hours, but also gives the buyer access to unused funds from that work order as soon as they mark the job as “complete.” Knowing how much money is available in real-time allows service buyers to constantly and intelligently publish or route work orders to the marketplace and give providers consistent access to new work opportunities.
As the IT contingent workforce gets set to experience a profound rate of growth from a combination of cloud integration in the everyday workplace, the Field Nation system provides a unique and valuable opportunity that helps stakeholders optimize their project management capabilities. Targeting the primary areas of importance for both service buyers (with optimized workflow, secure payment and getting work done) and service providers (getting work and getting paid) is just one of many reasons Field Nation is the place skilled professionals go to connect and get great work done.