Contingent workforce management (CWM) programs have to similarly stay fresh to succeed. Not by guessing what might work or taking risks like The Fonz. But rather, by adopting industry best practices and proven technologies that will ensure ongoing program ROI and much-needed controls.
I recently worked on a project where I interviewed a number of our Financial Services clients. You’re going to be hearing a lot more about this project in the coming weeks, so stay tuned to IQN’s various channels! During the course of those interviews, I talked to both new and long-term clients.
One client in particular stands out. This client has been with IQN for almost 10 years (and in fact was one of the first I helped implement) and is still realizing significant value from its VMS. The company has not, in fact, jumped the shark! Instead, it’s combined business innovation with IQN technology innovation to reduce risk and continue to improve and expand its program.
Like most Financial Services firms, this one is focused on using the visibility the VMS provides to get control over its non-employee workforce (both contingent workers on time-based assignments as well as statement-of-work projects). While the company values other benefits that a VMS brings (for more on those, check out our VMS 101 series
), control is the top priority. This isn’t surprising as Financial Services firms are heavily regulated and have many internal policies and processes in place to ensure control.
Newer Financial Services clients that tend to be more narrowly focused can learn from our seasoned CWM program leaders: This client has extended the level of control throughout the contingent workforce lifecycle so that every area of the business benefits. Here are just a few examples:
- Labor relations – This organization has a union presence and its labor relations team uses IQNAnalytics to ensure that it’s leveraging non-employee labor in ways that are compliant with union contracts.
- Regulatory compliance – Because this organization deals in insurance, it has to be compliant with certain regulatory bodies. Internal auditors use IQN to track exactly what contingent workers are doing and whether or not they’ve taken the proper classes and reviewed required documents. This helps the company avoid issues when external agencies review its records.
- Corporate governance and workforce optimization – HR’s workforce planning team uses IQNAnalytics to ensure that worker-type mix plans are followed, while Decision Manager guides users and helps enforce HR and Procurement policies.
IQN is continuing to work with this client and others like them to ensure that, as the contingent landscape rapidly grows and evolves, we provide solutions to address current and future needs, including controlling risk. We want to make sure that they never jump that pesky shark! For more information—whether you’re a Financial Services company or in some other industry vertical—please reach out. We’re glad to talk!
(Oh, and by the way, it would have been better if The Fonz had jumped his motorcycle over a waterskiing shark!)