A re you looking for ways to make your program more efficient and effective?
A few simple tactics can help you maximize the management of your contingent workforce, especially if you want to mitigate risk, reduce cost, and streamline operations.
In this blog post, you’ll discover 10 ways to optimize your engagement and management of contingent workers for better results.
How to Take Your Program to the Next Level
1. Publish your program goals and objectives – Have you published and communicated complete and up-to-date goals and objectives? Does your supply chain understand and support them? Are they current and aligned with organizational objectives? Are they measurable?
2. Use a multi-faceted pipeline strategy – Are you taking a holistic view of all the channels available to help you to fill your talent pipeline? New technology lets you access more talent than your suppliers alone can provide. Learn how new technology can help you achieve a multi-faceted sourcing strategy. For more information, start here.
3. Connect all departments to your program – locally and globally – Your program begins to offer real strategic value for your organization when it provides oversight of ALL your non-FTE population: contingent staffing, SOW projects, and contractors – who they are, where they are, what they’re doing, how much they cost, and how long they are on your payroll.
4. There are ICs in your organization. Can you see them? – You may not think your organization is using Independent Contractors, but I’ll bet they’re working for you now. Do you know where they are? What they’re doing? What they’re charging your company? What access they have – to facilities, networks, or data? If you don’t know, who does? If you are responsible for managing you company’s extended workforce you need to ensure you are capturing and tracking your ICs.
5. Bite the compliance bullet before it bites you – The biggest risks could be costs associated with non-compliance. Those costs include: fines and legal penalties, back taxes with interest, retroactive wages and benefits, unpaid unemployment insurance contributions, litigation costs, loss of company reputation.
6. Get serious about security – A security breach can ruin your whole day – or your career. Make sure you know who has access to your facilities, your networks, and your data. Your VMS gives you the power to exercise real control over security.
7. Apply analytics for better decision-making – Learn to use all the advanced analytic tools available to you and apply the knowledge they provide to manage your workforce. New technologies – including artificial intelligence and machine learning – are now available to provide higher quality data analytics and workforce intelligence than ever before. Familiarize yourself with them and put them to work in your program.
8. Refresh your market rates more frequently – Many programs set their market rates annually, or semi-annually. Some set them quarterly. As labor costs rise, to make sure you are competitive, it is very important to ensure that your rates are up to date. Using several quality platforms to dig deep into the attribute layer of your job templates to normalize data across your vertical will provide higher level of confidence.
9. Leverage experts for industry best practices – Use your MSP and technology partners. They are up on industry best practices, and they can help you. Experts are everywhere – our team of relationship managers averages 10+ years of experience – running their own programs, or as MSPs, or suppliers. They can also help you benchmark with your peers, show you how to participate in regional groups, etc. Here’s how to put our expertise to work for you.
10. Take advantage of new features you already own – Chances are your VMS has a lot more capabilities than you’re using. Maybe you don’t know about them, maybe you didn’t need them before, so you forgot about them. Maybe they were announced in the last release that you didn’t read or at that conference session you didn’t attend. Talk to your technology providers to be sure that you are current on all the capabilities available to you.
I hope we’ve given you some fresh ideas on how to optimize your engagement and management of contingent workers for better results. Please consider which of these 10 best practices you can you implement immediately. For more information on how to develop a best-in-class contingent workforce program, download this eBook today.