The contingent workforce is a growing part of today’s world economy —particularly in the financial services sector. Yet it is difficult to quantify the number of contingent workers who work for banking and financial services firms.
This contingent workforce takes many forms. The insurance ads you see on television may have been written and produced by external agencies. Your financial advisor may be an independent contractor. The analytics for approving your business loan or underwriting your insurance may have been developed by consultants. Conservative estimates suggest that external talent comprises 10%-30% of the workforce in many financial institutions. But this assessment may be understated because many firms don’t have the right data to quantify their external workers accurately.
As contingent talent become an increasingly important part of a financial service organization's human capital strategies, it is vitally important to understand the risks – and opportunities – these non-employee workers represent. To take advantage of the very real opportunities this agile workforce represents while mitigating risk, it is vital to institute consistent governance, policies, and procedures for managing contingent workers.
Improve business intelligence through analytics and forecasting
Provide real-time cost benchmarks across skill sets and geographical scope
Increase compliance through better categorization of workers
Reduce costs through the elimination of rogue spending
Find skilled talent faster and more easily through direct sourcing and talent pools
Improve the quality of contractors and staffing suppliers
Interface with existing IT infrastructure
Consolidate billing and improve invoice accuracy
When selecting a new Vendor Management System (VMS) partner, minor differences in functionality and service offerings can have a major impact on your programs success.
Analytics: Your program data is a treasure house. Beeline’s award-winning workforce analytics will unlock it, to help you make better, more strategic staffing decisions.
Security: You need peace of mind, knowing your data is secure. Protecting our clients’ data is our highest priority. You can be confident with Beeline that your data is secure.
Stability: A financially secure and stable VMS partner focused on innovation is your best assurance that your contingent workforce program will give you a sustainable competitive advantage.
Global Expertise: To implement your program internationally, you need both global and local expertise. We support successful programs in more than 120 countries, providing a deep understanding of local laws and business practices.
Customer Support: You need and deserve more than a 24-hour help line. With Beeline, you can depend on unparalleled strategic and operational support to ensure your success throughout your program’s lifecycle.
Scalability: As your contingent workforce needs change, your VMS partner should already one step ahead. We make technology that adapts to your business needs, instead of forcing your business to fit our technology.
Innovation: You need a partner that understands how workforce trends and technological innovation intersect. We get it, and the result is customer-centric innovation that gives you a competitive edge.