Why (and how) you need to cost-optimize your contingent workforce

With the effects of today’s turbulent economic times chipping away at your business each day, are you properly prepared to manage the costs of your contingent workforce? It can be a huge struggle, but with inflation and an impending recession coming, there is no time to wait.  

History shows us we’ve been here before and with historical knowledge comes the ability to identify what you should – and shouldn’t do – in a repeat situation. Today’s economy is a cyclical market trend that Beeline knows a lot about and why more than 350 of the world’s most recognized brands partner with us.  

Beeline also knows that workforce costs are typically the largest expense for most businesses, and at the same time, your workforce is your greatest asset. Without them, how do you stay alive and more importantly, ensure the continuity and profitability of your business, while mapping out long-term success? Faced with the unpredictability of inflation and the growing risk of recession, companies can no longer afford to take a “business as usual” approach and need to heed the urgent warning within their sights.  

For organizations that manage their contingent workforce successfully, their strategic response has been clear: shift toward a more flexible, readily scalable, and cost-effective form of workforce. Beeline is an expert in this area and can help you re-imagine your contingent workforce. We aren’t just a tech company – we are a strategic partner that gets to the bottom of the problem.  

Talent also remains at a premium. Without the right talent, organizations are trying to move forward with their feet tied together. So how do you hold tightly onto the purse strings, while simultaneously continuing to access expert, niche, skilled talent for your business? The quick answer is to optimize your costs for a higher ROI. Here are a few ways to go about it:  

Know the market rates

According to Staffing Industry Analysts’ (SIA) latest report, the global gig economy is worth USD 4.4 trillion. To know whether you are getting a good deal, you first need to know the market rate. This is true regardless of whether you’re buying office stationery or acquiring specialized talent. But the murky world of talent pricing means that getting visibility of true market rates is very difficult. With access to that data, procurement would be in a better position to negotiate with prospective vendors. 

Obtaining price visibility allows you to regain control, putting you in a position to truly scrutinize your expenditure. Using tools like Beeline Extended Workforce Platform, you can create market-rate cards for your colleagues to see and use.  

With progressive guided buying features, the right information is surfaced at the right time. With one of the largest and longest standing data sets of any VMS provider, you can be confident in your decision-making process. For example, when reviewing candidates, it can display the expected market rates for specific skills and levels of experience. Not just historical data either, but true, robust market intel. 

It will give you the ability to precisely track pricing across suppliers and locations – bringing clarity. 

Stay on top of complex SOW-based agreements

Large organizations use contingent workers in various ways. Statement of Work (SOW)-based services are one popular way to ensure each party is aligned clearly on deliverables, timescopes, and objectives. But without a tool to effectively manage SOW arrangements, companies can and will accrue unforeseen costs. By making project deliverables visible, you can verify mutually agreed upon project milestones, manage quality control in real-time, easily allocate costs to the appropriate cost center, allowing for accurate budgeting, manage pay milestones as you see fit, and much more. Real-world workforce planning.   

Guided buying: enforce a procurement mindset

Talent is too important to just be purchased like commodities. Yet to move quickly in filling a need, the hiring team may be guilty of taking shortcuts and not following formal procurement policies. Not a risk you can afford.  

Beeline empowers your team to make informed buying decisions and follow your individual procurement policies, staying compliant and resilient in times of difficulty. 

With unprecedented total visibility, your business can also address industry, tax, and employment regulations, as well as analyze the difference in contract costs. An intelligent, and strategic decision-making process. Without such workforce insight, you could put your company at great risk. 

Get cost-savvy with Beeline

Let us help you take control of your contingent workforce, provide you greater visibility, and optimize your costs like we are trusted to do for so many of the world’s largest organizations – including those that know how to prepare in times of economic crises like we are in now.  

The Beeline legacy is what allows us to boldly move into the future, and with decades of expertise behind our Extended Workforce Platform, you can’t go wrong. We wrote the playbook on workforce intelligence. Let us help make you whole. 

Contact Beeline today. Together, we will enhance the performance, profitability, and effectiveness of your contingent workforce program all while maximizing the value of your business.