When discussing ‘’The Future of Work,’’ a vital part of the conversation is often left out. That part talks about the benefits of having an extended workforce. This pool of talent is used when an employee is on annual leave, or goes out sick, or when an organisation needs more people to help on a project. Yet, no-one wants to talk about these silent employees because of the ‘’unskilled worker’’ stigma that is often associated with an extended workforce. This is a false assumption and 38.9% of independent contractors now have a University degree. Today, Higher Education Institutions are differentiating themselves with the contingent workforce market through its unique features, functionality, and forward-thinking innovation.
The extended workforce has become an integral part of most companies. This includes contingent workers, SOW-based contractors, consultants, specialists, and temporary employees – and it’s growing and growing. You might even say that it’s the new way to do business.
What does an ‘’extended workforce’’ consist of?An extended workforce can be an accessible pool of talent. In this pool of talent that’s outside of an organisations’ formal employee base, you will find independent contractors, consultants, and specialised service providers. Being able to access this talent pool on demand saves time and resources, freeing employees to complete more important tasks. Hiring Specialists and Consultants can undoubtedly bring benefits to organisations to perform time-limited tasks. They can provide analysis and expert opinions and perform a range of duties that the traditional employees might not be able to offer. An extended workforce can also include seasonal workers who can be hired in to augment the full-time staff at certain times of the year to meet high-volume requirements. As well as SOW-based contractors closing skill gaps, they can also reduce costs for the organisation as they are often paid out of specific project budgets. When companies have access to the best talent on demand, it makes them more agile, too.
The growth of the extended workforceUsing an extended workforce is an easy solution for higher education institutions today. To keep up with trends, and to stay on top of the ever-changing working conditions, it’s an easy answer. They have also realised that they can outsource help away from their organisation by tapping into their external pool of talent. In a competitive world, this means that they can avoid investing in development in-house.
Businesses aren’t alone in taking advantage of this trend – individuals are as well. Freelance work is often more appealing today than permanent employment. Freelance employment offers more flexibility and a greater variety of projects. This enables one to build more skills and to share expertise. There are also admirable financial benefits that can come from contingent work. As Millennials, Generation Xers are joining this workforce, with millennials set to make up 75% of the workforce by 2025, businesses will need to adjust accordingly.
Beelines’ Vendor Management System (VMS) is driving efficient use of the extended workforce. It fills gaps of knowledge in and has access to a growing base of experienced and available workers. It has also made utilising an extended workforce easier than ever. If an organisation has a cloud talent sorcerer, they will have on-demand access to affordable, skilled workers from around the world, paid for on a transactional basis.
The future of work with BeelineBeeline believes that having an extended workforce is a vital factor when it comes to the future of work. Look no further, our Vendor Management System (VMS) is an intelligent, forward-looking answer to the growing need for workforce agility so that companies can respond to market challenges and opportunities.
To find out more about how Beeline can integrate the right VMS for your organisation, request more information today.