Everyone and their mother has done a webinar on how to respond to COVID-19. Some of the suggested strategies for organizations with extended workforces are great, a few of the strategies are obvious, and many of the strategies are short-sighted.
Statement of Work (SOW) management is considered the next frontier for contingent workforce (CW) programs. Third-party consulting firms or professional services can be a large source of external workers for a business, but many companies have not integrated them into their traditional CW program management yet.
As the economy continues to make unprecedented shifts, many businesses will need to critically evaluate how they source talent to balance the cost of hiring full-time employees vs. the flexibility of using an extended workforce (i.e., contingent workforce, alternative workforce). Unfortunately, organizations do not have good visibility into different talent types’ data that is sitting inside and outside of various systems.
Christopher Dwyer, Vice President of Research at Ardent Partners, invited Erika Novak, Head of Client Services at Utmost, to his podcast, “Contingent Workforce Weekly” to discuss the evolving world of work, the viability of total workforce management, and how the Utmost platform promotes total talent visibility.
For the average company, contingent workers make up about a third of the entire workforce, according to the Sierra-Cedar 2020 HR Systems Survey. Yet, they are often forgotten or deprioritized from our HR systems and processes.
It just got easier to gain full visibility and control of your organization’s contingent workforce with the latest release of Utmost, an extended workforce management system. The newest updates also continue to help users enforce HR compliance and prevent security incidents.
In the US, we have the lowest unemployment rate in the last 50 years at a little under 4%. Organizations are struggling to find the talent they need to be successful. Yet, according to Deloitte’s Global Human Capital Trends study, only 8% of respondents had established processes to manage and develop alternative workforce sources.
The relationship between an enterprise and its workforce used to be pretty simple. A talent management lifecycle looked like this: the enterprise hired an employee and paid him or her a salary or hourly wage, provided benefits, including for retirement, and the employee stayed on until they were eligible to retire.