If you’re a contingent workforce program owner, you know selecting a technology to manage it is only scratching the surface. The good news is you have a system that can help manage contractor req-to-check fulfillment and spend. The bad news is that, in any given program, only around 6% of spend is currently being captured by a traditional Vendor Management System (VMS). That’s a pretty narrow view to run a business.
Without enterprise-wide adoption, this means you, as the CW program owner, don’t have the visibility needed to deliver on more strategic SLAs, which means limited executive buy-in for your program’s success (or yours). It also means when you’re asked to rationalize suppliers, capture significant cost savings, or mitigate risk on behalf of the organization, you are really only doing so with only a fraction of the population.
Imagine the results you could deliver if you had all non-employee spend captured in one system? If you had one single view of all contractors, freelancers, independent contractors, SOW-based workers, gig workers, and outsourced providers to make informed business decisions? It’s time you have a bigger seat at the executive table, and you can only do that with full scope and visibility into the workers and spend for which you’re being held accountable.
To put this in perspective, we recently went live with a global biopharmaceutical company whose CEO was very vocal about not being a 100,000 person company. With 80,000 employees, he was shocked to learn he already was. With 34,000 non-employees in 80 countries, their shadow workforce put them closer to a 110,000 person company. Their CW PM is now directly involved in strategic workforce conversations at the highest levels of the company to determine the right workforce mix, now and in the future.
Skilled resources in your organization doing mission-critical work that aren’t being captured in a single system of record is an executive-level problem. Today, when more than half a company’s total workforce is made up of non-employee labor, leaving this population unmanaged can cost millions of dollars a year in lost savings, misclassification risk, and keeping highly-skilled talent working for you. If that’s not enough to get your executives’ attention, I don’t know what is.
At Utmost, we’re transforming the VMS to enable contingent workforce owners, HRBPs, and strategic organizations to get the most value out of their programs. Our next-generation system means critical workers, costs, skills, and of course, spend are captured inside a single platform, allowing scalable workforce planning, risk mitigation, and key data to make informed business decisions.
With a recent report showing 80% of U.S. corporations plan to increase their use of a flexible workforce in the coming years, it’s time to invest in a technology that is transforming the future of work. It’s time to bring in an agile, scalable, user-friendly system that enables all of the data you need. You’ll not only achieve compliance, you’ll create one unified way to come into the organization – one single place for workers, sourcing, and spend to occur for a critical and growing part of your company’s workforce.
It’s time to bet on Utmost and yourself.
If you want to learn more about how we’re leveling up contingent workforce programs for organizations, please visit us at utmost.co.
