How CWM Solutions Leverage the Most Value from a Contract Workforce
The success of any organization depends on delivering projects on time and within budget. Contract workforces are incredibly valuable for augmenting existing teams and executing against strategic goals. With demand for workplace flexibility and remote work at unprecedented highs, the contract labor workforce is a viable option for any organization hoping to scale up its productivity quickly.
But as a contract workforce gets larger, so too does the complexity in managing it. Contingent workforce management (CWM) solutions bring value and efficiency as companies grow in size and complexity. The following are the top 8 most notable benefits of a CWM solution.
Finding the Right Talent
Finding the right talent isn’t always a straight-forward process. The tendency for staffing vendors is to specialize around specific industry verticals, meaning clients with diverse hiring needs often need to consult with multiple agencies to meet their goals. CWM solutions bring the entire recruitment network into one place, thereby providing greater visibility and eliminating a considerable administrative lift.
Streamlining the Onboarding Process
Successful onboarding is judged against two key criteria: ensuring contractors have everything they need to begin doing their best work, and protecting the client organization with respect to security, access, and compliance.
CWM solutions centralize the onboarding process to create consistency around the transition period both as contractors enter and exit contract work periods. They also give the client transparency into all of the contractors currently engaged with the company.
Managing Regulatory Compliance
Non-compliance puts any business in jeopardy, both in a financial sense and (more importantly) in terms of reputation. Automating and outsourcing compliance to experts mitigates the possibility of human error along with the subsequent fines that may result.
Contract workforces that span a diverse set of roles may in turn need to navigate different compliance requirements, contract terms, or other nuances. As companies grow in scale the weight of these tasks becomes tremendous, and without adequate process and tools they eat up huge amounts of time and effort. The more of the workflow lift that can be managed by the automated qualities of CWM solutions, the more contractors and managers can focus on being productive.
Managing contractors manually often results in spiraling costs. CWM solutions help companies account for where their spend is going, which in turn helps them to stay within budget and build business cases for future contracts. Additionally, CWM solutions allow clients to audit suppliers, analyze expenses, and identify new avenues for future cost savings.
As organizations scale up their contract workforce, the complexity of payment and payment methods begins to show. Payroll managers must consider things like local tax laws, different compensation packages, and perhaps even different currencies, depending on circumstances. This is especially true for hourly employees, who have additional compliance considerations such as overtime and sick leave accrual. Reviewing contractor payment on an individual basis is incredibly time consuming and presents opportunity for human error, which is why a full-featured CWM solution can help.
Greater visibility gives organizations greater control over productivity. With modern CWM solutions, companies can observe key information, such as team feedback, hourly rates, work history, and costs to help hiring managers build the most effective and efficient teams possible. Indeed, before implementation of modern CWMs, companies often struggle to maintain a roster of contractors.
Building Better Relationships
Companies that have established a positive experience for their contract workforce improve their relationships with contractors and their overall reputation industry-wide. Leveraging a CWM solution to streamline the onboarding process, staff management, and payments are just a few ways to get noticed, presenting more opportunities for future collaboration with the best talent pools.
Organizations stand to benefit from consolidating and automating workflow processes around sourcing, employing, and managing contract workforces. With the cognitive lift of the many processes required to manage contracts handled by a robust CWM solution, companies and contractors alike can focus on bringing the most value to the organization.
HireArt is a contract workforce operating system that lets companies source, employ, and manage top-performing contract workforces. We provide our clients with the tools and visibility needed to easily manage their contract workforce and staffing vendors in a single seamless, instantly-deployable platform.
To learn more or to schedule a discovery call, visit HireArt.com