The workforce continues to transform and traditional employees will soon be replaced by the contingent workforce. A research study conducted by Intuit predicted 40% of the US workforce will be contingent workers and more than 80% of large corporations will increase their use of the contingent workforce by 2020.
After the recent economic recession, organizations are taking a different approach to fulfill their workforce gaps by capitalizing on the contingent workforce. This allows organizations to meet project demands without making commitments to full time employees.
Why use the Contingent Workforce?
Close Skill Gaps
Organizations face the challenge of acquiring and retaining qualified candidates for high-demand disciplines such as IT and engineering. In order meet business objectives, employers leverage the flexibility of the contingent workforce to close skill gaps and execute projects as they arise.
The adaptable nature of the contingent workforce lets organizations experience significant cost savings on administration and employee benefit packages. Instead of maintaining full time employees in areas with project variability, employers can source appropriate candidates on a “just in time” basis to fit project scope and timeline specifications.
Time to Productivity
Typically upon hire, contingent workers can start working immediately, since employers’ source candidates that already hold critical skills necessary to complete the task at hand. Time saved and increased productivity allows organizations to be more agile and responsive to fluctuating market conditions.
Qualified Talent for Quality Results
The contingent workforce provides more opportunity for organizations to utilize the most qualified candidates. Employers can secure employees on a contingent basis that have more applicable skills and knowledge than that of someone they could afford on a full time basis. This allows projects to be completed with high degree of quality to achieve optimal results.
There are many reasons why more and more organizations are opting to utilize the contingent workforce. However, employers must be equipped with the right tools to meet the requirements of managing the contingent workforce. UpGlide is the cloud-based contingent workforce management platform that helps organizations proactively manage contingent workforce strategies. UpGlide provides full visibility over contingent workforce investments and tools to effectively monitor projects from beginning to end.