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Gain control of your spend and start seeing significant savings
Organisations often struggle to properly account for contingent workers. To control rogue spending and optimise hiring, businesses can take several key steps.
If you aim for significant cost savings CXC can help.
How to maximise your cost savings and improve your procurement efficiency
To maximise your cost savings and improve procurement efficiency, our reliable solutions provide a comprehensive approach that ensures optimal results for your business.
Here are some key strategies to achieve these goals:
Streamline procurement processes
Implement data-driven decision-making
Foster strategic supplier relationships
Optimize inventory management
Centralize procurement operations
Continuous improvement and benchmarking
By implementing these strategies, our solutions empower businesses like yours to maximize cost savings, enhance procurement efficiency, and drive overall success
6 steps to control rogue spend and hiring
Organisations often face significant challenges in properly accounting for contingent workers within their operations. To control rogue spending and optimise the hiring of contingent workers, businesses can take several key steps:
1. Implement robust procurement policies
Establish clear policies and guidelines for procurement processes, including the hiring of contingent workers.
This ensures that all expenditures, including those related to contingent workforce, are within the approved budget and aligned with the organisation’s strategy.
2. Centralize vendor management
Centralize the management of contingent workforce vendors to maintain better control and visibility.
By working with a select number of trusted vendors, businesses can negotiate favorable terms, monitor performance, and ensure compliance with established policies.
3. Leverage technology solutions
Utilise technology platforms such as Vendor Management Systems (VMS) to streamline and automate the procurement and management of contingent workers.
These systems provide real-time visibility into spending and enable organisations to enforce compliance with set guidelines and budgets.
4. Conduct regular audits
Perform periodic audits to identify any instances of maverick or unauthorized spend on contingent workers.
This helps identify potential areas of improvement, enforce compliance, and reduce the risk of rogue spending.
5. Implement approval workflows
Establish clear approval workflows for hiring contingent workers to ensure that all engagements go through the necessary authorization processes.
This helps prevent unauthorised spend and ensures that hiring decisions align with organizational goals.
6. Monitor and analyse spend data
Regularly monitor and analyze expenditure data related to contingent workers. By leveraging data analytics, organizations can identify patterns, trends, and areas of potential cost savings.
This allows for strategic decision-making and proactive management of contingent workforce spend.
Want to effectively control rogue spend and optimise the hiring of contingent workers but can't do it alone?
CXC can help with better cost management, enhanced compliance, and improved efficiency in your workforce procurement.
Still struggle with lack of visibility and poor CW management?
Lack of visibility and poor management of your contingent workforce can pose significant challenges for your organisation:
Poor decision-making across multiple areas, including workforce rationalisation.
Difficulty with forecasting, and costly talent sourcing decisions for urgent, unplanned needs.
Paying inconsistent or above fair market rates for the same talent category and level of resource, which can be detrimental to your bottom line.
If you're unsure of your contingent workforce spend and Statement of Work (SOW) spend visibility, it's important to know these two sourcing channels often overlap; without full visibility, you may be overpaying for the same classification of people.
Let us help you overcome these obstacles and achieve success through our proven workforce management solutions.
What can cause overspend and loss of cost control in contingent workforce management?
Overspending and loss of cost control in contingent workforce management can be caused by several factors. Here are potential causes:
Inefficient or decentralised vendor management
Lack of visibility and tracking
Ineffective contract management
Misalignment between workforce requirements and workforce planning
Rogue or maverick spend
Poor utilisation management
To mitigate these causes of overspend and loss of cost control in contingent workforce management, organisations should focus on improving vendor management processes, enhancing visibility through analytics and reporting tools, implementing robust contract management practices, aligning workforce planning with business needs, enforcing procurement policies to prevent rogue spend, and optimising utilisation management
How can a solution (that provides real, historical, and strategic information) assist you in making more informed decisions?
This is where a well-planned workforce management solution comes into play.
Moreover, beyond the hiring decision, a poorly managed contingent workforce can lead to additional issues such as costly errors in time sheet data entry, fraud, reporting errors, and a slow and cumbersome recruitment process.
Fortunately, this marketplace chaos presents an opportunity for your organisation to convert these challenges into tangible savings opportunities.
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Transforming our client’s contingent workforce program
This organisation was seeking an alternative solution, where they could focus on ‘high value’ talent sourcing, separate from the management and engagement of independent contractors: a process that was typically time consuming and resource intensive.
This needed to be accomplished through the coordination of a significant number of stakeholders throughout the business. Existing contractors would need to be migrated from a range of contract types to a standardised contract.
Want to gain control over your spend?
At CXC, we fully understand the complexities and potential pitfalls associated with managing contingent workers.
Our three decades of expertise in workforce management solutions can help you effectively address these challenges, streamline your processes, and maximise savings.
We got this, we got you.
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