It’s true. Engaging a contingent workforce comes with a host of advantages: flexibility, access to specialist skills, a boost to productivity & output, reduced head-count, AND reduced talent costs…..to name just a few!
However, to achieve these benefits the only way to go is BEST PRACTICE.
So…we’ve provided the basic roadmap for you to achieve a best practice contractor management program. The Four Pillars of Best Practice Contractor Management.
Read on people!
PILLAR #1: QUALITY
Ensuring a high-quality contingent talent pool in your business, is key to a successful contractor workforce program. So… be prepared! Get your internal processes sorted, step-up the performance of your recruiters….& you’ll avoid contractor mediocrity. Follow the steps below, to attract high-quality contractors to your business:
STEP 1: Look at your internal processes for identifying the need for contract talent AND how you engage them. Is it ad hoc? Streamlined? Is it mindful of all stakeholders?
STEP 2: How organised is your PSL of recruiters? Have you negotiated competitive rates across the board? Are they across your business needs? Do they deliver quality services?
REMEMBER: the quality of your contractors will determine the success of your contractor workforce program
PILLAR #2: EFFICIENCY
Successful contractor management relies on a well-oiled machine made up of efficient internal processes and procedures.
If your business isn’t super-slick across all facets of contractor engagement & management, you’ll be faced with a host of avoidable challenges that can affect the requisition, selection, engagement, on-boarding, management & off-boarding of your contractors. Sound painful? It is!!
PILLAR #3: REDUCED COST BURDEN
Managing costs is a constant for every business. But in the context of your contingent workforce, it can get out of control, WAY too easily.
And the reasons for this are many: take a look at the table on the right.
With a specialist contractor management provider (like CXC Global) undertaking an audit of all these components, & reverting to a streamlined system, your business will be better positioned to significantly reduce the cost of engaging contract talent.
PILLAR #4: RISK MITIGATION
Minimising your risk exposure is central to running a best practice contractor management program.
And if they’re not managed correctly, your contingent workforce could pose a huge risk to your organisation.
Risk comes in many shapes & sizes: data and intellectual property vulnerability, poorly adhered to or zero compliance issues, co-employment risk, misclassification of contractor status. There’s many.
These elements can lead to challenging outcomes such as audits by government bodies, lawsuits and potentially devastating financial consequences.
Take a look below: the risks you run if you’re not prepared.
AND THE RESULT? CONTRACT WORKER VISIBILITY
You don’t know what you don’t know. But in a highly functioning contingent worker program, you’ll have full transparency across your entire contractor population. And by operating at best practice, you’ll avert challenges like
poor quality assurance, cost blow-outs, worker inefficiencies and undue risk.