Many organisations simply have no idea what the makeup of their workforce actually is. Amazing, right? They don’t have the HR metrics & workforce data or analytics to be able to best assess & manage the cost, output, productivity, and ROI of their talent – particularly their contractors.
In this article, we discuss how to get the best workforce insights from your internal data and workforce composition, and how you can create a better ROI and efficiency from your contract workers.
With contingent employment arrangements set to grow to a whopping 50% of the total workforce, now is a good time to start ensuring you have the best handle on your workforce data.
Keep up to speed with your own workforce insights by following the four steps below:
The Four Steps to Workforce Insight Success.
Ensuring that your organisation follows the same procedure across all territories and divisions is a critical first step. When all HR data is logged, processed, and analysed in a central hub, it becomes much easier to filter out the results and find the internal data and metrics that you require.
Ardent Partners agrees that “standardised capabilities for managing day-to-day processes ensures repeatable, consistent measures are taken” – and this is never truer than within the contingent workforce.
Consolidate the data you need into a formal structure that is informed by your business objectives. Allow your data collection to give you the feedback you need, while your management processes continue uninterrupted.
This is where you can start bringing your plans to life. Once you’ve standardised your HR reporting and data collection across your organisation, you can start to use your internal data to really examine your contingent workforce.
- look at where you have concentrations of contingent workers, and assess where you may need them in future. Allow this workforce data to guide your plans going forward
- focus on real-time analytics. Data that is out of date does not help you to steer your contingent workforce forward efficiently. Understand what is happening, when it happens
- look at your organisational Do you employ contingent workers? Full-time employees? A mix of both? Knowing which employment arrangement is most effective lets you boost your output efficiently, as you need it
- Keep Compliant
Avoiding the pitfalls on non-compliance is a sure way to smooth the operations for contingent workforce management.
Local laws, national guidelines, and company policies will all impact the employment, payment, and classification of the contingent workforce. If you make sure your workforce is compliant, with all requirements listed and checked off on your system, the data you’re seeing will reflect the true state of your workforce spend and potential.
The availability of correct workforce data, HR metrics, and real-time analytics allows you to build a comprehensive, total-talent solution.
Keep ahead of the curve:
- understand your workforce composition
- see your workforce’s growth and development needs
- highlight educational strengths and weaknesses
- project accurately for your future requirements
With this comprehensive approach, and the right workforce data to support your decisions, you can build a permanent and contingent workforce that will get the job done right, every time.
Contact CXC Global for more information on getting your workforce data to work for you.