Overcome global risks with an agile talent strategy

The future world of work is shaping to be anything but business as usual. A host of external and internal factors – from economic uncertainty and legislative changes to disruptive technology and a demand for new skills – is forcing organisations to constantly adapt their talent strategies.

While there isn’t a single approach to overcoming tomorrow's obstacles, one answer is revealing itself to be particularly effective: the contingent workforce. Companies of all shapes and sizes are increasingly relying on the agility and cost-saving benefits to be had when engaging non-traditional workers – and yours might be one of them.

Why engage the contingent workforce?

With the move towards flexible work models, growing digital workplaces, and globalised outlooks, businesses are bucking the tradition of hiring someone on a permanent contract and in a specific location. There’s been a steadily growing uptake of non-permanent workers, driven by the need to keep pace with a rapidly evolving world of work.

Here are some of the key business boons you can expect when engaging with the contingent workforce:

• Access to in-demand skills: With our latest salary data revealing that 92% of employers experienced skills shortages last year, it’s no surprise that organisations are broadening their parameters when sourcing hard-to-find talent. Engaging contingent professionals is a fast and effective way of gaining the expertise you need to stay competitive in a global market.
• Increased flexibility: Agility is the watchword when looking to navigate an uncertain business landscape, and contingent workers provide just that. Whether you’re looking to get a project over the line, access niche skill sets on short notice, or fulfil an unexpected demand, non-permanent workers could be a very permanent part of your agile talent strategy.
• Reduced costs: Owing to the scalability of a contingent workforce, it’s possible to pay for what you need and when you need it, mitigating the risk of being overstaffed during unexpected lulls, while also saving on budget-draining onboarding and training processes. And with the chance to ‘try before you buy’, you’ll also reduce the risk of what could be a very costly mishire.

It’s clear that the contingent workforce can help you stay resilient and navigate various risks – but how can you source the best talent and maximise the benefits granted by flexible workers?

Choose the right talent solutions provider

Sourcing the right non-permanent professionals – and successfully integrating them into your existing workforce – is no simple task. It increasingly calls for greater data insights, on-the-ground market intelligence, and digital tools that can aid transparency. Even large organisations may find they lack the necessary HR functionality and enabling technology.

That’s why choosing an experienced Managed Service Programme (MSP) service provider should be your first consideration. Proven partners like Enterprise Solutions at Hays can leverage the latest data insights and streamline your contingent workforce strategies – letting you pivot quickly to the next external challenge.

Leverage tech to navigate legislative changes

In a global survey conducted by PcW, more than half of surveyed CEOs cited regulatory change as one of the factors most likely to impact their industry’s profitability over the next ten years. This concern is especially relevant for organisation’s looking to leverage agile talent solutions and adopt cross-border working, with both requiring constant scrutiny of the latest laws.

Evelyn Styles, General Counsel at Hays UK&I, suggests that for organisations to keep pace with a myriad of evolving tax policies and legislative changes, embracing the latest technology could prove invaluable:

“When it comes to managing a more agile, cross-border workforce, consider investing in technology and external resourcing to handle the intricacies. A Vendor Management System (VMS) that tracks, automates and reports on the full resourcing process can help you manage your flexible workforce."

Consider a CMO and cast aside administrative burden

To summarise, engaging the contingent workforce is a proven way of overcoming workforce challenges and pivoting quickly to unlock new business opportunities. However, maximising your contingent workforce’s potential while staying compliant usually involves you can provide the following:

• establish clear roles
• source reliable recruitment partners
• implement robust record-keeping practices
• foster effective communication
• react quickly to changing laws

If this sounds burdensome, then seeking a Contractor Management Outsourcing (CMO) service is well worth consideration, and could become a crucial component of your contingent workforce programme.

Often integrated into an MSP contract, the additional support of a CMO service includes classifying and engaging non-agency sourced workers, as well as providing specialised payroll support.

Successfully integrating non-traditional talent can be a complex process, but this shouldn’t deter you from engaging with contingent workers and the vast pool of skills they offer. With the right planning and partnerships, you can build an agile workforce poised for the future.

Get in touch with our experts today to find out more.