The five dimensions of an effective contingent workforce program
Today's contingent workforce programs need be nimble, scalable, and effective across multiple dimensions to effectively engage with a modern, hybrid workforce.
Quality
Is your program created to significantly enhance the experience of your hiring managers by improving supplier, contractor, and process quality?
- Hiring Managers
Do you improve service and internal customer satisfaction to capture, retain and grow your spend and headcount? - Candidates
Can you effectively measure and improve candidate quality across multiple metrics and KPIs? - Suppliers
Can you improve supplier value by assessing performance, implementing best practices, and providing real-time, on-line supplier scorecards? - Operations
Do you regularly assess and streamline your MSP team effectiveness in terms of their services, scope of work, role, and cost? - VMS
Do you continuously improve the VMS experience for hiring managers and suppliers, including enhanced reporting and analytics where possible?
- Reporting & Analytics
Do you leverage enhanced reporting, dashboarding and analytics to identify key issues, drive higher-performance, and boost program visibility?
Value
Is your program optimized to accelerate value and reduce costs?
- Savings
Do you evaluate your price competitiveness at least annually and uncover new opportunities for savings? - Rates
Do you utilize the most effective and efficient billing approaches for different skill sets – e.g., bill rates and/or markups on wages? - Rebates
Do you incorporate strategies such as rebates and discounts, and restructure your program to improve your bottom line? - Payrolling
Do you leverage lower-cost employer-of-record/agent-of-record services? - TCO
Do you regularly measure and seek to reduce your program’s total cost of ownership without impacting quality, service, or risk?
Speed-to-Market
Is your program designed to improve agility and market responsiveness given your specific skills, volumes, timing, and hiring cycle needs?
- Time to Fill/Cycle Time
Are you using successful time-to-employ strategies to fill positions faster and with greater consistency? - Responsiveness
Have you optimized the balance between supplier speed and candidate quality? - Interviews
Have you established an efficient interview cycle length from initial contact to scheduling/completion, and adjusted it to minimize lost candidates? - Offer Acceptance
Are candidate offer/acceptance metrics within normal industry ranges, and have you made process adjustments to improve them? - Onboarding
Is you onboarding process fully online and streamlined so that contractors can begin work as soon as possible while minimizing attrition? - Customer Service
Do your suppliers provide best practices customer relationship management via dedicated recruiting teams and single points of contact (SPOCs)?
Risk Mitigation
Is your program built to target, analyze and mitigate the most common regulatory and operating risks?
- Assignment Length
Have you evaluated the relationship between assignment length and attrition? Are you using data to reduce negative attrition? - Compliance
Are you tracking the most common risks/failures in contract compliance, and also auditing suppliers regularly? - Co-Employment
Have you assessed and prioritized the most significant co-employment risks and developed best practices to mitigate them? - C2C Layering
Are you effectively mitigating the risks of supplier layering without losing access to top talent? - Independent Contractors
Have you optimized the use of 1099s contractors vs. W2 employees, and are you indemnified against the associated risks? - Immigration
Are you optimally flexible with regard to visa holders, while at the same time mitigating the risks of becoming visa-dependent?
Diversity
Is your program customized to transform your organization into an inclusive diversity leader?
- Suppliers
Have you been able to increase supplier diversity spend while maintaining or improving program quality? - Candidates
Are you able to track and report on candidate diversity levels, both in the aggregate and also by supplier and by skill type? - Community
Is your program established as a true diversity and inclusion market leader, beyond simply adding diverse suppliers and spend. - Mentorship
Does your program incorporate diverse supplier mentorship, including opportunities for growth outside your program? - Incubation
Does your program offer diverse supplier incubation strategies in an effort to provide a more level playing field?
