| As the US workplace accommodates a growing | | | | - Decision on wages |
| number of temporary workers, businesses have | | | | - Previous records of candidates |
| started feeling the need for contingent workforce | | | | - Contract period or the tenure of work Furthermore, |
| management. | | | | the performance of the workforce may suffer since |
| The US Department of Labor's 2008 report estimates | | | | they lack knowledge of organizational policies and |
| that it accounts for approximately 30% of the total | | | | procedures. If a company is hiring from multiple |
| workforce. The number of employees hired on a | | | | agencies, the process can cause staffing errors, |
| contingent basis has inflated three times since 1990 | | | | non-uniform pricing, a downturn in quality and loss in |
| and is expected to rise further. The spiraling growth in | | | | terms of both time and money. Thus,the management |
| it is catalyzed by several advantages. However, it is | | | | is the need of the hour to mitigate the risk factors |
| critical to extenuate the risk factors with effective | | | | associated temporary workers. |
| management. | | | | Professional Contingent Workforce Management |
| The Need for Contingent Workforce Management | | | | Services |
| In the globalized economy, businesses are facing fierce | | | | The internal HR department is not fully capable of |
| competition and require the means to beef up cost | | | | recognizing the challenges in the management. Thus, |
| efficiency. Industries are vying to achieve flexibility with | | | | businesses organizations seek cooperation from |
| employment laws and employee costs in consonance | | | | professional service providers to maximize ROI. |
| with the volatile demand and supply cycle. Moreover, | | | | Services offered by contingent workforce |
| with advancements in technology, companies require | | | | management service providers are: |
| new hands to train the older ones. Thus,it is on the rise. | | | | - Effective recruitment by hiring trained workforce as |
| Contingent workforce comprises both part-time and | | | | per client's specific requirements |
| temporary workers. Generally, such employees work | | | | - Reduced hiring and employment costs for the client |
| for lower wages and benefits than permanent | | | | - Tracking performance |
| workers. However, hiring it may pose several | | | | - Handling legal matters (employment contract) |
| problems, such as: | | | | associated with temporary workers Some of the |
| - The availability of interested candidates | | | | expert contingent workforce management service |
| - Means to judge their knowledge levels and capability | | | | providers have developed a platform based on SaaS |
| - Legal risk associated with employing a temporary | | | | (software as a service). It allows higher efficiency and |
| worker | | | | simplification of the processes. |