2022 has been dubbed the year of the ‘Great Resignation’ or ‘Great Reshuffle’. Since the start of the pandemic, more and more workers are looking for autonomy. Here are a few ways having the right vendor management tech can help you make the most of that workforce in a less traditional way.
When and Why Did the Great Resignation Start?
By now, we’ve all heard the term and see new people pop up on LinkedIn every day starting a new role or leaving their jobs to become self-employed. Federal data from the US government shows that 4 million people left their jobs in January 2022 alone and 48 million people moved on from their positions across 2021.
But why now?
In the two years since the pandemic started, ongoing lockdowns, shifting rules, and drastic changes to working environments have given people a lot to think about. Whether it’s the work-from-home crowd who no longer want the constraints of 9-5 corporate life, or the frontline workers who’ve decided it’s time to move on, many people’s priorities have changed. And with those changes in priorities has come a huge wave of freelancers and independent contractors.
While much of the narrative around the Great Resignation has been negative, we don’t believe it needs to be. The Great Resignation can have huge advantages for many companies…
The Contingent Talent Pool Is Increasing
With people moving to an autonomy-first approach to work, the number of freelancers and independent contractors available across nearly all industries is increasing.
This means they get more freedom and you get a much larger talent pool to tap into when you need them. It means when your workload spikes or demand for your services change, you have an even larger contingent workforce right there to bring in or put on hold as you need.
But that sounds like a lot of admin, right?
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Organizations Benefit From a Specialized Workforce
One of the biggest benefits of an expanded contingent workforce is the ability to tap into more specialist skills. As more workers choose a life of freelancing and contract work, it becomes easier and simpler for organizations of all sizes to gain access to specialized skills for individual projects and on a short-term basis.
With the fluctuations in the recruitment market since the start of the pandemic, budgets may be tighter and many organizations aren’t looking for full-time or permanent staff members. This expansion of specialized skills makes them easier to access and with more contingent workers in the talent pool, prices may be more competitive.
Here are four ways the right tech can help you expand your contingent workforce without increasing your work.
1) Maintain a Clear View of Your Contingent Workforce
With the potential for a lot more admin and information looming over you, it may seem a bit intimidating to go all in and expand your contingent workforce with the new wave of contracts on the scene. But using the right technology like a vendor management system (VMS) can really help to maintain a clear view of your expanding talent pool. Keep all your records in one place—no spreadsheets, no notes, and no lost additions. A VMS gives you the ability to have clean, clear records of everyone in your contingent talent pool, all in one place.
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2) Automate Processes to Save Time
All that extra admin doesn’t need to be a problem either. You can expand your talent pool without expanding your admin time. Simply plug the new workers into your system and let automation handle the rest! From getting reviews of contingent worker performance through to understanding rates and reliability, you can access and manage all of this info without the hassle of manual input.
3) Combine Technologies for a Broader Talent Pool
This could be a great opportunity to combine forces. Integrating a Freelance Management System (FMS) with your VMS can be the best way to keep independent contractors and temps filed separately from your other contingent workers. An FMS allows you to source pre-vetted talent from different sources to your usual contingent workforce. Contractors and freelancers can be automatically pulled into your VMS when they match opportunities and openings, both saving time and reducing risk.
4) Keep All Your Data Together
Essentially, this comes down to keeping all of your contingent talent pool data in one place. Whether you’re just using a VMS or pulling in an FMS as well, using technology keeps your contingent workforce data and admin in one, secure place. Not only does this allow you to drive down rates by working with the same reliable contractors on a regular basis, it reduces the manual tasks and risks inherent with manually handling large volumes of data.
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