The Digitization of Contingent Labor Management

In these shifting economic times, many leading companies are choosing to accelerate key strategies and initiatives rather than take a cautious approach. They’re acting quicker, thinking bigger, and investing in technology and innovation. They’re also leveraging data and analytics to increase organizational agility and gain a critical edge on the competition.

Leading Organizations are Embracing Digitization

Put another way, leading orgainizations are embracing digitization. In a Toolbox for HR article, Magnit’s CEO Kevin Akeroyd discusses this phenomenon and the impact it’s having on contingent workforce management. As Kevin notes, the meaning of “digitization” can vary slightly based on a few factors, but it generally encompasses the following:

• Moving operations online and migrating to the cloud
• Investing in technology and innovation
• Increasing business partnerships and expanding overall reach
• Improving organizational agility and accelerating decision-making
• Harnessing more data and using it to inform strategy

In many cases, contingent labor provides an excellent opportunity to evaluate these new strategies, since companies can try different tactics with this workforce before fully committing.

Benefits of Digitization to Contingent Workforce Programs 

As Kevin discusses, many top organizations are approaching digitization in exciting ways to help their contingent workforce programs operate smarter, faster and better:

Smarter

• Better measuring and ensuring remote workforce productivity
• Upgrading technology (machine learning, real-time analytics, etc.)
• Developing a holistic partnership ecosystem
• Building out technology integrations

Faster

• Expanding the global footprint of a contingent workforce program
• Establishing standard global program practices
• Improving organizational flexibility (e.g., expanding worker redeployment efforts)
• Increasing mobile Vendor Management System (VMS) usage

Better

• Tapping best-in-class analytics platforms to gain holistic visibility to the entire workforce
• Updating the talent landscaping approach to better leverage today’s remote workforce
• Utilizing digital tools to supercharge direct sourcing efforts.
• Using data to improve the approach to diversity and inclusion

For much more on digitization and details around each of these areas, check out Kevin’s article, “Smarter, Faster, Better: The Digitization of Contingent Workforce Management.”

If you’re interested in learning more about how Magnit is helping organizations implement winning contingent workforce programs globally, please contact a Magnit representative at info@magnitglobal.com.

Disclaimer: The content in this blog post is for informational purposes only and cannot be construed as specific legal advice or as a substitute for legal advice. The blog post reflects the opinion of Magnit and is not to be construed as legal solutions and positions. Contact an attorney for specific advice and guidance for specific issues or questions.