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Empowering Contingent Talent: The Importance of Flexibility and Competitive Pay
Rebecca Perrault | May 17 2023 |
As part of our efforts to progress DE&I for contingent talent, Magnit partnered with Werklabs and The Mom Project to research and better understand what this growing workforce values the most.
One of the reports created through this partnership, “What Drives a Diverse Extended Workforce: Fostering Feelings of Inclusion for Diverse Contingent Talent”, focuses on highlighting the unique differences and disparities among segments of the contingent workforce, in relation to attracting, engaging and empowering workers in these segments. By having this knowledge, leaders and organizations can foster inclusive experiences more effectively, in addition to attracting and retaining diverse talent.
See how Magnit is driving DE&I forward.
Flexibility As a Key Motivator for Contingent Talent
The research confirmed what we would anticipate, the biggest differences in contingent work experience are segmented by gender and race/ethnicity. When it comes to project-based or contingent work, we found that female professionals value flexibility significantly more than their male counterparts. In fact, according to the survey results, 94% of participants feel optimistic about the possibility of working at an organization that offers flexibility. The three categories encompassing work-related flexibility include:
- Ability to work remotely or from a location of the worker’s choosing
- Flexibility in times of day worked
- Autonomy in how work gets done
Parents and caregivers especially value flexibility options far more than non-parents and non-caregivers. Additionally, remote work or working from a place of their choosing is a strong motivator to pursue contingent work across ethnic groups. For organizations that are looking to attract top contingent talent, offering flexible options like these can be a key differentiator that will help them stand out among competitors.
The Importance of Competitive Pay
Research reveals that, unsurprisingly, competitive pay is also critical for attracting contingent talent. It is one of the minimum requirements candidates consider when evaluating a new contract. Our survey reveals that 92% of participants desire an increase in earning potential. Additionally, competitive pay is valued by both male and female respondents as the most important factor in contingent work.
As contingent workers have more options than ever, competitive pay is becoming more critical for organizations to offer - especially as pay equity becomes increasingly important to address for the contingent workforce. Companies have a great deal to gain in ensuring pay equity, as it helps them attract, retain, and demonstrate their values to incoming talent, both full-time and contingent. See why a strong pay equity commitment for the contingent workforce is essential and how talent intelligence helps businesses successfully navigate the global talent landscape.
For more research conducted in partnership with Magnit, Werklabs and The Mom Project, check out “Defining What Matters to the Extended Workforce: Key Drivers for Attracting, Equipping, and Empowering Contingent Labor”. This white paper gives insights into the top priorities for contingent talent, predictors of inclusive work experiences, and actions organizations can take to attract top contingent workers.
Learn more about what we are doing to progress DE&I in the contingent workforce in our 2022 Impact Report.
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.