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It’s a data-driven world. When managing your contingent workforce, you no longer have to guess what’s necessary. By leveraging workforce data, you can make better-informed decisions and increase the efficiency of your contingent workforce management program. Here is what you need to know about what metrics to measure.
Using Data to Optimize Your Workforce
Real-Time Analytics
Workforce data facilitates real-time analytics of a contingent workforce, providing valuable insights and enabling informed decision-making. By leveraging workforce data, organizations can comprehensively understand their contingent workforce’s composition, skills, performance, and availability. Real-time analytics allows businesses to monitor and analyze this data on an ongoing basis, providing immediate visibility into key metrics such as workforce utilization, productivity, and cost-effectiveness. These insights enable companies to optimize workforce planning and allocation, identify areas for improvement, and make data-driven decisions on resource allocation, talent acquisition, and project management. The analytics of contingent workforce data can uncover patterns, trends, and anomalies, allowing organizations to proactively address issues, mitigate risks, and capitalize on emerging opportunities.
Supplier Performance
Workforce data plays a pivotal role in evaluating supplier performance for contingent staffing. By collecting and analyzing relevant data, organizations can gain insights into their contingent staffing suppliers’ effectiveness, reliability, and quality. Workforce data allows businesses to track and assess key performance indicators such as supplier response time, candidate quality, time-to-fill positions, and overall satisfaction with the supplied workforce. These metrics provide valuable information on the supplier’s ability to meet staffing demands promptly, deliver qualified candidates, and maintain strong working relationships. By leveraging workforce data, organizations can identify high-performing suppliers, make informed decisions about supplier partnerships, negotiate contracts based on proven performance, and ensure optimal utilization of their contingent workforce.
Time-to-Fill
Workforce data provides valuable insights into the time-to-fill for contingent positions. Analyzing historical hiring process data allows organizations to track and measure the time it takes to fill various contingent positions. This data enables businesses to identify patterns, trends, and bottlenecks in the recruitment process, enabling them to optimize and streamline their hiring strategies. Moreover, by examining time-to-fill metrics for different types of contingent positions, businesses can identify areas of improvement and implement targeted measures to reduce the time it takes to secure qualified candidates. Workforce data also helps organizations assess the impact of various factors, such as job requirements, candidate sourcing channels, and internal approval processes, on time-to-fill.
Budget
Workforce data plays a critical role in creating a budget for contingent staffing. Through the analysis of historical data on contingent workforce utilization, costs, and performance, organizations can gain valuable insights into the financial implications of their staffing needs. Workforce data allows businesses to determine the average costs associated with contingent positions, including hourly rates, benefits, and administrative expenses. This data helps in estimating the overall expenditure required for contingent staffing. Additionally, by evaluating workforce data, organizations can identify trends and patterns in contingent workforce demand, enabling them to forecast staffing needs accurately. This information is crucial for budget planning, as it allows businesses to allocate funds strategically, ensuring they have sufficient resources to meet their contingent staffing requirements.
Choose a Vendor Management System like Anserteam.
Anserteam Workforce Solutions represents North America’s very best staffing agencies aligned together to deliver world-class workforce management solutions. We offer end-to-end talent services that can be customized for any size business, utilizing our Managed Services Provider (MSP) model and Vendor Management Solutions (VMS) technology. Is your organization seeking a WBENC-certified diversity partner to provide measurable results and substantial cost savings? Contact us today.
