The Role of Technology in Enabling Strategic Contingent Workforce Management (CWM)
Viewpoint
13 Oct 2022
by
Vignesh Kannan, Soumya Bansal, Rhea Nijhawan
Enterprises recovering from the pandemic are experiencing unprecedented talent challenges, including an acute talent shortage, increasing resignations, and rising salaries. In this scenario, the contingent workforce is emerging as an important strategic lever for organizations to build an agile, flexible, and scalable talent model. However, this new work model comes with its own problems. Hence, the adoption of this model needs to be accompanied by a rigorous business-wide strategy in the form of a dedicated Contingent Workforce Management (CWM) program that manages all extended workers. The role of technology, especially Vendor Management Systems (VMS), is vital in CWM and paves the way to achieve total talent management. The evolving VMS landscape can offer the required capabilities for organizations to maximize productivity, reduce compliance risks, and streamline operations.
This study examines the strategic importance of the contingent workforce and the role of VMS in CWM. It helps enterprises understand the benefits of VMS as an end-to-end CWM software and recommends a phased approach to implement and scale up VMS solutions in organizations.
The COVID-19 pandemic significantly disrupted lives, businesses, and how work is executed. As
we slowly emerge from the pandemic, businesses are facing an unprecedented talent management
challenge characterized by an unprecedented supply-demand…