When it comes to business, time is money. In the aggressive war for talent, attracting and retaining quality workers is the key to saving time and most importantly, capital. The expenses associated with not securing the right talent are material; such as vacancy costs, to the cost of a bad hire. How can companies avoid these potential pitfalls?
The 2007 great recession prompted organizations to tap into new talent pools such as contingent workers to create a more flexible work environment as workforce demands changed. Surprisingly, not only has the market influenced this emerging trend, but the millennial generation has shown an interest in the opportunity to “job hop” as well. They view contingent work as the ability to enhance their skillset and experience different company environments before accepting a full-time position.
It’s no secret; attracting and retaining good talent has become extremely difficult. Companies such as Facebook, Google and Apple are investing a great deal of money to cultivate brand awareness and attract top-tier talent. The TalentBoard Report showed that candidates desire three primary objectives from a hiring company:
Not only is it important to have this information available, the application process needs to be easy to navigate for non-employee candidates. It is arguably more important on the non-employee side, where the cost differential between a self-identiﬁed contingent worker and an agency-recruited contingent worker could be more than 20% per worker.
Organizations with strong brand names can leverage their market power to attract candidates and direct them to their own Managed Services Provider (MSP), thus driving savings and efﬁciencies. Some MSPs have even developed new technologies to help their clients attract their own talent using their brand power. An organization should collaborate with their MSP to actively manage this experience with their non-employee population.
Read the full case study to get a more in-depth understanding of the importance of brand awareness and how a company realized a 9% improvement in their contractor Glassdoor ratings.
If you or a member of your team would benefit from a further discussion on how PRO is helping companies implement winning contingent workforce management programs globally, please contact a PRO representative at 800.291.1099 or email at firstname.lastname@example.org.
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 PRO Unlimited and is not to be construed as legal solutions and positions. Contact an attorney for specific advice and guidance for specific issues or questions.