Capturing the data connected to a contingent labor program is one thing, but often businesses struggle to translate this workforce data into actionable intelligence. As a result, opportunities are missed to reduce cost, improve worker quality, mitigate risk and increase efficiency.
Here are three ways that a powerful business intelligence tool can help managers and organization leaders make smarter decisions about future workforce strategy:
Powerful reporting and analytics tools can help you better understand spend trends and drive significant cost savings. For example, is your business unnecessarily incurring premium charges for overtime? Are you overpaying for workers? Conversely, are your employees leaving for financial reasons?
Naturally, some overtime is normal and an expected part of a flexible workforce model. Gaining visibility into variables across departments and disciplines can help businesses understand whether these premium charges are necessary.
Similarly, underpaying for workers can result in increased turnover and a loss of talent that can have significant negative business impact. However, many organizations lack the reporting and analytics tools and know-how to understand if they are overpaying or underpaying for different types of contingent labor — and what to do about it.
“How can we speed up time to fill?” With the war for talent at full throttle and cost savings and talent quality on the line, it’s a common question for businesses. However, improving in this area is easier said than done, since time to fill is filled with many sequential processes, some of which can’t start until others are completed.
To make matters more complex, capturing specific processes within a company’s requisition fulfillment process is beyond the scope (or interest) of most VMS technologies.
However, a leading-edge VMS like PRO Unlimited’s Wand can provide new levels of visibility and drive actionable intelligence for reducing time to fill. In short, the ability to drill into specific areas in the requisition process can help inform a more nuanced approach to improving time to fill.
Obtaining visibility into both contingent AND full-time resources across the entire organization can fuel smarter decision-making in numerous areas. For example, perhaps your company is looking at opening a new call center and you want to get a feel for your contingent and full-time workforces in these areas, so you can better determine if this is the right place to build out a certain skill set.
On a different note, maybe your organization has a large number of “knowledge workers” under SOW, and you’re wondering whether engaging self-sourced, staffing-sourced or full-time employees for these roles might help you drive cost savings without a decrease in quality.
By importing specific types of “sanitized” full-time data and viewing it right next to contingent data, managers can determine the best way to engage resources across categories from a cost, quality and risk perspective.
Learn more: “Unleashing the Power of Holistic Workforce Visibility”
If you’re interested in finding out more about how PRO Unlimited can help your organization turn workforce reporting and analytics into actionable intelligence, 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.