In the latest of HR.com’s Talent Acquistion Excellence ePublication, PRO Unlimited’s SVP of Strategy, Analytics & Metrics, Dustin Burgess discusses the benefits of workforce visibility.
As mentioned in the article, “A recent Houston Chronicle article suggests that an employee making $75,000 per year incurs almost $40,000 annually in hard costs, including things like training and benefits.”
Hiring high quality talent comes at a cost, whether it comes in the form of contingent labor or full-time employees. Contingent labor comes with very few embedded costs – no sick time, holidays, or benefits, but incurs them through salary and markups. Meanwhile, full-time employees come with significantly more embedded costs, from onboarding and training to benefits, as mentioned in the quote above.
Savvy organizations that can compare ‘all-in’ costs by all types of workers are at a distinct advantage when it comes to workforce planning. If there is flexibility in how a worker is engaged, organizations can ask which type of engagement makes the most sense from a cost perspective.
Organizations that proactively plan and reduce costs through workforce visibility can:
As organizations embrace people analytics and total talent management, the competitive advantage between the haves and the have nots will continue to widen. Gaining access to workforce data that increases visibility into your people can help your organization realize many benefits that will help you find greater success in the future.
To learn more about the benefits of full workforce visibility, read the full article here.
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.