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Next-generation CWM for mid-market firms

Organizations, across the globe, irrespective of their industry or size, are leveraging contingent workforce for a variety of purposes. This has resulted in tremendous demand for contingent workers giving rise to what we now know as "gig economy". While the demand for contingent workers continues to increase across companies of different sizes, the underlying reason for engaging these workers cannot be more different. On one side, large market companies are using contingent workers primarily for cost reduction, mid-market firms are using them to scale rapidly and save on the cost and effort that goes into hiring and keeping permanent workers.

According to some estimates, 20% of workforce in mid-market firms is contingent in nature. This is a big number even if we consider the relatively decent size of these firms. With the increasing number of contingent workers in their ranks, mid-market firms are finding it difficult to manage them effectively and also to reap the desired benefits. As a result, these mid-market firms are looking at their large market counterparts to understand the nuances of managing these contingent workers.

While the mid-market firms continue to explore these best practices, they have taken the first step to optimize their leverage of contingent workforce by hiring procurement and HR managers specialising in effective management of contingent workforce. These experts are helping mid-market organizations to standardize and streamline their processes while maintaining the requisite level of outcomes from the program.

Technology seems to be the other area where mid-market firms are focusing extensively. Key technologies under focus include analytics in addition the core VMS platform. While VMS is enabling them to manage suppliers effectively, analytics is helping them choose better quality and relevant talent.

The third key area includes effectively managing all forms of contingent labor. Traditionally, mid-market firms have not been particularly great at managing these different type of labor. However, they are now taking steps to include more sophisticated solutions to manage SOW engagements as well as freelancers. All of these seem to be steps in the right direction; however, the quantum of their impact will depend on the effective execution of these new found initiatives.

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