With unemployment testing historic lows, every workforce manager is acutely aware that it is an employee’s job market. The ratio of unemployed persons to available jobs which was 7:1 in 2009 is back to parity at 1:1 today. So, it is more important than ever to focus on employee retention. Doing this requires in-depth understanding of the drivers of turnover. This three-part blog series will begin with Parts I and II, detailing the Top 10 categories of reasons why employees leave. Part III will discuss the financial impact of turnover and offer suggestions on how to develop effective retention strategies.
Jun 14, 2018 2:22:15 PM
Apr 23, 2018 12:21:19 PM
Summer’s coming. Whether or not your local weather forecast still calls for cold, rain and snow, tank tops, flip flops and lazy days at the pool will be here before you know it. So too will be annual efforts to source and manage intern resources for the summer season. What follows in this post is a kind of “best of” culled from previous years’ posts on the do’s and don’ts of engaging summer interns as part of your workforce mix.
Apr 18, 2018 4:07:51 PM
One of the “hot topics” at a recent conference attended by nextSource focused on the rise of some clever scams perpetrated against higher education organizations within their procurement departments. One such organization admitted to being victimized by these proliferating scams to the tune of millions of dollars! Read on to learn about this pernicious con being committed by scammers and how to avoid falling victim to it in any industry.
Feb 26, 2018 2:01:35 PM
Recently, nextSource produced webinar together with Azul Partners and Jason Busch of Spend Matters titled, “The Strategic Sourcing of Talent in 2020: Balancing Cost, Compliance and Agility.” It was chock full of high impact ideas and actionable strategies. One of the most interesting segments of the webinar (which you can review here) examined the six critical components of a strategic sourcing initiative. We thought this list would be valuable to our readers, so here is the synopsis.
Nov 4, 2016 12:04:46 PM
It can be overwhelming deciding what type of workforce management solution will best accommodate the needs of your unique organization. Even when you’ve zeroed in on the right kind of solution, the question becomes how do you decide which provider is best suited to deliver what you need? Any workforce management program champion should consider these two fundamental questions carefully at the outset, because the consequences of poorly planned actions in this regard can be costly and damaging. Here are some broad stroke suggestions for arriving at the perfect workforce management solution.
Jul 21, 2016 12:32:24 PM
It is commonly accepted that the cost of SOW-based services is estimated to be 200% to 400% greater than the spend associated with an organization’s staff augmentation workforce. This is due, in part, to the fact that many organizations have yet to tackle the management of SOW spend, and because the type of labor being engaged (and the work being performed) is often of a higher caliber, and involves more strategic relationships with the organizations’ executive leaders. Clearly, the SOW hiring process cannot simply be a modified version of those used to hire staff augmentation resources. Here’s what you need to know when embarking on a plan to hire SOW-based services.
Jul 20, 2016 4:42:54 PM
Procurement and supply chain professionals often develop a fairly accurate understanding of their vendors’ costs because often they are buying the same or similar products from competing providers. When it comes to contingent labor purchasing, Procurement pros rely on VMS systems to provide that cost visibility into the respective pay rates of a organization’s staff augmentation contractors (as we explained in detail in this recent post). With this information on hand, organizations can regulate mark-ups within acceptable budgetary restrictions while still allowing for their staffing partners to make profit above their operating costs. However, understanding the costs of doing business incurred by ICs is a much more variable proposition. This piece will examine how a Procurement pro can arrive at educated estimates of their ICs costs so they may strike mutually beneficial agreements with ICs too.
Jun 8, 2016 1:52:09 PM
It is not uncommon for an organization to allocate up to 30% of its managed services spend to the contingent workforce. This is why procurement departments seeking deep discounts and tighter cost controls frequently target the suppliers supporting these programs. While procurement organizations continue to look for cost savings, the market has experienced a significant shift in recent years. Today’s environment exhibits lower unemployment and higher overall contingent worker usage. Additionally staffing suppliers are absorbing new costs such as those stemming from the Affordable Care Act and other increased statutory costs.