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Which KPIs Should You Track for Your Contingent Workforce Program?

Aug 8, 2019 1:01:47 PM

You can’t manage what you can’t measure says the old business axiom. This is why performance minded managers employ key performance indicators or KPIs to help quantify critical aspects of performance in all areas of their business. For contingent workforce programs, there are common KPIs most frequently correlated with workforce management success. Knowing which ones are the most effective is a question frequently encountered by nextSource experts. So, let’s talk a bit about KPIs and how to select the ones best suited to driving success across your contingent workforce operations.

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Topics: Blog, Human Resources, Best Practices, Technology

Famous Last Words – Getting Workforce Management Ready for the Coming Economic Shock

Aug 1, 2019 12:46:43 PM

“No one could have predicted…” This laughably obtuse statement is always uttered by those who should have known better, in the wake of catastrophes that could have been easily avoided if those same people had paid heed to the obvious warning signs leading up to the disaster. Today, the US likely stands at the precipice of a major economic downturn according to the people whose job it is to watch the cycles and patterns in economic activity and smart organizations are paying heed to these warnings by preparing talent strategies to weather the coming storm. Here’s the evidence offered in support of this dire prediction and some of the strategies being prepared to weather it.

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Topics: Blog, MSP/VMS, Workforce Management

Potential Cost Savings for Contingent Workforce Programs – What Every CFO Needs to Know

Jul 18, 2019 3:11:59 PM

CFOs typically weigh the potential for cost savings heavily when deciding whether investment into new services and technologies makes sense for their organization. When it comes to deciding whether or not to invest in managed services programs (MSP) for contingent workforce management, it is critical that a CFO consider both the hard and soft cost savings that are commonly captured through outsourcing a non-core business function to a provider with specialized expertise in the relevant processes. Here’s a basic explanation of how both the hard and soft savings are captured in significant measure by engaging an MSP for contingent workforce management.

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Topics: Blog, MSP/VMS, Cost savings

Brave New World, Broad New Lexicon

Jul 11, 2019 2:47:25 PM

The “gig economy” is a topic we have been covering extensively here at the nextSource blog. The mushrooming growth of this new labor type represents a brave new world, both for individuals in the labor force as well as those professionals tasked with contingent workforce management. As with any new emerging business practice, it takes some time for legal and regulatory strictures to catch and come up to speed with the velocity of the changes wrought by disruptive innovations. In the interim, there is often increased risk for all who embrace the mantle of early adoption.

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Topics: Blog, Best Practices, Technology, Gig Economy, Independent contractors

Happy Birthday to America – A Land Built by Diversity Then and Now

Jul 2, 2019 2:22:52 PM

As we pause to observe the blessings of American Independence and the freedoms, opportunity and common objectives we all share this Fourth of July, nextSource would like to recognize the role played by workforce diversity in the history and future of our great nation. We wouldn’t be who we are as Americans without the multifaceted contributions, sacrifices, blood, sweat and tears of patriotic peoples of all color, race, creed and orientation. We’ll also share some data pointing to the accelerating pace of expansion in the diversity workforce.

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Topics: Blog, Workforce Management, Independent contractors, Procurement

CA Law Aimed at Gig Economy Could be A Tragedy for Entertainment Industry

Jun 28, 2019 4:55:37 PM

The regulatory fight over the laws governing the “gig economy” has gone Hollywood. But not in the good way and not in a way that Hollywood entertainment industry may regard as the typical happy movie ending. A longstanding business practice heavily utilized in the entertainment industry is at risk of being rendered illegal by pending legislation in California designed to govern worker classification practices called into question by high profile gig economy companies like Uber and others wholly unrelated to movies, TV and music performances. Here’s the story and possible implications for Tinseltown.

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Topics: Blog, Compliance Services, Human Resources, Workforce Management, Gig Economy, Independent contractors

Dept of Labor to More Broadly Recognize Gig Economy Worker Classifications

Jun 18, 2019 11:57:50 AM

The Wage and Hour division of the US Department of Labor (WHD) recently issued a letter that seemingly reverses the DOL’s position on the nature of gig economy workers and their classification as independent contractors. Here’s the latest on this issue which is of great import as the number of virtual marketplace companies (VMCs) continues to grow fueling the gig economy and attracting more workers to independent contractor status.

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Topics: Blog, EOR Services, Human Resources, Workforce Management, Gig Economy, Independent contractors

VMS? MSP? Which Solution is Best for Me? Part Three of a Three Part Series | Which Solution Should Be Deployed First?

Jun 13, 2019 12:21:22 PM

This is something of a “chicken or the egg” scenario – deciding whether an organization should embark first on a project to implement a vendor management system (VMS) tech platform or engage a managed services program (MSP) partner. In this third and final installment of the series, after having explored the benefits and challenges of both solutions, we’ll provide some insight on the proper order of operations. MSP first or VMS?

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Topics: Blog, MSP/VMS, Human Resources, Workforce Management, Technology, VMS