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.
Jul 18, 2019 3:11:59 PM
Jan 10, 2019 1:31:38 PM
Editors Note: The World Economic Forum recently published the Future of Jobs Survey. From the companies who responded, 61% are likely to engage new, temporary staff with skills relevant to new technologies; 64% are likely to outsource some business functions to external contractors. With this in mind, nextSource is re-posting one our most popular blog articles (originally published in October 2015) to help you determine if engaging contingent labor is right for your organization. Enjoy!
So you’re the person responsible for HR at a small to moderate size business (an SMB in the parlance of the times) and you’re growing. But you’re not sure if the growth will be sustained or if it will be halting and unsteady. Or perhaps you have seasonal peak periods to accommodate. So you’re considering initiating a contingent workforce strategy for your organization. You’ve read the articles in Entrepreneur, Inc., Fortune and others extolling the growth of contingent labor as a part of the overall workforce. But is this strategy right for you? Here’s a simple primer to help you weigh some of the potential benefits and downsides of contingent labor.
Dec 27, 2018 10:00:00 AM
As has been our tradition here at the nextSource blog, we’re once again looking back over the last four quarters of content we’ve produced on a wide range of topics relevant to workforce planning and management. It is always interesting to make this review as it provides a tidy summation of the state of our industry and helps keep us focused on the subjects most relevant to workforce management professionals seeking to remain at the bleeding edge of developments and trends affecting their respective organizations. So, without further ado, here’s the recap of the road we’ve all traveled in 2018.
Dec 12, 2018 1:07:06 PM
By all metrics, the projections for employment prospects in the coming New Year are excellent. Unemployment is at near-record lows. With hiring demand high and wages rising in response, hiring organizations are busily engaging practices and technologies to help increase access to in-demand talent amidst short supply of qualified candidates. Yet, at the risk of being a holiday “buzz kill,” we’re making a contrarian recommendation: be prepared for an unexpected and dramatic reversal of today’s robust labor landscape.
Nov 30, 2018 1:19:15 PM
Thorough workforce management professionals spend time monitoring minimum wage changes in the states and localities in which they have employees working, ensuring that pay rates for hourly wage earners (non-exempt employees) are set correctly in a VMS and for payroll purposes. Much less frequently examined are the minimum salary requirements in place for exempt (salaried) workers. Did you know that several states have weekly minimums in place for salaried employees that need to be reviewed?
Aug 22, 2018 2:28:51 PM
Have you ever wondered why companies partner with EOR firms to payroll pre-identified candidates? It’s all about the cost savings, efficiency and expertise an EOR firm can provide to organizations to help them save time and money.
Jan 11, 2018 11:04:52 AM
Like many pieces of complex legislation, the newly passed tax law is proving to generate as much confusion as clarity. This is especially true when it comes to the effects the new legislation will have on the gig economy. Along with the rest of the country, we’re taking time to sift through the language of the new law to understand the implications for workforce planning and management. One facet of the law garnering some attention is the increase in deductions allowed via so-called “pass-through” business entities. Here’s some insight into how and why this one facet of the law is predicted to have significant impact on independent contractors and the broader gig economy.
Jun 14, 2017 4:57:56 PM
In the most basic sense, companies engage a managed services provider (MSP) to oversee their contingent workforce because they realize they can capture significant cost savings by outsourcing to someone with specialized expertise. It’s true, engaging an MSP can relieve an HR department from the labor-intensive processes associated with fielding a contingent workforce, but there’s much more to a successful MSP than efficient sourcing. Let’s look at some of the cost savings benefits commonly associated with a successful MSP as well as some of the risk avoidance benefits not as frequently examined.