In today’s age of business uncertainty, contingent work has come to play a critical role. Not only do the large majority of organizations leverage contingent work arrangements, but well over a third of organizations have also increased spending on such workers over the last two years and plan to increase it over the next two, according to the latest research from the HR Research Institute (HRRI).
To better understand why organizations contract with contingents and to determine how organizations source, employ and manage them, HRRI investigated the following areas:
- How widespread the contingent workforce is today, why organizations are using contingents and whether companies plan to spend more or less on contingents in the future.
- The types of contingent workers companies most often staff, and how the cost of contracting a contingent worker compares to that of employing a full-time employee.
- Who is responsible for acquiring and managing contingent workers today, how well companies are managing them and the key challenges associated with contracting with providers of contingent workers.
The extent to which technology is used to acquire and manage contingents, and how companies plan to use technology in the future.
- How organizations commonly source/acquire contingent workers, which sources HR thinks are most valuable and effective and the key criteria used to select third-party sourcing providers.
- The practices and outcomes most closely associated with organizations that have large contingent workforces relative to those that have smaller contingent workforces.