A vendor management system (VMS) is the ideal solution to efficiently manage contingent workers. But, many businesses may not have the resources or the desire to invest in a fully-functional VMS. In these cases, workforce analytics can become a valuable solution. By providing businesses with insights into post-hire activity, including worker assignment details, total spend, and timekeeping, using this module within contingent workforce programs can serve as the first step towards achieving the best outcomes.
With workforce analytics driving your contingent workforce insights, you can strategically track your external workforce instead of relying on spreadsheets or other ad hoc methods.
Let’s understand the benefits:
Gain Full Visibility and Transparency
Many organizations currently leave the non-employee workforce unaccounted for. This can lead to a lack of visibility and transparency into the composition of the extended workforce, resulting in potential compliance and budgetary issues. However, workforce analytics provide improved visibility and transparency into the non-employee workforce.
By using this module to accurately classify extended workers by type, including freelancers, temporary workers, independent contractors, SOW workers, and regular payroll employees when needed, you can gain a better understanding of your workforce composition. This, in turn, allows for more informed staffing decisions, better budget management, and reduced risk of compliance issues.
Also, with detailed insights into assignment details, total spend across the organization, and more specific budget reports, you can make data-driven decisions. This level of visibility and transparency ensures compliance and budgetary requirements are met, promoting stable relationships between your business, your workers, and your stakeholders.
Make Informed Staffing Decisions
Access to comprehensive data through a workforce insights module empowers you to make informed decisions about your businesses’ staffing needs. You can use this to determine the best staffing solutions in the present and future, while holding to budgets and ensuring your organization’s staffing requirements are met.
Manage Assignment Durations
Monitoring worker data allows you to accurately track and record individual assignment start and end dates. This precise information improves organizational efficiencies and reduces costs by ensuring that workers are only hired for the duration of their assignments.
Provision Equipment and Access
The module helps you streamline the process of issuing and revoking equipment and access rights for your contingent workforce. This includes items such as laptops, phones, security access, and other essential items. By having full control over these resources, you can reduce security risks and improve efficiencies.
Real-Time Tracking of Bill and Pay Rates
By tracking and comparing bill rates and pay rates in real-time, you can meet budgets and avoid unexpected expenditures. Having powerful workforce analytics enables you to track rate compliance across different departments and jobs, ensuring all remain within financial parameters – and that you’re paying your contingent workforce accurately.
As businesses navigate an increasingly complex regulatory landscape, compliance has become a top concern. According to PwC’s 2022 Risk Management Leaders Pulse Survey, 70% of executives believe that regulatory risk has increased in the past year. To minimize this risk, it’s essential to accurately classify your contingent workers by type.
Accurately classifying extended workers can also help you make more informed decisions about workforce management. By knowing the legal and regulatory requirements for each job role , you can determine which workers are best suited for particular roles and projects. This can help you optimize your workforce and ensure that you are getting the right skills and experience for each project or assignment.
Incorporating a workforce analytics module into your contingent workforce programs helps you identify areas for improvement, monitor compliance performance, and automate compliance processes, ensuring that you adhere to all relevant laws and regulations and reduce exposure to financial and legal risk.
Streamline Billing Processes
Tracking purchase orders and billing information using accurate data ensures that payments are processed quickly and accurately. By having complete billing information, you can reduce the risk of errors and delays in payments, ensuring that you pay your contingent workers on time and correctly.
Manage Worker Documentation
Keeping track of all worker documentation is an essential aspect of contingent workforce management. This includes performance reviews, certifications, drug screenings, and other essential information. By having this information readily available, you know you’re hiring the right workers for the job and that they are meeting all relevant standards and regulations.
Prosperix’s Game-Changing Workforce Insights Solution for Smart Contingent Workforce Programs
As today’s business world continues to evolve at a rapid pace, it’s more important than ever to have complete visibility into your workforce. With real-time data and analytics, you can manage your total workforce, including extended and full-time workers, with ease. From detailed reports based on spend, geography, departments, skills, and diversity to complete assignment details and documentation management, Prosperix Workforce Insights has everything you need to make quick, accurate, and insightful decisions.
When you can precisely classify workers and maintain a complete audit trail, you reduce your risk and improve compliance. Also, you can easily integrate with popular HR, IT, and finance solutions like Workday and SAP. This allows you to create automated workflows for key tasks such as provisioning, timesheet collection, and payroll, ensuring accuracy and efficiency in your processes. Plus, we offer competitive pricing to help you optimize your workforce management without breaking the bank.
Don’t let a lack of visibility put your company at risk.
Upgrade to Prosperix Workforce Insights today and see exceptional results.