Extended Workforce Archives - Page 8 of 14 - The Future of Work Exchange

Key Providers for 2022: HiredScore

Solution Providers by Christopher J. Dwyer on 09/20/2022

The Background:

Data is akin to gold in today’s evolving business arena. Nearly every enterprise function runs on intelligence to make smarter, more educated corporate decisions. Within the world of talent and work, the proper data can be a powerful tool in not only finding the best-fit, top-tier talent for open positions, roles, and projects, but also mitigating compliance risks, eliminating hiring bias, and fueling recruitment strategies as the business world continues to change in the face of Future of Work-era innovations and accelerants.

Ardent Partners and Future of Work Exchange research finds that 62% of enterprises plan to harness artificial intelligence to support hiring initiatives within the next 16 months, while another 67% anticipate leveraging AI and next-generation analytics to fuel “predictive recruitment” (via hiring-focused scenario-building).

Enter HiredScore.

Why They Were Selected:

The Future of Work Exchange is quite bullish on the application of artificial intelligence in the world of HR and workforce management technology. For companies to truly thrive in a business arena that demands dynamic responses to real-time challenges, they must have the capabilities to effectively execute smarter hiring decisions that also reflect rigor across candidate attributes.

HiredScore represents the next generation of recruiting and talent acquisition technology with its stout AI-fueled functionality and robust automation to help HR and extended workforce functions transform the way they engage and source talent. With is unique “Talent Orchestration” suite of products, HiredScore’s wide range of HR, staffing, and talent acquisition automation is a powerful representation of the impact and value of AI in a Future of Work-led world.

In Their Own Words:

HiredScore is the leading provider of Talent Orchestration technology. HiredScore’s artificial intelligence, automation, and deep integrations empower the largest and most innovative companies in the world to safely and transparently drive critical business outcomes in recruitment productivity, internal mobility, and total talent management HiredScore’s proprietary technology provides compliant-by-design, customized-by-client AI that seamlessly connects to data and systems to power the shift to proactive and fair HR decisions. HiredScore is live in 150 countries and available in 70 languages. Learn more at HiredScore.com.

The Outlook:

The emergence of artificial intelligence is nothing new to those that follow the Future of Work movement. What is new, however, are the fresh takes on how AI can drive value within HR, talent acquisition, and extended workforce management initiatives. Businesses require real-time, actionable, and deep intelligence regarding candidates and talent; the HiredScore solution is an innovative platform that can leverage formidable functionality to drive ethical recruitment, compliance and risk mitigation, broad-based hiring enhancement, and pure HR transformation.

With its unique “Talent Orchestration” platform, HiredScore is a true Future of Work solution that will continue to revolutionize the way businesses leverage intelligence to optimize the ways they hire.

The Heightened War for Talent

Contingent Workforce Direct Sourcing General Insights Podcast Solution Providers Talent by Christopher J. Dwyer on 09/19/2022

The Future of Work Exchange podcast features coverage of industry news, software developments, Future of Work happenings, and, most importantly, conversations with industry thought leaders.

Several months ago, I chatted with Steve Dern, EVP of Talent Solutions at Evaluent (click to listen to the full interview). Steve and I discussed the growth of the extended workforce, its impact, and what lies on the horizon. Today’s article is a recap of our conversation. [Note that this excerpt has been edited for readability.]

Christopher Dwyer: You’ve been in this space for such a long time. From your viewpoint, you probably have a dynamic take on the state of the contingent and extended workforce. What are your thoughts on the growth of the extended workforce, its impact, and where do you think we’re heading?

Steve Dern: As I look back on all this, especially the last 2.5 to 3 years, the COVID-19 pandemic has changed everything in terms of how we work, not only with contingent labor but also traditional employee labor. Remote work structures became the norm because they had to. And that challenged some organizations and maybe pulled the blinders off. Many companies with staffing offices and remote office locations closed their brick-and-mortar buildings because the investment wasn’t necessary. We can work effectively being remote or have a hybrid model, which is becoming the norm as people return to the office. Interview processes changed, as did the time to act when hiring talent. Whether it’s traditional, permanent, or contingent hiring needs, you’ve got to act very quickly now. Today’s talent has the leverage due to talent economy dynamics. As a result, companies are increasing wages for premium talent.

In the production and manufacturing environment specifically, there’s a heightened war for talent. And from a partnership and sales perspective, it was more difficult to build and cultivate newer relationships over the last two years. We were remote talking through a computer camera and a headset as opposed to shaking hands with people and breaking down social barriers that may exist. Reading body language was difficult as well. We work in a very different way now.

In terms of workforce trends, there’s a demand for more flexibility on the part of the hiring organization. Do we need employees to come into the office five days per week? What is the flexibility of some pre-pandemic requirements, such as college degree mandates or pre-employment screenings? With legalization of marijuana in some states, there may be some flexibility there.

There is also a significant gap in talent for manufacturing, distribution, and fulfillment centers. Here in Ohio, where we’re only 10 hours away from half the U.S. population, there’s a huge presence of retail distribution and fulfillment centers. And those fulfillment centers are having a tough time finding workers. To widen the talent pool, they’re considering Second Chance talent. These are folks coming out of jail with possible felonies in their background. However, many distribution and fulfillment center operators are seeing good retention rates and performance output.

From a company perspective, we (Evaluent) handle both direct hire and contingent labor placement. On our staffing entity side, we saw a large increase in the direct hire needs — one of our sales reps said 80% of new business activity was direct-hire related. So, there has definitely been a shift from a client perspective overall. Ten years ago, we were just hearing about this concept called direct sourcing. I was fortunate to see it succeed early in a couple of my accounts.

Back then, direct sourcing was pitched as having the ability to take over 80% of the staffing leads that we had. And it really didn’t end up being that way. Instead, it was focused on high-volume needs that were repeatable, with evergreen types of requisitions. That’s where companies were able to leverage direct sourcing not only for contingent but also for direct hire as well. Flash forward to 2021/2022, we’re now beginning to see direct sourcing gain some traction. More and more, I see RFPs coming out asking about direct sourcing partners and strategies, as well as what the technology, curation, and AOR models look like. Two years ago, I was rarely seeing that showing up in RFPs. That’s where some of the biggest changes have been in recent years.

The Future of Work is Magnetic: PRO Unlimited Rebrands to Magnit

Solution Providers Technology and Innovation by Christopher J. Dwyer on 09/15/2022

Magnets are colloquially known for their attractiveness properties, drawing metal (well, iron) objects and substances within its field. For the contemporary business in 2022, the very notion of “attraction” is a desirable trait: these enterprises cannot thrive in uncertain economic times, and especially facing a volatile labor market, without some crucial level of allure to its culture, workplace, and overall brand that can effectively attract top-tier talent and skillsets.

This morning, veteran integrated workforce management system PRO Unlimited, known across the globe for its powerful Managed Service Provider (MSP) offerings and Best-in-Class Vendor Management System (VMS), announced that it has rebranded itself under the new name Magnit. The new brand reflects the solution’s overall commitment to being a magnetic force in how businesses leverage its innovative technology to draw people to work in an effective manner.

“The new name, Magnit, reflects both the evolution of our industry and how far PRO Unlimited has come as the industry-leading integrated workforce management platform,” said Kevin Akeroyd, CEO of Magnit. “Magnit is a reflection of our vision for the evolution of work. It also aligns with our position as the company of record in how businesses attract, engage, and source top-tier talent that tightly aligns with their goals and objectives. This is an exciting new chapter that will culminate in Magnit realizing PRO’s original goal: serve as a true, end-to-end platform comprised of modern software, proven expertise and world-class data and intelligence for workforce management.”

Perhaps the most critical facet of the rebrand is how the provider is approaching its end-to-end offerings: the move to Magnit is not just a simple rebrand, but rather a culmination of two years’ worth of consistent market activity, including acquisitions (WillHire, GRI, Workforce Logiq), partnerships (eightfold, Ceridian, etc.), and new product launches (Direct Source PRO, NorthStar, etc.). The new brand is an opportunity for the company to cohesively blend all of its core products and services under a unified architecture within a single brand.

It is expected that, over the next six months, any fragmentation of offerings will be streamlined and integrated under the new Magnit brand. This is a key attribute of the rebrand, as the company counts several “buckets” of products just within the data/analytics space, with ENGAGE Talent, Envision Analytics, and NorthStar (as well as its RatePoint offering) soon to be merged into a more interconnected solution.

Magnit will continue to work towards its “platform vision,” as laid out by PRO Unlimited back in 2020. With an array of innovation at its fingertips, Magnit is an ideal position to capitalize on an evolving business arena that requires top-tier skillsets to thrive; the rebrand can be considered a catalyst for the organization to continue its innovative work in becoming a platform of choice for not just the extended workforce, but also a source of agility for enterprises across the globe.

“The move to the Magnit brand represents the next bold age for our integrated workforce management platform,” said Vidhya Srinivasan, chief marketing officer at Magnit. “Both the name itself and our new logo echoes our core vision: augment the next evolution in workforce management by drawing people together through modern software and a commitment to the evolution of work. Magnit will be a powerful force for our clients, partners, and suppliers as we link businesses to the agile talent they require to thrive during these dynamic times.”

The definition of a magnet does not just mention the attraction of other metal- or iron-containing objects; it also includes the alignment of itself in an external magnetic field. For Magnit, this means one thing: the solution is positioned to align itself as a centerpiece in how businesses not only find the talent they need, but how they truly optimize how work is done.

The VMS of 2022: The Nexus of Extended Workforce Management

Solution Providers Technology and Innovation by Christopher J. Dwyer on 08/25/2022

Vendor Management System (VMS) platforms are automated solutions that offer end-to-end management of the core and critical facets of contingent and extended workforce management. The VMS model (frequently paired with Managed Service Providers or “MSPs”) is perhaps the most mature platform in the workforce solutions market.

While the earliest incarnations of VMS technology functioned as automated procurement for staffing suppliers, these platforms have evolved to become the true “nexus” of all activity related to contingent and extended workforce management. In fact, the very foundational elements of today’s VMS solutions revolve around the many tenets of the Future of Work movement; the Vendor Management Systems available in today’s fast-moving, globalized technology market have all made great leaps in regard to managing the “extended workforce,” a phrase leveraged to describe the next progression of contingent labor.

The past couple of years has reinvigorated the world of non-employee talent in such a way that the collective business market finds itself with nearly half of its total talent (nearly 47%) comprised of contingent labor. The pandemic age has not only reaffirmed the need for businesses to harness the power of VMS technology, but to also take advantage of the many ways these platforms are reinforcing the many accelerants within the Future of Work movement.

Recently, the Future of Work Exchange announced the publication of the much-anticipated VMS Technology Advisor, a report that assesses and evaluates 11 of the major Vendor Management System platforms that are currently helping organizations around the globe automate key extended workforce management processes, provide access to talent intelligence, and reinforce contingent workforce spend management.

The new report, which is available here, evaluates Beeline, Coupa Contingent Workforce, ELEVATE, Eqip, Pixid, Prosperix, PRO Unlimited, SAP Fieldglass, Utmost, VectorVMS, and VNDLY (a Workday Company).

Defining the VMS Technology Market: New Future of Work Exchange Research Study Now Available

Contingent Workforce Solution Providers Technology and Innovation by Christopher J. Dwyer on 08/04/2022

Ardent Partners and the Future of Work Exchange have long been preeminent sources of analysis of the extended workforce industry and its associated technologies and solutions. With the introduction of our Technology Advisor (and Solution Advisor) series several years ago, the analyst team has been able to assist thousands of business leaders with the necessary information, insights, and intelligence as they traverse the complex solutions landscape within procurement and spend management, procure-to-pay, contingent and extended workforce management, direct sourcing, and digital staffing.

Today, we announce the publication of the much-anticipated VMS Technology Advisor, a report that assesses and evaluates 11 of the major Vendor Management System platforms that are currently helping organizations around the globe automate key extended workforce management processes, provide access to talent intelligence, and reinforce contingent workforce spend management.

The 2022 VMS Technology Advisor deep-dives into each provider’s strengths within requisition management, services procurement, SOW management, analytics and intelligence, direct sourcing, Future of Work readiness, total talent acquisition, total workforce management, global capabilities, and other key attributes inherent in today’s leading VMS platforms.

Extended Workforce Evolution and the Modern VMS

Solution Providers Technology and Innovation by Christopher J. Dwyer on 07/21/2022

Way back when (say, about 25+ years ago?), businesses required a veritable system-of-record that could effectively serve as an automated outlet for their many, many staffing suppliers, vendors, and agencies. The birth of the first Vendor Management System (VMS) platforms were essentially akin to “eProcurement for staffing,” with a handful of those organizations blending some basic human capital management competencies into the core of their earliest solutions.

The 2008-2009 Great Recession translated into a “perfect storm” for the contingent workforce arena: businesses sought to regain competitive footholds without the ability to rehire those laid off during the worst of the financial crisis, while those who lost their roles began to realize the incredible value of transforming their talents into what would eventually become the freelance economy.

The veteran platforms in the space, such as Beeline, have managed to meld the traditional elements of VMS with pioneering innovation, such as direct sourcing (perhaps the first VMS solution to embrace this), advanced SOW and services procurement, AI-led functionality, and human capital-fueled offerings that all contribute to its “Extended Workforce Management” technological overlay (not to mention an industry-leading talent technology ecosystem).

PRO Unlimited has revolutionized the concept of “integrated workforce management” through an aggressive mix of key acquisitions (WillHire for direct sourcing, Workforce Logiq for AI-led managed services, GRI for sheer market expansion, etc.) and a commitment to becoming a “platform of choice” for all aspects of today’s extended workforce.

SAP Fieldglass, a fellow long-time solution, has also progressed its offerings in recent years to include a focus on light industrial and shift management (key functionality for an industry that has seen the largest jump in utilization of contingent labor since the pandemic began), next-generation analytics (fueled by a move to a Hyperscaler data warehouse), and enhanced candidate experience management. The platform, when combined with the power of SAP SuccessFactors, SAP Ariba, and other SAP technology, will continue to be a trailblazer.

Relative newcomer Utmost has redefined extended workforce management with its incredibly flexible functionality, deep commitment to total talent intelligence, native integration with HRIS platforms, and overall sheen of innovation that has helped it stand out from the rest of the market. Its agile technology has also enabled one of the market’s strongest offerings around candidate management and the candidate experience, as well as an appropriate focus on “how work gets done.”

A solution like Prosperix (formerly Crowdstaffing) is a truly unique and revolutionary platform that has turned the design of VMS on its head. The provider’s “VMS Network” is one of the most disruptive products on the market; Prosperix is a true end-to-end vendor management platform built on a talent marketplace with a candidate-centric model.

Coupa’s Contingent Workforce solution is an idyllic blend of spend management and VMS technology, with robust intelligence offerings (including prescriptive guidance based on a wealth of data and information) and some of the industry’s leading candidate-matching functionality. VNDLY, acquired by Workday late last year, boasts one of the best user experiences in the marketplace, along with its real-deal procurement and HR blend of offerings that are now enabled within the larger Workday suite of solutions (VNDLY’s data and intelligence architecture are also a powerful formula for total talent management).

Solutions like VectorVMS (deep partner network with a mid-market focus), Pixid (one of Europe’s most powerful VMS platforms), ELEVATE (unique omni-channel direct sourcing channel offering and incredibly customizable functionality), Eqip (blockchain-fueled functionality and innovative offerings) and FlexTrack (the only VMS built on a SFDC architecture, which opens new and refreshing doors for CWM programs) are also contributing to the extended workforce management technology revolution, as well.

The VMS technology landscape today looks markedly different than it did even a few years ago, and for good reason: the classic iterations of Vendor Management System software wouldn’t cut it in a world that is founded on flexibility and agility whilst also being more talent-led than ever before. VMS needs to be more powerful, more strategic, and, most importantly, tightly aligned with the true future of how work will be done.

Ardent Partners and the Future of Work Exchange will soon release the 2022 edition of its VMS Technology Advisor report, which assesses and evaluates the top providers in the Vendor Management System market and will serve as a guide for those organizations seeking deep analysis of a complex technology landscape as they undertake workforce management solution selection.

The State of Talent Today and the Future of Work

General Insights HR by Christopher J. Dwyer on 07/19/2022

I recently had the pleasure of joining Utmost‘s VP of Marketing, Neha Goel, on the company’s Contingent Workforce Radio podcast. Neha and I chatted about the state of today’s workforce, the continued transformation of work, how empathy and the candidate experience are altering talent acquisition strategies, the ultimate impact of remote work, and much more. Tune in below.

“The Ecosystem Effect” and the Future of Work

Solution Providers Technology and Innovation by Christopher J. Dwyer on 07/11/2022

Ardent Partners and the Future of Work Exchange research peg the extended workforce as comprising upwards of 47% (or more) of the average’s company total talent. This figure is expected to grow in both size and impact when 2022 is said and done, driven by a “Great Resettling” that is a direct by-product of the so-called “Great Resignation” that has seen four-plus million workers voluntarily leave their positions each month since last fall.

Of course, The Great Resignation is mostly driven by a key force: a “Talent Revolution” that has become a catalyst for quits. Workers crave purpose, flexibility, and agility, as well as control and empowerment, and these elements have driven millions of talented professionals into the realm of the extended workforce…a very strong reasoning behind the Exchange’s bullish prediction on this talent community’s expected rampant growth in 2022 and beyond.

“The size, variety, and complexity of this workforce is only increasing as workers ask for different work arrangements with organizations. For example, many IT workers want project-based gigs, digital nomads want flexible remote arrangements, and retirees want to come back to work in a limited capacity,” said Kevin McFarland, Head of Business Development and Alliances at Utmost. “Often, these workers are in critical roles whether in R&D, customer-facing roles, or revenue-generating roles.”

With these movements as a backdrop, business leaders must be more in tune with how they manage their extended and contingent workforce; a failure to appropriately harness the relative power of this type of labor, especially during what may become uncertain economic times, may make the difference between merely surviving the months or ahead, or truly thriving in the future.

Utmost, a prominent provider of extended workforce management and Vendor Management System (VMS) technology, recently unveiled its Utmost Connect platform, a low-code, integration-friendly hub that enables Utmost users to automate core workforce management tasks, tap into third-party applications for “peripheral” attributes of the extended workforce (skills verification, governance, compliance, risk management, etc.), and leverage pre-designed solutions to support flexibility and agility.

“With Utmost Connect, we are enabling our customers to build solutions to achieve their unique business outcomes. Organizations need more than mere integrations that pass data seamlessly between systems, that is a given- they need an ability to automate workflows that span multiple systems with a user experience that reflects how work gets done,” said McFarland. “For instance, many managers operate primarily in Slack to receive communications, like the status of a worker being onboarded, and to conduct tasks, like approve a laptop provisioning request during an onboarding flow. With Utmost Connect, this and many more similar experiences are possible.”

With the extended workforce branching its many complexities across several key enterprise functions and their associated systems, particularly procurement, HR, human capital management, finance, IT, data security, and talent acquisition, it is critical that today’s workforce management platforms offer a robust series of “connectors” and integration-ready applications within a global ecosystem for augmenting key items (like governance and compliance, credential management, project management, etc.).

Utmost has become one of several market-leading VMS solutions due to its innovative nature and flexible software, two attributes that are critical in a world that is now, more than ever, focused on getting work done. As enterprise software traverses beyond mere “supplier management” and “workforce management” and continues to add in Future of Work-era functionality, it will become crucial for businesses to tap into extended workforce systems and a powerful talent technology ecosystem that has the ability to address all aspects of the total talent paradigm.

“At the highest level, companies are increasingly relying on more and more software to get work done. Gartner predicts that the spend on software will increase from $675B to $755B in the next year: 11.8% growth, more than twice the pace of growth of overall IT spend,” said McFarland. “Said another way, we are experiencing a Cambrian explosion of innovative software to support the workforce – everything from new tools to manage access to a growing number of systems to new productivity tools that agile teams use to collaborate across time zones. We are enabling customers to utilize this growing ecosystem of software to deliver the experience they desire across the entire worker lifecycle.”

Utmost Connect is launching with 35 named integrations and use cases, with a vigorous pipeline of additional integrations and automation that will be shared throughout the second half of 2022.

Why the Evolving (and Growing) Extended Workforce Requires Deeper and More Agile Technology

Contingent Workforce Technology and Innovation by Christopher J. Dwyer on 07/01/2022

I had the pleasure of joining Beeline to discuss why the growing and evolving extended workforce requires deeper and more agile technology. Here’s a sneak peek of my feature:

“Given the state of the labor market and continued economic uncertainty, the next six months could (and probably will) bring an increased utilization of extended talent, mainly due to the influx of workers that have entered the contingent arena after months of a Great Resignation-fueled dissonance with existing workforce structures. If that 47% penetration rate soon becomes 50% (or higher), businesses won’t just desire advanced technology to manage the many intricacies of the extended workforce, they’ll require it in the face of increasing complexities around the engagement, facilitation, management, and integration of this evolving workforce.”

Visit Beeline to check out the full article (or click on the image below).

Delivering Innovation and Agility to the Extended Workforce

Contingent Workforce Events by Christopher J. Dwyer on 06/30/2022

The Future of Work Exchange‘s inaugural live event, FOWX Live, was just two weeks ago, but it seems like yesterday that we convened with HR, talent acquisition, and procurement executives to discuss the Future of Work and its many implications on the greater world of work and talent. Amongst the stellar lineup of discussions, keynotes, and presentations, one of the core focal areas for the event was the growth and impact of the extended workforce.

We are excited to share video from our “Delivering Innovation and Agility to the Extended Workforce” panel from the June 14 conference, featuring Sage‘s Jessica Wall, Utmost‘s Dan Beck, and Atrium‘s Nancy Maren: