CWM Optimization Through Artificial Intelligence

Through artificial intelligence, enterprises can harness the value of structured and unstructured data to streamline contingent workforce management decision-making. AI also opens the door to new user experiences to better attract, acquire, and retain top-performing talent and improve operational execution — all leading to cost savings. Using prescriptive analytics for CWM optimization is an evolving but critical piece of AI strategy. While artificial intelligence has existed for a decade or more, the wider scope of its capabilities is only now being utilized.

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Introducing a New Subscription Model from the Future of Work Exchange.

To continue providing valuable insights and resources on the future of work and extended workforce management, we’re transitioning our site to a paid subscription model. While some posts will remain free, subscribing will grant you exclusive access to in-depth analysis, market research, expert interviews, and actionable strategies that will help improve your business. Solution providers and practitioners are invited to join today and gain a competitive edge by tracking the industry’s important innovations, emerging trends, and best practices.

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CWM Analytics for Insights

According to Beeline, a leading contingent workforce solution provider, “For many organizations lacking formal analytics and reporting on their contingent workforce, identifying key metrics can even be challenging.” The focus on analytics goes well beyond hiring, scheduling, and payment data, to include deeper areas of concentration. The following are several analytic subsets imperative to contingent workforce management and performance.

The rest of this article is available by subscription only.

Introducing a New Subscription Model from the Future of Work Exchange.

To continue providing valuable insights and resources on the future of work and extended workforce management, we’re transitioning our site to a paid subscription model. While some posts will remain free, subscribing will grant you exclusive access to in-depth analysis, market research, expert interviews, and actionable strategies that will help improve your business. Solution providers and practitioners are invited to join today and gain a competitive edge by tracking the industry’s important innovations, emerging trends, and best practices.

Click here to learn more.

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One of the defining characteristics of the Future of Work is digitization. Enterprises are now operating with more remote and hybrid workplaces. Thus, technology is imperative to a cohesive and efficient workforce. What this means for the individual employee is more daily immersion in various technological platforms and solutions. Upskilling will be a critical aspect for workers as they harness more advanced technologies to communicate, collaborate, and execute their roles.

The rest of this article is available by subscription only.

Introducing a New Subscription Model

To continue providing valuable insights and resources on the future of work and extended workforce management, we’re transitioning our site to a paid subscription model. While some posts will remain free, subscribing will grant you exclusive access to in-depth analysis, market research, expert interviews, and actionable strategies that will help improve your business. Solution providers and practitioners are invited to join today and gain a competitive edge by tracking the industry’s important innovations, emerging trends, and best practices.

Click here to learn more.

The post Technology Adoption an Accelerant for Future of Work appeared first on The Future of Work Exchange.

CWM Analytics for Insights

According to Beeline, a leading contingent workforce solution provider, “For many organizations lacking formal analytics and reporting on their contingent workforce, identifying key metrics can even be challenging.” The focus on analytics goes well beyond hiring, scheduling, and payment data, to include deeper areas of concentration. The following are several analytic subsets imperative to contingent workforce management and performance.

The rest of this article is available by subscription only.

Introducing a New Subscription Model

To continue providing valuable insights and resources on the future of work and extended workforce management, we’re transitioning our site to a paid subscription model. While some posts will remain free, subscribing will grant you exclusive access to in-depth analysis, market research, expert interviews, and actionable strategies that will help improve your business. Solution providers and practitioners are invited to join today and gain a competitive edge by tracking the industry’s important innovations, emerging trends, and best practices.

Click here to learn more.

The post The Impact of Contingent Workforce Management Analytics appeared first on The Future of Work Exchange.

CWM Optimization Through Artificial Intelligence

Through artificial intelligence, enterprises can harness the value of structured and unstructured data to streamline contingent workforce management decision-making. AI also opens the door to new user experiences to better attract, acquire, and retain top-performing talent and improve operational execution — all leading to cost savings. Using prescriptive analytics for CWM optimization is an evolving but critical piece of AI strategy. While artificial intelligence has existed for a decade or more, the wider scope of its capabilities is only now being utilized.

Subsets of AI, such as machine learning (ML), predictive analytics, and natural language processing, coupled with complementary technologies like augmented reality and the metaverse are game changers for contingent workforce management optimization.

Putting Artificial Intelligence to Work

Enterprises and HR executives who are not at least exploring the possibilities of AI’s impact on CWM will find themselves at a competitive disadvantage when sourcing talent and executing extended workforce strategies. Ardent Partners and Future of Work Exchange research cites that 80% of businesses expect AI to transform CWM in the year ahead. These are several ways that AI and associated technologies are getting the job done.

• Enhance the candidate matching process. Enterprises are under pressure to not only attract and acquire the right candidates but do so in a short time-to-hire time-frame. The talent need is often immediate, leading to more costs as the vacancy persists. Enter artificial intelligence that can streamline the candidate screening process by matching critical role-specific skills with existing candidates in enterprise talent pipelines (e.g., direct sourcing, talent marketplaces, etc.). AI can narrow the field even further through questionnaires and even simulated exercises to test candidate skill proficiency — all while increasing hiring speed and attaining higher-quality candidates. With 74% of businesses planning to leverage AI to enhance the candidate experience (per Ardent Partners and FOWX research), it’s clear that the potential of the technology is being recognized. This is critical because it means enterprises can use data to understand how and why candidates are choosing our business or leaving/jetting for other companies. It also exposes gaps in the hiring process that must be remedied to enable real-time hiring capabilities. The war for talent is raging…having a process that essentially finds those talent needles in the haystack is the competitive differentiator.
• Expand overall total workforce visibility. Much of the value attained by artificial intelligence is more efficient identification, organization, and utilization of data. Prescriptive analytics, for example, provides the optimal use of collected data. When evaluating the total workforce holistically, enterprises need insights into their full-time and contingent employees. What are their skillsets? Which department do they work in? How long have they been contracted with the enterprise? What is their past project or team participation. Answering these questions creates a strategic profile for every full-time and contingent employee. Those total workforce profiles make real-time hiring and seamless succession planning a reality. Transparency into both operational challenges and available talent is a dual threat to lagging competitors.
• Leverage predictive analytics and scenario planning. Ultimately, organizations want the ability to use data to predict future scenarios and potential outcomes. As a subset of artificial intelligence, predictive analytics is used in a variety of operational settings, particularly for supply chain planning. However, it is just as valuable for contingent workforce management as a predictor of future talent needs. Predictive analytics takes prescriptive analytics and workforce profiles a step further by combining operational and profile data to identify talent deficiencies and operational weaknesses, while also projecting how talent should be utilized to close those gaps. This is transformative for large-scale enterprises with tens of thousands of employees across the globe. It can also be talent-defining in scenarios where succession planning comes into play. So much of the hiring focus is on the “immediate need” rather than the gaps silently forming with aging workers eyeing their next opportunity post-retirement. Predictive analytics can address workforce scalability related to resignations, retirements, labor movements, etc., and how those will shape the workforce short and long term. In the case of a recession or other economic crisis where scalability becomes an essential strategy, enterprises can leverage internal talent data and combine it with market and labor insights to more effectively understand how operations will be affected. Which skills are required immediately versus long-term CWM planning? The ability to scale the workforce quickly and efficiently cannot be understated.

AI Becomes a Permanent Fixture for Talent Strategy

Artificial intelligence is becoming a permanent fixture as part of today’s enterprise operations and talent management strategies. For the contingent workforce, AI serves as an essential technology to streamline candidate pairings with operational needs, while increasing transparency of available skillsets and workforce contributions. Those insights prove valuable when talent gaps appear, or workforce scaling is necessary. Artificial intelligence will continue to evolve and with it, more CWM opportunities will emerge. Today, leverage the AI capabilities that exist to better plan for tomorrow.

The post Artificial Intelligence Streamlines Contingent Workforce Management Decision-making appeared first on The Future of Work Exchange.

Digital employee experience (DEX) is a term that describes how effective workers are in using digital tools. DEX is a growing area of interest as companies adopt a plethora of digital tools to augment their dispersed workforces. Companies want to ensure the tools they have integrated into the workplace are intuitive and enhance worker productivity.

Tom Haak, director at the HR Trend Institute, says, “Technology offers enormous opportunities to improve the life of people in and around organizations. In HR, the focus is still too much on control and process improvement, not enough on really improving the employee experience.”

Today, with remote and in-person workers, enterprises must bridge those two environments and focus on technologies that both attract and retain workers regardless of where they work. Technology that supports the Future of Work comes in a variety of forms. Often, artificial intelligence (AI) permeates many digital solutions, providing automated processes and data outputs for better workforce decision-making.

Throughout the remainder of the year, the Future of Work Exchange will be highlighting several technologies from blockchain to e-wallets, and how they impact Future of Work strategies. However, the following are technologies that business leaders and employees are using now and, in the future, to enhance the DEX and drive workplace efficiency and community.

Communication and collaboration. The COVID-19 pandemic put communication and collaboration to the ultimate test. Enterprises and employees experienced first-hand the potential of digital communication as they grew accustomed to using Zoom, Slack, and Microsoft Teams. These platforms proved that remote work could, in fact, be accomplished with the same productive and strategic outcomes as in-person work models. It is one of the major reasons why remote and hybrid workforce options were embraced by enterprises post-pandemic.

There are several communication and collaborative tools to serve the enterprise and its remote and in-person workforce. Basecamp provides both a communication and collaborative platform to keep projects on schedule and lines of communication open. Trello also makes project management run smoothly regardless of where an employee is based.

Beyond these more common collaborative solutions, companies are utilizing chatbots for internal use for collaborative purposes and employee support. ServiceNOW, for example, offers its Virtual Agent solution to bring people to the same collaborative workspace or provide answers to employee questions.

Another evolving collaborative offering is the virtual whiteboard for use during company and team meetings. Companies such as Miro, MURAL, and Stormboard provide effective tools for diagramming and presenting in real time.

Big data (predictive and people analytics). Volumes of data flood enterprises from a variety of sources. For HR and other business leaders, big data is crucial to their Future of Work strategies, generating analytics across the talent acquisition and talent management landscape. Predictive analytics, for example, will grow as a key component of direct sourcing initiatives to curate a pipeline of potential job candidates.

According to a post on the Future of Work Exchange (FOWX), “While predictive analytics are not commonplace today, soon, a majority of enterprises will look to scenario-building as a way to enhance overall talent intelligence. Predictive analytics, in this realm, will augment the organization’s overall knowledge of its in-house skills as well as the expertise available externally (across all talent communities, including talent pools).”

Where predictive analytics will help prepare the enterprise for its future talent needs, people analytics are necessary to understand how employees are embracing digital tools and applications. Are shared applications being utilized by the workforce? Is there participation in virtual workspaces? What are employee sentiments around an enterprise’s digital transformation? People analytics help answer these questions and provide key insights into employee productivity, well-being, and digital adoption.

Virtual reality. In a previous post, FOWX explored the possibilities of the metaverse. Virtual reality will stretch the limits of employee interaction and community. Virtual workspaces where employee avatars can converse and strategize are likely to come to fruition in the coming years. It levels the playing field for remote and in-person employees by creating a setting for everyone regardless of location.

Artificial intelligence is also a major piece of the virtual reality offering. Currently, employees can create an avatar to complete repetitive tasks using AI or communicate with customers to answer product questions. As technology advances, the potential influence of virtual reality on the Future of Work will only increase. Today’s chatbots are just the beginning of how enterprises can leverage the virtual world and bridge humans with AI.

Just as the Future of Work evolves, so too will the technologies that support it. There are dozens of software applications on the horizon to benefit business leaders and their employees. Explore the options and how they align with your workforce strategy.

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Several years ago, Ardent Partners predicted in its annual State of Contingent Workforce Management research series (now re-titled under the banner of the Future of Work Exchange) that the world would eventually experience a workforce in which 50% was comprised of non-employee talent (including freelancers, temporary workers, independent contractors, gig workers, and professional services). Today, that number sits at 47% and shows no signs of slowing down in terms of growth and impact, meaning that the “50% threshold” is fast approaching the world of business.

As the ever-evolving attributes of the Future of Work movement cascade into how businesses find, engage, source, and manage their total talent, it is critical that they leverage the next-generation solutions that can effectively transform workforce intelligence and drive long-term value from the agile workforce.

Enter Workforce Logiq.

Why They Were Selected:

Workforce Logiq has come a long way since its days under the ZeroChaos brand, a Managed Service Provider (MSP)/Vendor Management System (VMS) hybrid that had massive staying power across various global regions and large sectors and industries. The rebrand to Workforce Logiq in early 2019 wasn’t just a simple swap of corporate names, but rather a true technological transformation that heralded a new age of total talent intelligence and workforce management innovation.

Today, Workforce Logiq is a leading workforce management solution provider that effectively blends deep human expertise with next-level artificial intelligence and total talent insights. Its predictive analytics engine is an industry differentiator, enabling their customers to leverage on-demand data to execute more educated talent-based decisions in a time when agility is paramount. In fact, Future of Work Exchange research finds that 64% of businesses plan to leverage AI-led tools to support talent retention and related issues within the next two years.

In Their Own Words:

Workforce Logiq provides predictive workforce management solutions powered by an unmatched combination of human and data-driven intelligence.  We help organizations reimagine and transform how they achieve greater management, performance, and financial control over their global workforce and talent supply chains. 

Our global solution portfolio includes: Managed Service Provider (MSP), Vendor Management System (VMS), Statement of Work (SOW), Employer of Record (EoR), Direct Sourcing, Recruitment Process Outsourcing (RPO), and Employment Screening.

The Workforce Logiq Total Talent Intelligence® platform is a proprietary combination of predictive analytics, expert guides, and proprietary technology powered by sixteen patented and patent-pending innovations, including: 

• Talent Retention Risk (TRR) Score: benchmarks employment volatility within a company, and potential worker interest in unsolicited recruiting approaches.
• IQ Location Optimizer: identifies the best and biggest pool of available contingent and full-time talent – at the best cost.
• IQ Rate Optimizer: benchmarks how much an organization needs to pay to attract and win contingent and full-time talent based on unique, company-specific workplace characteristics.
• IQ Talent Diversity: predicts gender and ethnic statistics on our recruiting database of 100 million professional and knowledge worker candidates – helping organizations make smarter, confident, and more proactive decisions on how to boost employee representation. 
• And more!

In today’s hyper-competitive talent market, we are committed to helping companies make more informed talent decisions faster, earlier, and more cost-effectively.

The Outlook:

One of the most impressive pieces of Workforce Logiq’s deep technology stack is its ENGAGE Talent offering, which provides real predictive intelligence regarding active and passive candidates while allowing users a real-time picture of how talent is situated across the world. Combined with Workforce Logiq’s longstanding commitment to workforce and data insights (which permeate throughout the entirety of both its MSP services and VMS platform), the solution will continue its reign as a mature and powerful workforce management solution.

Building on top of already-robust SOW management, services procurement, and direct sourcing offerings, Workforce Logiq was already primed for continued success in the months and years ahead before it was acquired by PRO Unlimited over the summer. The two organizations, together, will provide an even deeper end-to-end solution that truly encapsulates the evolution of the Future of Work movement.

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