Contingent workforce managers need to stay on top of the latest developments and trends in the workforce solutions ecosystem in order to keep their programs and companies competitive. From advancements in AI to shifting talent strategy to regulatory changes, the landscape is constantly shifting.
In a recent webinar, SIA’s CWS Council analysts shared insights and predictions for 2024, including what program managers should consider as they plan their strategic roadmaps. The discussion comprised 30 predictions for 2024 focused on technology, program operations, market trends, talent strategy, legal and regulatory.
Here is a brief look at a few of their predictions.
Technology
When it comes to technology, one of the hottest topics lately centers on AI and its many applications. The analysts touched on six things AI can do for your program today:
- Talent matching and sourcing
- Predictive analytics for demand forecasting
- Candidate screening and skills assessment
- Chatbots for internal support
- Compliance and risk monitoring
- Data analysis and reporting
Program Operations
Program operations and techniques are ever evolving, and when it comes to efficiently running program operations, there’s a shift to internal programs and creative ROI strategies. When evaluating supplier optimization and best practices, think about adding these to-dos to your checklist:
- Financial assessments
- Contract adherence reviews
- Marketplace statutes
- Compliance and insurance policy check-ups
Market Trends
The only constant is change when it comes to the economy, and market trends predict flatline growth in 2024. In addition, it is a major election year across much of the world, with more than two billion people heading to the polls in places including the US, UK, India, Mexico, South Africa and the European Union.
Talent Strategy
Talent strategy is constantly changing as well. One such element is tenure limits. Did you know that 33% of buyer organizations have no tenure limit policy? As SIA’s Stephen Clancy detailed in a recent CWS 3.0 article, tenure policies may have their place, but they could be hindering your program. Maybe it is time to explore your tenure policy and re-evaluate.
Additionally, organizations are recognizing that happy, engaged workers stick with you and produce more; they also tell their friends and colleagues about you, both the good and the bad. The workforce is shifting to more Gen Z as boomers retire, but every company must attract and appeal to a wide range of diverse candidates across the board. Be mindful of increasing worker rights including equal pay and transparency and public cost of benefits for similar FTE roles. Contingent workforce industry practice limits and new staffing agency certification requirements are also becoming a reality.
Legal and Regulatory
There has been a rise in earned wage access and quicker pay cycles for contingent workers. Do your suppliers offer this? Should they? Also, better practices and efficiencies in using independent contractors can be an option to get work done faster, better and possibly with some real cost savings.
So, what should managers look for when it comes to risk, according to the CWS Council analysts?
- Pay transparency adherence
- Naked no-poach agreements — agreements between companies not to hire one another’s workers for no purpose other than to restrict competition
- Emerging worker rights statutes
- Ghosting with regard to remote work — hiring remote workers but then failing to engage them
- IC statutes (ABC proliferation) and the Biden administration’s final rule for IC classification
- Alternative talent sourcing channels creating CW program disintermediation (long term) — not showing up for a remote job or not engaging remote workers when you do hire them
- AI disruption
Forward-thinking contingent workforce leaders can leverage all of this information to keep their programs informed on the latest developments and keep ahead of the competition. This knowledge, along with your expertise, will enable your company to command a larger share of the talent marketplace and thrive both now and into the future.
