Benchmarking Your CWM Program

February 23, 2015 | Leave a Comment By Matt Katz

Where does your contingent workforce management (CWM) program stack up against the IQNavigator community of CWM programs? You will have a great opportunity to compare your program against peers in both your industry and with similar annual spend at this year’s IQNsiders event.

To help you break the ice, I have compiled two to three industry benchmarks on CWM program maturity that will provide for some great discussion during networking and breakout sessions this year in Phoenix. These benchmarks include comparisons of several common CWM program statistics, as a means of exposing differences in program definitions, program objectives, and their related sourcing strategies. Continue reading

January 2015 Labor Report: Strong Job Creation Continues in New Year

February 9, 2015 | Leave a Comment By Gary Pollard

Annual Statistical Adjustments Affect Trends from Prior Year

BLS Employment Situation Release for January shows that strong new job creation trends carried into 2015. The first month of the new year saw 257,000 net new jobs, exceeding expectations. Perhaps even more encouraging are the upward revisions to November and December job totals. November increased 70,000 to 423,000 and December rose 77,000 to 353,000. Employment growth this robust was last seen in the late 1990s. Other good news can be found in the January report. Most of the new jobs are full-time. Progress in reducing the ranks of the long-term unemployed and those marginally attached to the workforce, while slow, is significant and accelerating. The U.S. job market seems to be finally leaving the Great Recession behind. Continue reading

Why Work Market and IQNavigator Joined Forces and What It Means For You

February 5, 2015 | Leave a Comment By Jeff Wald

As we all know, the freelance economy is booming. More businesses than ever before are turning to non-employee labor to gain a competitive edge. By 2020, more than half of the U.S. workforce will spend time as independent workers according to a recent prediction from MBO Partners.

Businesses of all sizes are looking for new ways to manage the complexities associated with non-employee work. While there are several talent management solutions currently on the market, none of them address the growing legion of freelancers. Fortunately, the emergence of Freelance Management Systems (FMS) is helping businesses transform how they find and manage freelancers and independent contractors (ICs).

That’s where we come in. At Work Market, our FMS is helping some of today’s biggest brands find, manage and pay their independent workforce. We provide the tools and analytics they need to manage their freelancers…from start to finish…in one dashboard.

As the contingent labor market (freelancers, ICs, temps and SOWs) continues to grow, businesses will need visibility into all segments of their non-employee workforce — in one dashboard — so they can better forecast labor costs, reduce rogue spend and manage compliance.

That’s why, earlier this week, we announced a partnership with IQNavigator that will allow us to offer a comprehensive workforce management solution that spans the entire non-employee workstream.

Together, Work Market and IQNavigator cover the full spectrum of contingent work that includes freelancers/ICs, temps and SOWs. Enterprises will finally have one system to manage all of their non-employee labor. Let’s take a quick look at how this partnership will work and why it should make your lives significantly easier.

The joint solution will allow enterprises utilizing contingent labor to:

  • Streamline management, payment and reporting processes into a single workflow
  • Gain visibility into their entire non-employee workforce program
  • Expedite time to fill open requisitions with direct access to on-demand workers
  • Vet and select candidates from Work Market’s robust freelance marketplace
  • Optimize labor costs and leverage intelligent routing to find the most qualified candidates
  • Adhere to business rules and workflows supported by IQN while simultaneously leveraging 1099 talent on Work Market

Both Work Market and IQNavigator are fully committed to providing our enterprise customers with the tools, technology and insights needed to compete in the “war on talent” and thrive in today’s fiercely competitive labor market.

We couldn’t be more excited about this partnership and look forward to delivering this world-class solution!

Jeff Wald
President and Co-founder
Work Market

1+1 = 3: IQNavigator and Work Market Form Strategic Alliance

February 4, 2015 | Leave a Comment By Brian Hoffmeyer

I’m pretty sure that people who work in business development roles have a checklist they use when vetting a potential corporate partner. It includes things like doing due diligence on the partner’s software and business model, and uttering the words “one plus one must equal three” at the start of every meeting!

As a regular reader of this blog (and I hope you are!), you know that, according to the U.S. Department of Labor, the use of independent contractors and part-time, temporary, seasonal and leased workers (Can we please settle on calling this the non-employee workforce? All that typing has tired me out) has expanded tremendously in recent years. Current estimates suggest that the non-employee workforce represents from 25 to 33 percent of the domestic workforce—and that number is expected to grow to as much as 50 percent by 2020. Importantly, the criticality of this segment of your workforce is growing too, non-employees are no longer just replacements for someone who is under the weather or on holiday, you need them to make your product (or service)!

These dramatic changes in the workforce require employers to use new strategies and technologies to meet their labor needs, and IQNavigator is committed to staying at the forefront of helping companies more effectively manage every type of worker.

Prior tongue-in-cheek comments aside, that’s where the 1+1 = 3 equation comes in! We have formed a strategic alliance with Work Market—a partnership that will help our mutual customers more efficiently source and manage highly-skilled, pre-qualified workers in this new world of work. IQN and Work Market together delivers a stronger capability than either of us could alone!

Through this alliance, mutual customers can leverage our vendor management system (VMS) and Work Market’s freelancer management system (FMS) to create a more flexible talent management strategy that optimizes their labor costs and ensures ready access to multiple channels of the best freelance talent.

IQN and Work Market are very much on trend in forming this alliance. Gartner released a report yesterday titled “Getting Ready for the Next-Generation Workforce and the Impacts of the Next Generation Economy” that details why HR and Procurement must work together to manage this channel and that they need to use a VMS and FMS to do it.

The world’s largest businesses are increasingly turning to freelancers to help win the war for talent and improve labor cost variability, accelerate the pace of innovation, and outperform fiercely competitive rivals. Technology is key to creating a winning approach that enables businesses to manage their workforce – regardless of the worker composition and that is why we’re excited about this partnership as it truly does make 1+1 = 3!

Look for more to come on this topic as we roll this partnership out to our customers. Please check out Work Market’s website at www.workmarket.com and follow them on Twitter @Workmarket (I know you’re already following @iqnavigator!).

VMS 101: Connecting Cost Savings to Temporary Labor

February 2, 2015 | Leave a Comment By Louay Bachir

vms101You’ve heard it before: time is money. This has never been truer for contingent workforce programs. In the first installment of our “VMS 101” series (Connecting Business to Temporary Labor), we identified seven primary benefits of managing your temporary labor program by leveraging a VMS. Today, let’s focus on cost savings. Looking at your enterprise goals for 2015, chances are, cost savings made the list in one form or another.

Have you thought about where to begin? I’m not talking about reducing headcount, rather, how do you plan to effectively reduce overall expenditures without reducing headcount? And how do you do it if your demand for temporary labor increases?

Faced with growth, enterprise HR and procurement organizations are spending more time, money, and resources on sourcing and procuring services. At the same time, companies facing a decline in revenues (think oil and gas today) are forced to cut spend and reduce costs. This is why more and more procurement organizations are tasked with identifying ways to control their services spend. It’s vital to connect the business to temporary labor—through understanding, identifying and appropriately controlling and reducing spend. Continue reading

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