How Standardised are processes for external workforce?
In this edition of Contingent Workforce Insight, we explore the level of standardisation in external processes and highlight key performance metrics while suggesting improvements. Standardising processes related to external workforce management is key to maintaining consistency, control, and efficiency.
Exciting Fact!: Up to 85% of external workers report satisfaction with their onboarding, thanks to well-organised processes and clear introductions to company culture and responsibilities. However, offboarding is often neglected, with 58% of organisations lacking a structured approach, leading to risks like unsecured access to IT systems and physical locations.
Developing a comprehensive strategic workforce plan that incorporates both internal and external talent is essential. This plan should:
1. Align with long-term business objectives
2. Consider skill gaps and future talent needs
3. Balance the mix of internal and external resources
4. Account for market trends and economic factors.
Effective management of external workforce in procurement involves:
Maverick Buying and Rogue Spend Control: Implementing systems and policies to minimise unauthorised purchases of external services. This helps maintain budget control and ensures all engagements align with organisational strategy.
Spend Categorisation and Analysis: Ensuring accurate categorisation of external workforce expenses is crucial for:
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???- Compliance with financial reporting requirements
Total Spend Visibility: Maintaining a clear view of the total spend on external workforce across the organisation helps in:
???- Strategic decision-making
???- Negotiating better rates with suppliers
???- Identifying areas of potential overspend or inefficiency
Global Compliance Updates
EU: New regulations on data protection for contingent workers come into effect on January 1, 2025, mandating stricter compliance measures. The regulations aim to strengthen the privacy and rights of temporary and contract employees, especially in the digital era.
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USA: Updates to guidelines from the Department of Labor on classifying independent contractors require companies to review and ensure compliance with new regulations. This change impacts payroll, taxes, and employment rights.
Asia-Pacific: Several countries are introducing new tax regulations for foreign workers, and companies should stay updated on legal requirements to avoid penalties.
UK: HMRC revealed plans to recruit an additional 5,000 compliance officers. This increase is expected to enhance enforcement efforts across various sectors, ensuring better adherence to regulatory standards. In tandem with this, businesses should be mindful of the forthcoming Procurement Act 2023, which is set to come into effect on 24th February 2025. The Act aims to overhaul procurement practices, promoting transparency and efficiency in public sector contracting. Now is an ideal time for companies to review their compliance and procurement strategies to align with these upcoming regulatory shifts.
CoComply Updates
Unleash Startup Award Finalist: We are Excited to announce that CoComply has been selected as a finalist for the Unleash Startup Award! Happening live at UnleashWorld 2024 in Paris. Join us at the innovation stage on the 16th of October as we go head to head with other innovative solutions in the Human capital space.
Product Update: We've developed a platform to increase visibility, enhance compliance, and reduce costs in terms of contingent and off-payroll workers.These functions can uncover hidden contractors, mitigate risks, and identify areas for cost savings.
How CoComply Can Help
At CoComply, we specialise in simplifying contingent workforce management. Our cutting-edge solutions combine advanced technology with deep industry expertise to help you:
Don't navigate the complex world of contingent labour alone. Contact CoComply today to discover how we can tailor our solutions to your unique business needs and help you stay ahead.
Join the Conversation
Have questions or insights about contingent workforce management? Share your thoughts in the comments or connect with us directly!
Don't navigate the complex world of contingent labour alone. Contact CoComply today to discover how we can tailor our solutions to your unique business needs and help you stay ahead.
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