Top Trends CPO's Should Know about the Contingent Workforce

The ongoing mass exodus of baby boomers from the workforce has yet to subside, and the resulting implications on the talent landscape are significant. CPO’s fear the impact as knowledge and experience leave with the retiring workers, leading to a shortage of highly skilled and trained fulltime employees. To compete in the war for talent and fill these shortages, CPO’s must rely on a contingent workforce as many sharp, talented Procurement newcomers prefer the inherent flexibility of being a non-permanent employee. Feel like you’re behind the eight ball? Not to worry; read on for the top four Contingent Labor trends every CPO should know. 

Engaging contingent labor candidates has become a strategic decision

There may have been a time in the past when leveraging temporary support was a tactical way to get through mundane work. Now, however, filling contingent labor positions has become a strategic decision to find the right person with the right skills to improve efficiencies and deliver value. 

Being social is no longer an option, but a necessity

Today’s New Workforce is more connected and ‘plugged in’ than ever before. CPO’s should focus on leveraging social media to their advantage to promote the employer brand. It’s also important to understand the employee’s perception of the company will permeate the marketplace as they share feedback within their professional network. CPO’s should work to facilitate productive and positive contingent worker experiences, which will open up a network of additional talent. 

If you are not one step ahead, you are five steps behind

The answer to remaining one step ahead of competitors is to be quicker with innovation. With contingent workers, CPO’s can access on-demand AND highly demanded skillsets, as this flexible workforce often specializes in a particular category or industry, allowing them to apply their refined subject matter expertise and immediately deliver results. Not to mention, they may have had stints with your top competitors and can share any best practices they applied to achieve similar results. 

Mobility has replaced security

Baby boomers valued security, resulting in the typical baby boomer having one or two jobs for the entirety of their professional life. Today’s workforce values work-life balance over job security, resulting in an increased interest in the flexibility associated with contingent work. CPO’s can use this to their advantage, hiring more contingent workers to cut down on costs. Thanks to advancements in technology, contingent workers can work anytime from anywhere, meaning CPO’s can now prioritize hiring the top talent, rather than worrying about hiring someone within a specific geography. Since this New Workforce can work successfully on a remote basis, overhead costs are significantly reduced. 

If you are a CPO and haven’t already began diversifying your workforce with contingent labor talent, it may be time to consider jumping on the proverbial bandwagon as these trends, and many others associated with the New Workforce, will continue in years to come. Exhausted by the idea of trying to find the talent with the right skills? Source One can conduct the heavy lifting on your behalf to identify and place the temporary procurement and strategic sourcing staff your organization needs. Contact our temporary procurement staffing experts today!   

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