Invent

Industry Trends

The Ageing Workforce

By: Christina Fabugais, Marketing Manager, Contingent Workforce Solutions

 

Contract and temporary labor is the fastest growing segment of the workforce.  Although the economic downturn in 2009 played a large part, there are other factors that contribute to this shift.  One of those is the ageing bulk of the workforce.

Over the next 20 years, we have about seventy-six million baby boomers heading to retirement.

Filling the gap that  this massive amount of workers will inevitably create is a daunting task for many employers, and some may not be up to the task of replace years upon years of experience and knowledge.  Speaking as someone from a newer generation, I know for a fact that today’s workers entering the workforce are intelligent and more than capable of doing a good job.  However, there is no replacement for 30-40+ years of experience and knowledge.

Now, before employers start to pull out their brown bags and hyperventilate, there is a saving grace.

The Wiki on Contingent Workforce talks about how the retired workforce with valuable skills are re-entering the workforce as external consultants in their area of speciality. More and more talented people are seeking employment as self-employed consultants and on a project basis.

This contingent based work really benefits both employers and workers.  For employers, you are able to tap into the skills and experience  required, and on more a cost-effective basis.  Moreover, retired workers can hit the ground rounding as there is much less training required (if any at all). For the workers the main benefit is quite simple: work on your own terms.  Take a project contract for 8 months, then head down south to Florida for the other 4 months out of the year.

It’s really a win-win situation.

In order for organizations to prepare for the retiring workforce, they need to begin planning now.  Having an alumni/retiree recruitment program in place and tying it into your overall contingent workforce management program  will help streamline this process, and ensure that you are engaging with these workers in a fully compliant manner.

 

 

 

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Temporary Employees in Canada

 

The Globe and Mail recently published findings from Statistics Canada regarding the growth of temporary employees by industry sector.  The findings were broken down by industry and showcased the growth of temporary workers from 1997 to 2012.

The breakdown is as follows:

 

Click here to view the original article.

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Numbers in Favor of a Growing Contingent Workforce

 

Recently the Hardvard Business Review posted a blog that proved the case for the growth of contingent laborers.  The post entitled “Independent Work May Be Inevitable” highlighted some staggering statistics that are sure to convince even the most cynical criticizers.

  • Approximately 43 million people, or roughly 35%-40% of the private workforce in the U.S., are currently doing some type of contingent work; this number is expected to grow to 65-70 million within the decade
  • Of those who went independent in 2012, 57% chose to
  • Millennials (Gen Y), ages 21-32, for example, 40% say they’re likely to choose independence of their own accord
  • 58% of Boomers (ages 50-66), are choosing independence
  • Gen X (33-49) is the most likely to choose independence — 68% of those who have gone indie are there by choice rather than the result of job scarcity or loss

 

To view the original post visit: http://bit.ly/XiTzHB

 

 

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Jeff Nugent of Contingent Workforce Solutions to Moderate a Panel of CWM Experts

January 29, 2013 – Mississauga, Ontario – Jeff Nugent, President & Managing Director of Contingent Workforce Solutions will be moderating a panel of industry experts at the upcoming Contract Workforce & Talent Exchange Virtual Conference hosted by HR.com.  The session will focus on changes that have impacted the contingent workforce sector over the last 12 months and look ahead to the challenges and opportunities of 2013.  Jeff Nugent will be moderating a panel of experts that include:

  • Matt Rivera, Yoh Services, LLC
  • Jerome Gerber, Volt Workforce Solutions
  • Jason Posel, ClearPath Workforce Management
  • John Martin, IQ Navigator

According to the American Staffing Association Staffing Index, since the beginning of 2012, temporary and contract employment has grown 28.1%. As one of the fastest growing segments of the workforce many organizations are not positioned to properly address the challenges and opportunities affecting their contingent workforce planning and management.  With their uniquely diverse yet complementary experiences, the panel will share their insights into how to deal with this growing trend in an efficient and compliant manner.

Session Details:

Date: January 30, 2013

Time: 11-12 PM EST

Price: FREE

To register and for more information visit: http://www.hr.com/en?t=/contentManager/onStory&StoryID=1358354343285

About Contingent Workforce Solutions: Contingent Workforce Solutions provides Contract Workforce Management services and technology that enables clients to centralize the process of hiring, engaging and administering contract, temporary and project based workers. Through its highly developed people process and technology CWS’ solutions allow clients to streamline processes, reduce risk and save money. As experts in the field CWS also provides end to end back office processing and payroll funding to small to medium staffing firms that helps position them for unlimited growth. For more information please visitwww.contingentworkforcesolutions.com

About HR.com: HR.com is a virtual company that believes in HR education and networking. As the largest social network and online community of over 200,000 HR executives, HR.com connects HR professionals and suppliers with easy access to shared knowledge on best practices, industry news, webcasts, and online certification to help them develop their most important asset – the people.  Meet, network, share and learn. (Visit www.hr.com)

 

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Jeff Nugent, President & Managing Director of Contingent Workforce Solutions to Participate in The Conference Board of Canada’s Western Compensation and HR 2012 Event

November 14, 2012 – Calgary, Alberta – Jeff Nugent, President & Managing Director of Contingent Workforce Solutions will be presenting at the Conference Board of Canada’s Western Compensation and HR 2012 event in Calgary, Alberta.  The event will focus on competitive, yet affordable compensation, and will focus on two issues top-of-mind for HR executives—recruitment and immigration. These issues have become top priorities in the re-emerging hyper-competitive Western Canada talent market.

Jeff Nugent will be presenting along side Maggie Rigaux, Managing Director of Capabil-IT, on the topic of Managing and Mitigating Contingent Worker Risks.

Contingent workers – freelancers, contractors, consultants – offer businesses many benefits, including flexibility, reduced costs, and access to specific, hard-to-find skills. Most senior managers can cite these benefits, but few are fully aware of how to effectively manage the risks involved with their contingent workers. In fact, many contingent workers are used to mitigate the risks of increasing retirements, without any realization of the new risks they present.

Jeff Nugent and Maggie Rigaux will share their insights as leading practitioners in this rapidly growing contingent workforce industry, and will highlight best practice solutions that they have implemented within one of Alberta’s leading energy companies – The Alberta Electric System Operator (AESO).  Using real case scenarios from the AESO, Jeff and Maggie will discuss how you can take a more strategic approach to contingent workforce risk and resource management, and maximize the return on this increasingly essential resource.

 

Session Details

Date: November 15, 2012
Time: 3:15 PM
Location: Hyatt Regency Calgary, Calgary, Alberta

 

For more information and to register, visit: http://bit.ly/ZJc0oz

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Jeff Nugent, President of Contingent Workforce Solutions to Participate in Aberdeen Group’s 2012 CPO Summit in Boston

November 8, 2012 – Mississauga, ON – Contingent Workforce Solutions announces today that Jeff Nugent, Founder & President of Contingent Workforce Solutions will be participating at Aberdeen Group’s 2012 Chief Procurement Officer (CPO) Summit.  Bringing together the top minds in procurement, the 8th annual summit is being held in Boston, Massachusetts on November 13-14, 2012.

Jeff Nugent will bring his 17+ years of contract labour management and risk mitigation expertise to an expert panel that includes: Brian Kleber, Supply Chain Services Program Leader, Cummins Corporate Supply Chain; and Lori Rounds, Category Manager, Professional Services US, Global Procurement, National Grid.  The panel titled: A Next-Generation Discussion on Managing the Modern Contingent Workforce Umbrella, will feature real-world case studies and best practices from luminaries across several key industries.

For more information on this session and to register please visit: http://bit.ly/SPx7TW

About the CPO Summit

Over the past seven years Aberdeen Group’s annual Chief Procurement Officer Summit has established itself as the pre-eminent symposium for global procurement executives to learn, network, evaluate and develop a clear vision of procurement’s evolving role within the enterprise; from the long-established operational cost center of the past to the present-day collaborative and strategic contributor to corporate performance.

About Contingent Workforce Solutions

Contingent Workforce Solutions provides Contract Workforce Management services and technology that enables clients to centralize the process of hiring, engaging and administering contract, temporary and project based workers. Through its highly developed people process and technology CWS’ solutions allow clients to streamline processes, reduce risk and save money. As experts in the field CWS also provides end to end back office processing and payroll funding to small to medium staffing firms that helps position them for unlimited growth.

 

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Risks of Contingent Work

Jeff Nugent speaks at the Human Capital Risk Management Conference April 2012 on the risks, pros and cons of using contingent work.

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Sean Ford and Jeff Nugent Present a FREE Webinar on: Integrating the Contingent Workforce into the Overall Talent Mix – January 31, 2011 at 12 PM EST

Statistics are now showing that over 25% of the North American Workforce is on Contract or Temporary assignments. Moreover, organizations are beginning to realize the benefits of employing this agile and highly skilled workforce.  As this trend continues to grow, many organizations are faced with the challenge of better managing their contract workforce in an effort to remain compliant and to reduce cost.

In this 60 minute session Jeff Nugent and Sean Ford will discuss the practical steps in building a world class contingent workforce program while outlining the key business drivers that will assist in building a business case to centralize the CWM through talent acquisition and human resources.  This session takes a holistic view of guiding Human Resource leaders through strategically integrating independent contract workers into their overall talent mix. Jeff Nugent and Sean Ford will also identify the need for 3rd party vendors and how to evaluate your organization’s need to outsource various vendor solutions.  Attendees will gain expert advice on building a business case for centralized contract talent acquisition, as well as a step-by-step outline on how to create an integrated talent management and performance management program within their organizations. Jeff Nugent and Sean Ford will discuss how a centralized CWM program can enable Human Resource professionals to gain control of their contract workforce through increased visibility into worker activity and risk mitigation best practices.  Attendees will also hear successful case study examples where employers were able to save significant amounts of money on contract worker spend and staffing agency fees.

Date: January 31, 2012
Time: 12-1 PM EST
Price: FREE!!!

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Registration Instructions:

To register visit: http://www.hr.com/en?t=/contentManager/onStory&s=t23D1ljBn8iCuaPpPZl&StoryID=1307043839383

Click Register Now – It’s Free!

Fill out your account details

You will be prompted to select the type of account you would like to register for. To sign up for the FREE account select No Thanks.

Once you have successfully completed these steps you will be sent an email with an activation link.

Clicking on this link will activate your account and direct you to the website homepage.

Under Webcasts & Events in the top navigation bar select Virtual Conferences > Upcoming Virtual Conferences.

Click on the first event: Contract Workforce & Talent Exchange Virtual Conference

Click Enter Event.

Click Auditorium to enter the Webcast Auditorium.

Click the 10/13/2011 date tab.

Scroll down the 12:30-1:30 pm session and click the title: Building a Best of Breed Contingent Workforce Management Strategy

Click Attend Webcast.

A confirmation email will automatically be sent to you with details on how to join the webcast.

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For More Information Contact:

Christina Fabugais
Marketing Manager
Contingent Workforce Solutions Inc.
Direct Phone:  416-642-9077
Toll Free:  1-866-837-8630 x9077
Email:  christina.fabugais@cwsolutions.ca

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Social Media Recruiting Stats

Jobvite recently published a free ebook entitled 33 Essential Social Recruiting Stats, and this eye opening collection of information reveals that employers are already stepping up their efforts to recruit through social media sites because this method is, well, effective.

One interesting statistic that Jobvite published is that 73% of surveyed people between the ages of 18 and 34 found their most recent job through social media.  Jobvite also published that 55% of surveyed companies indicated that they would invest more in social media hiring this year. This means that social media hiring is likely to increase in the future.

Most recruiters already pore over social media sites and the internet to find candidates with relevant skills, and, while many large companies are laggards in adopting social media as part of their employment strategy, they are beginning to see the benefits.

One challenge that employers face is that they do not have the in-house knowledge to effectively use social media for employment purposes. Using a third party can help organizations make the most of internet recruiting, as many of these third parties already use social media for recruiting purposes.

SimplicityVMS is one third party VMS system that integrates with social media sites, making it easier for employers to directly hire their contract and temporary workers through social media.

For more information about SimplictyVMS, or to learn about how your business can benefit from a third party, click here, or contact:

Christina Fabugais
Marketing Manager
Contingent Workforce Solutions Inc.
Direct Phone:  416-642-9077
Toll Free:  1-866-837-8630 x9077
Email:  christina.fabugais@cwsolutions.ca

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What are Third Parties, and How do they Help Manage Contingent Labour?

Organizations cannot afford to approach their contingent workforce management in an ad-hoc, as-needed manner. They must begin to manage their entire workforce, including the contract and temporary segment, efficiently. A third party can assist organizations to create an effective contingent labour management program that gives visibility into the costs, mitigates risk, and provides a record of the worker’s employment with the organization.

Aberdeen research surveyed companies and divided these organizations into best-in-class, industry average, and laggard categories. The best-in-class category consisted of organizations that were in the top 20% performers. They had 87% compliance to federal/state/regulatory labour and tax policies concerning contingent workers, 4.4 contingent worker quality ranking score, and 21% contingent worker spend savings.[1] These organizations have implemented many best practices that organizations should imitate when using a third party or managing contingent labour internally.

There are various third parties that organizations can use that provide different aspects of a successful contingent labour management program.

  • Independent Contractor Engagement Specialists (ICES) work with organizations to manage independent contractors — including high-rate, project-based SOW (Statement of Work) consultants — by acting as an Agent or Employer of Record (EOR) for IRS purposes. ICES will assess the eligibility of a potential contractor for 1099 status. If they are found ineligible, ICES will hire the worker as their own W-2 employee, allowing him/her to work for the client on subcontract. For those that are eligible, ICES will act as the “Agent of Record,” simplifying the process for their clients.[2]
  • Vendor Management Systems, or VMS, are technology solutions that provide visibility into how many contractors a company is using, for how long, and for what. These technology solutions provide visibility into the cost of the overall contingent labour program. The basic systems handle everything from requisition to off-boarding, including hiring approvals and processing time sheets and invoices.[3]
  • An MSP (Managed Service Provider) is an out­sourced service provider who is responsible for procuring and managing contingent workforce needs according to client requirements. MSPs may or may not offer a Vendor Management System (VMS) of their own but they normally combine a VMS technology offering into the programs they run for clients.[4]

All of these third parties can be used in combination or separately. Aberdeen research has found that although all types of third parties are used by best in class organizations, a VMS was the most commonly employed third party by best in class enterprises.[5] Top performing companies were 33% more likely to employ an MSP program than other companies.[6] Best in class organizations were 60% more likely to employ ICEs than other companies, and ICEs have historically shown to increase contract worker compliance by nearly 80%.[7]

For more information about how your organization can benefit from a third party, and to find out more about VMS, MSP, or ICES, Click here or contact:

Christina Fabugais
Marketing Manager
Contingent Workforce Solutions Inc.
Direct Phone:  416-642-9077
Toll Free:  1-866-837-8630 x9077
Email:  christina.fabugais@cwsolutions.ca

[1] Dwyer, Christopher J. Contingent Labour Management: Strategies for managing the complexities of the Contingent Labour Umbrella. Aberdeen Group. June 2010

[2] The ROI in Enterprise Contract Talent Management. The Human Capital Institute. Sept 2009

[3] Muson, Howard. Treating Contingent Workers as a Strategic Resource. The Conference Board: Trusted Insights for Business Worldwide. Sept 2010

[4] The ROI in Enterprise Contract Talent Management. The Human Capital Institute. Sept 2009

[5] Dwyer, Christopher J. Contingent Labour Management: Strategies for managing the complexities of the Contingent Labour Umbrella. Aberdeen Group. June 2010

[6] Dwyer, Christopher J. Contingent Labour Management: Strategies for managing the complexities of the Contingent Labour Umbrella. Aberdeen Group. June 2010

[7] Dwyer, Christopher J. Contingent Labour Management: Strategies for managing the complexities of the Contingent Labour Umbrella. Aberdeen Group. June 2010

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