Contract Workforce Management: At your service

When it comes to the services industry, it is essential to get a good ERP solution to manage the large contract workforce

There is no denying that the gig economy is steadily growing, and as much as it is influencing the worldwide economy, it is equally impacting workforce dynamics and payroll. The underlying fact would be that the number of contract workers is increasing. A 2017 report by Upwork pointed that close to 57.3 million Americans, or 36% of the workforce, are now freelancing. Last year, the number of contract workers in Google exceeded the number of direct employees for the first time in its 20 years of existence. That reflects today’s trend. Be it tech companies, transportation network giants, hospitality companies or construction labor suppliers, a lot of companies look to hiring contract workforce to cut down on HR costs and hire temporary on-demand skills.

Contract workforce consists of a labor pool whose members are hired by an organization on an on-demand basis from different staffing suppliers. It is crucial to ensure mapping the right talent for the right job, paying them on time and also ensure compliance with the local statutory needs according to their contract labor law; among other aspects. A good Contract Workforce Management System (CWMS) helps the principal employer in managing the contract workforce. The payroll and statutory remittances pertaining to the contract worker is generally done by the relevant staffing company which has supplied the resource. While maintaining this contract workforce, the principal employer faces the following challenges:

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