There is a lot to look forward to in contingent workforce solutions.
Introduction
If you are modelling contingent workforce solutions in 2024, there is a lot to think about – and a lot to look forward to! Whether you are considering introducing new technologies to improve the experience, exploring cost-saving opportunities or looking more closely at ways to optimise the talent supply chain, we’ve picked out the big reasons why 2024 may be the year when out-of-the-box thinking turns into
impactful initiatives.
Here’s our reasons to be cheerful. Enjoy!
1. 2024 is the year of the previously ignored mid-market client
Historically, contingent workforce programmes have centred on the needs of bigger organisations with a focus on the transactional process and compliance throughout the supply chain. The size and scale of those programmes means they have often sat outside of the broader talent acquisition plan – or at least run alongside it without any real integration.
2024 will be the year when there is a paradigm shift towards the needs of clients that require a solution, as opposed to simply a process. This shift will be driven by the needs of those mid-sized organisations that need their MSPs to take a holistic view of their recruitment model, rather than compartmentalising. Transparency, visibility and compliance will walk hand-in-hand with strategy, innovation and enhanced talent experiences.
2. 2024 will be the year of less going further
Market conditions continue to be uncertain. But we seem to have spent most of 2023 talking about that. 2024 should be the year where MSPs are driving conversations with their clients around clear workforce planning, an optimised talent supply chain, measurable cost-savings – alongside the branding, sourcing and attraction strategies needed to ensure that they do not need to compromise on the quality of talent they bring into the business.
Reduced budgets are a fact of life. But so are skills shortages, hard-to-fill vacancies and changing business requirements. Contingent workers – and a forward-thinking contingent workforce solution – will play an instrumental role in meeting the needs of everyone around the table.
3. 2024 will be the year when technology drives improvement
The list of new recruitment technologies available to clients seems to get longer and more complex every day, never mind each year. New technologies often get a surge from early adopters, but consolidated improvement requires time for MSPs and their clients to really put new platforms through their paces – understanding how well they integrated with the existing HR stack, what kinds of metrics they can deliver and where the added value really lies.
2024 is the year when a new type of technology-forward, talent-focused MSPs can support clients with effective recommendations, implementations and digital transformations.
4. 2024 will be the year of agility
2021 was the year when we all pivoted. 2022 was the year when we all bounced back. And 2023 was the year that promised so much in terms of business growth but, for so many reasons, never quite delivered.
The new year requires MSPs that can adapt to clients’ needs, rather than simply rolling out the same formula. As more and more organisations look to capitalise on the growth of the contingent workforce, requirements, solutions and expectations are becoming more diverse. If MSPs want to survive and thrive, they need to be able to adapt what they offer quickly.
In 2024, progressive MSPs will look to create bespoke solutions and build partnerships that measurably improve cost and time-to-hire.
5. The demand for contingent solutions is growing
Regardless of what else is happening in talent acquisition and recruitment, the number of contingent workers continues to increase at a steady rate globally. That’s good news for the sector and for solution providers.
Hays reports that ‘In the year ahead, it’s skills that will triumph over experience, with 75% of recruiting professionals predicting that skills-first hiring will become a key priority for their company. And with it will come much-needed access to a broader, more diverse pool of workers.
The combination of a growing contingent workforce and skills-first hiring will help to nudge more organisations towards a total talent solution. A skills-first approach positions contingent workers as an asset the business, who can be integrated with full-time employees to create a blended workforce that scales more easily as the organisation grows.
Conclusion
2024 is a real opportunity for recruitment teams to be less reactive and more focused on:
» Strategic workforce planning
» Technology that adds measurable value
» Supplier partnerships that deliver quality
Talent Acquisition functions have an opportunity to be more selective about how they bring in the right talent, skills and resources for the business. It promises a definite shift in how quickly and effectively talent acquisition can respond to changing business needs – and those TA teams are going to need an MSP can that match their pace.
If you require any support in reducing costs associated with building your contingent talent pool, get in touch with us and we can help you!