The modern economy is witnessing a significant transformation in the composition of its workforce, with the contingent workforce playing an increasingly pivotal role. In 2024, understanding the key contingent workforce trends is crucial for organizations striving to maintain a healthy roster of talent. This article explores the rise of the contingent workforce, global statistics, factors contributing to its growth, and the importance of grasping these trends. Additionally, it delves into the key trends shaping the contingent workforce in 2024 and common challenges faced by organizations. The Rise Of The Contingent Workforce In The Modern Economy The contingent workforce has experienced exponential growth globally, with the contingent workforce management market projected to reach $465.2 billion by 2031. In the US alone, 40% of the workforce is made up of contingent workers, and this number is expected to rise to 50% by 2050. Factors Contributing To The… [Read More]
The Labor Dilemma: What’s Reshaping the Workforce?
America’s unemployment rate has defied expectations, holding steady at under 4% for nearly two years. This stagnation isn’t just a pandemic-related blip; it’s a deep-rooted issue that has been brewing for decades, manifesting in labor disputes in major industries like automakers and airlines. Labor shortages are evolving into a crisis, set to impact wages and turnover. The workforce has been sounding alarms for years, citing baby boomer retirements, declining birth rates, shifting immigration policies, and evolving worker preferences as the culprits. As the labor market softens, these factors are unlikely to change significantly in the near future. In this article, we’ll explore the causes of the labor crisis, including the role of technology, and investigate the rising preference for contingent work arrangements among both employers and workers. Shifting Worker Preferences In recent years, one of the most significant forces shaping the labor market is the… [Read More]
Contingent Workforce Planning: Best Practices for Success
Businesses, regardless of their size or structure, are continually in pursuit of a competitive edge. Their primary goal is to identify strategies that can elevate them above their competitors. In recent times, an increasing number of companies have turned their attention to reevaluating their workforce as a means to gain a strategic advantage. The convergence of technology and shifting societal values has led to a notable surge in the significance of contingent workers. Additionally, there has been a growing emphasis on achieving a healthy work-life balance, which has contributed to the rising popularity of non-traditional employment. Consequently, contingent workforce planning offers a path forward for many organizations. This article will discuss the best practices for building a successful contingent workforce. Creating a Contingent Workforce in 8 Steps In 2021, Staffing Industry Analysts (SIA) counted 52 million contingent workers within the United States, representing 35% of… [Read More]
Hiring Interns: A Cost-Effective Way to Expand Your Workforce
Summer internships are a valuable stepping stone for companies to identify and hire top talent. However, organizations must recognize that simply offering internships is not enough. To truly unlock the full potential of these programs, companies must ensure that their initiatives deliver substantial benefits to both the interns and the company itself. Unfortunately, not all companies excel in this regard, often overlooking the importance of creating impactful and meaningful internship experiences. In this blog post, we will explore the advantages that internships can bring to both interns and companies when thoughtfully designed and executed. Advantages Of Hiring Interns Reduced Labor Costs Hiring interns can be cost-effective for organizations, as they often work for lower wages. As reported by CNBC, a significant 60% of interns receive compensation for their work. On average, these paid interns earn an hourly wage of $20.82. This helps businesses allocate their… [Read More]
The Power of Contingency Recruiting: Meeting Talent Needs
Introduction In today’s rapidly evolving business landscape, the success of any company is heavily reliant on its ability to attract and retain top-tier talent. This pursuit has led many companies to explore alternative methods of recruitment, with contingency recruiting emerging as a popular and effective solution. In this blog post, we will delve into the concept of contingency recruiting, its advantages, and why companies are increasingly turning to this approach to fulfill their talent needs. What is Contingency Recruiting? Contingency recruiting is a recruitment strategy in which a company engages external recruiters to identify and present suitable candidates for open positions. Unlike traditional recruiting, where a company pays a fee only upon the successful hiring of a candidate, contingency recruiting agencies are only compensated when a hired candidate is placed. This payment is typically a percentage of the candidate’s first-year salary. Advantages of Contingency Recruiting… [Read More]
Contingent Workers: The Key to Achieving Business Agility
In today’s fast-paced and ever-evolving economy, businesses must be agile and adaptable to stay competitive. Companies achieve this flexibility by relying on contingent workers, who are hired on a temporary or contract basis. Contingent workers bring specialized skills, expertise, and flexibility to the workforce, allowing businesses to respond quickly to changing market conditions and scale their workforce up or down as needed. In this blog post, we’ll explore why contingent workers have become essential to the modern workforce and how they can help businesses thrive in today’s dynamic business environment. The Rise Of The Contingent Workforce Business agility is the ability of a company to respond rapidly to changes in the market, technology, or customer needs. In today’s fast-paced and ever-changing business environment, agility has become a crucial factor for the survival and success of companies, large and small. Being agile enables companies to adapt… [Read More]
Contingent Workforce Trends in 2023
Organizations face challenges in 2023 that are unlike anything they have seen before: a competitive talent landscape, an exhausted workforce, and pressure to control costs. As a result, more and more companies are turning to contingent workers to fill their needs. Why? The answer is simple. Contingent workers allow businesses to hire temporary help without having to invest in a full-time employee. Here are five contingent workforce trends in 2023. Contingent Workforce Trends in 2023 “Quiet Hiring” When it comes to hiring, one size doesn’t necessarily fit all. That’s why many companies are shifting their approach. Rather than relying on traditional methods like job boards and career fairs, they’re turning to “quiet hiring.” This strategy involves finding candidates through referrals and social media and tapping into the hidden talent pool of passive candidates who aren’t actively searching for a job but would be a… [Read More]
How Contingent Workers Can Help Fill Talent Gaps This Holiday Season
The holiday season is one of the busiest times of the year for small businesses. Sales are booming, and customers are flooding your doors with requests. That’s why it’s essential to have a plan in place to ensure that your business can still run smoothly during this busy time. One way to increase efficiency while reducing overhead costs is by hiring contingent workers to fill talent gaps left by your regular employees. Fill Talent Gaps This Holiday Season Contingent workers are an essential part of the workforce. They can help with talent gaps and bridge the skills divide, and they often provide more flexibility than full-time employees at a lower cost. As the holiday season gets underway, U.S. small businesses will significantly benefit from contingent workers’ flexibility, cost efficiency, and ability to perform niche responsibilities quickly. What Is A Contingent Worker? Contingent workers do not… [Read More]
Common Mistakes Businesses Make When Hiring Freelancers
Many American professionals are saying “goodbye” to the nine-to-five and embracing freelance work with open arms. The flexibility, pay, and remote options are attractive for workers. At the same time, lower costs and accessible talent are valuable to businesses that may not need or want to hire a full-time employee. Hiring freelancers is an excellent way for companies to get the expertise they need without putting too much of a strain on their budget. However, hiring freelancers can be complicated and fraught with pitfalls for small businesses. Here are some tips to avoid common mistakes and hire freelancers effectively. Common Mistakes When Hiring Freelancers Not Understanding The Cost Of Hiring Freelancers When hiring a freelancer, you need to be clear about what compensation will be given. You should also clearly define what type of compensation it will be and how that type of compensation will… [Read More]
10 Benefits Of Hiring A Staffing Agency To Fill Your Temp Positions
As a business owner, filling positions with quality candidates is difficult. Hiring a temporary employee through a staffing agency like NexusCW helps you hire the right candidate without worrying about stressful tasks. Here are the top ten benefits of hiring a staffing agency to fill your temp positions. 10 Benefits Of Hiring A Staffing Agency Save Time On Recruiting And Interviewing As a small business owner, you know how tedious the recruiting process can be. You must find and screen candidates, schedule interviews, extend offers, and onboard. But when you use a staffing agency to fill your temporary jobs, all this work is taken off your plate. A good staffing agency will assist throughout the hiring process, from reviewing resumes and conducting phone screens to scheduling interviews and coordinating references. This can simplify your workload and help ensure that you hire only top performers. Put… [Read More]
