Metrics are powerful tools -- and they're critical to managing and optimizing your contract workforce program, yet the data doesn’t automatically convert to better results.
Whether you're tracking the wrong KPI's (Key Performance Indicators) or failing to use the numbers strategically, mis-managing metrics can, and will, lead your organization in the complete opposite direction of where it needs to be to remain competitive in today's gig economy.
Global spend on contingent labour is estimated at just under 0 billion. Yet, even as this number is expected to explode within the coming decade, nearly 60 per cent of these costs is unaccounted for in financial planning, forecasting and annul budgets within the average organization.
Know more about the network installer salary.
This begs the question:
What types of metrics will help you better manage contingent spend?
There are many different KPI's organizations can use, and learning how to identify and leverage the data will take time and experience; however, it's imperative that the ones you choose directly reflect the goals your organization has set for its contingent worker program. Typically, these goals involve: cost, quality, efficiency, and risk.