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From Five-Star Data to 'Data as Value' for the Contingent Workforce
Andrew Karpie | May 8 2022
The human capital landscape, and particularly the contingent workforce (or “gig economy”), has seen radical shifts over the past 18 months due to the COVID-19 pandemic, remote working, new regulations, and a massive focus on diversity initiatives that have changed the way the work world functions. Any organization that employs talent or utilizes contingent labor has been forced to navigate all these challenges while balancing business performance to achieve financial goals.
Some Organizations are Behind the Curve
Early returns have shown that while some organizations are behind the curve in adjusting to this “new normal,” other companies have gained a competitive advantage by using high-quality data to make informed decisions.
To better understand the impact good data can serve within human capital management, consider the process of hiring and managing a worker. A variety of factors and questions must be considered before a worker is sourced, such as:
- Location: Can this position be sourced remotely, does this position need to be at a company site, is there flexibility as to which one, etc.
- Cost: How much should you pay for a specific position, what additional costs need to be considered in a selected location, etc.
- Compliance: What regulatory/compliance documentation and processes need to be addressed in a selected location, when do you need this worker to start, what skills/education and certifications are required versus nice to have, etc.
Worker Considerations
After a worker is sourced, different items must be considered, such as how much the organization saved on this worker, how this worker is performing, whether the company should consider converting this worker to a full-time employee, and more.
Given all these factors, it quickly becomes clear how complex the sourcing and management of labor can be. In fact, for each of the questions posed, having reliable data at a manager’s fingertips enables them to make better decisions that save companies time and money while mitigating risk.
Leveraging Five Star Data to Drive Cost Savings
Our new white paper, “Leveraging Five-Star Data,” looks at the five characteristics of high-quality data, which we at Magnit refer to as “Five-Star Data”: Accurate, Timely, Comprehensive, Unbiased, and Relevant. Correctly utilizing and obtaining this high-quality data can drive massive cost savings; with many organizations moving to a “hybrid” or fully remote workforce, the opportunity to leverage high-quality data to drive material cost savings is higher than ever.
With recent technology advancements and breakthroughs in collecting and processing data, data providers can confirm they are providing five-star data across these vast and robust datasets. For much more on five-star data, including avoiding data collection pitfalls and using data to drive massive cost savings, grab the white paper now.
If you’re interested in learning more about how Magnit is helping organizations implement winning contingent workforce programs globally, please contact a Magnit representative at info@magnitglobal.com.
Disclaimer: The content in this blog post is for informational purposes only and cannot be construed as specific legal advice or as a substitute for legal advice. The blog post reflects the opinion of Magnit and is not to be construed as legal solutions and positions. Contact an attorney for specific advice and guidance for specific issues or questions.