Total Workforce Management or Total Talent Management, is an emerging workforce strategy that gives employers the ability to make better data-driven decisions about which type of resource is most appropriate for their business needs. A Total Workforce Management System integrates both an organization's full-time and contingent workforce, breaking the traditional barriers between permanent and non-permanent workers.
Organizations today rely on many types of talent well beyond the traditional employee to meet their business objectives. As employers continue to invest in contingent talent, it's estimated that nearly half of the average company's workforce will consist of non-permanent workers as of 2020.
Furthermore, as a result of the COVID-19 pandemic, a recent study conducted by Gartner revealed that 32 per cent of organizations are replacing traditional employees with temporary talent as a cost-saving measure.
As a result, employers can no longer manage their traditional and contingent workforces in silos.
The key to Total Workforce Management
A total workforce management strategy is one that considers all resources available to fulfill a business objective. This involves an in-depth assessment of the project or job role and the identification of the appropriate resource - including traditional employees, contingent workers and technology.
This type of workforce management brings together Human Resources, typically tasked with traditional employment engagements, and Procurement, which is typically tasked with engaging contingent workers. Together, these departments can ensure a standardized approach to talent acquisition across the entire organization.
What are the benefits of a Total Workforce Management System?
A total workforce management system puts organizations in a better position to make data-driven and strategic talent acquisition decisions without silos and fractious processes used by companies with a less agile approach to hiring.
Research Firm, Ardent Partners released figures detailing the top perceived benefits of this type of a total workforce management model as identified by over 275 business leaders.
Enhanced visibility into the total talent pool (80%)
Who is currently available on staff to handle a crucial initiative? Which contingent workers are best suited to take on a critical project? The information will help employers find the best match between the project or job role and talent.
More intelligent decision-making (64%)
When a new need for talent arises, organizations that are quickest to respond and with greater clarity are more likely to achieve their business objectives.
Reduction of overall labor spend (62%)
Human Resources and Procurement can help employers identify and leverage the best combination of workers and technologies and services across the entire organization.
Enhanced alignment between projects and the talent they require (57%)
By leveraging integrated technologies like online talent platforms, Recruitment Process Outsourcing, RPO, recruiting and a Vendor Management System (VMS), algorithms that match talent can result in a more ideal fit between the worker and the project or job role.
Seamless processes from requisition to project completion (54%)
With greater visibility into their workforce and with the use of integrated technologies, employers will be able to better standardize and streamline every stage of talent acquisition.
Better quality of data regarding all enterprise talent (50%)
Visibility in the form of deep data, intelligence and insights is critical in today's highly-globalized world. A management system will help employers understand the reach of their talent network and make better data-driven decisions.
Organizations that want to build a total workforce management program must have a fully formed business case to bring to key stakeholders within the organization. To get the critical buy-in needed, stakeholders must be aware of the risks involved in contingent workforce management.
To learn more about how competitive organizations are managing contingent worker risk, download our free white paper: A Checklist for Contingent Worker Risk: