The term "contingent workforce management" describes the tactical methods and strategic strategy used by businesses to efficiently manage and maximize their non-permanent or contingent personnel. Freelancers, independent contractors, temporary employees, consultants, and other non-permanent workers who are employed on a project basis or for a certain amount of time comprise this sector of the labor force. Recruitment, onboarding, task assignment, performance monitoring, adherence to labor rules and regulations, and payment processing are just a few of the many operations that make up contingent workforce management. Making ensuring that businesses have the necessary people on hand to accomplish goals while being flexible and economical is the aim of contingent workforce management.
According to SPER market research, ‘Contingent Workforce Management Market Size- By Type, By End User - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Contingent Workforce Management Market is predicted to reach 570.39 billion by 2033 with a CAGR of 10.73%.
Saving money and having more flexibility are the two main advantages of using contingent workers management for permanent labor. However, there are further factors that lead strategic firms to choose contingent labor over core workers when it comes to staffing their workforces. Cost reduction is a major factor in organizations' decision to use contingent labor rather than core staff. Employers are not required to pay independent contractors for downtime or unproductive labor. These workers are also not eligible for the same benefits that core employees are, like health insurance, holiday pay, sick leave, and vacation time. Employers only have to pay their workers when they use a contingent workforce. These are the main variables that are expected to increase contingent workforce management's effectiveness during the research period.
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There are several challenges that prevent the market for contingent labor management from growing further. The first issue with contingent labor agreements is that because of their dynamic character, it is challenging to manage and retain employees. Freelancers and gig workers may prioritize flexibility and autonomy above long-term commitments to a particular business. This might lead to problems with worker continuity and knowledge retention inside businesses. Second, there are several challenges to conquer while adhering to labor laws and regulations, particularly when overseeing contract workers throughout numerous nations with various legal frameworks. The requirement to maintain compliance with laws pertaining to worker classification, overtime pay, and benefits entitlements complicates the management of contingent workforces.
Impact of COVID-19 on Global Contingent Workforce Management Market
The COVID-19 pandemic has caused a great deal of concern, which has resulted in significant financial losses and the suspension of operations for many businesses worldwide. The decline in the IT sector and employee health concerns have ultimately led to a reduction in the need for contingent workforce management. This has impacted the expansion of practically every industry and caused an economic slowdown in a number of nations.
Improved and more inventive solutions incorporating contingent labor have been sparked by COVID-19. Businesses are starting to see the benefits of hiring external workforces as flexibility becomes the norm as a result of the epidemic and widespread lockdowns.
Additionally, some of the market key players are IMPARTX, PRO Unlimited Inc., Ramco Systems Ltd, SAP SE, the bowen group, Zeel Solutions Ltd., and others.
Global Contingent Workforce Management Market Segmentation:
By Type: Based on the Type, Global Contingent Workforce Management Market is segmented as; Permanent StaffingFlexible Staffing.
By Application: Based on the Application, Global Contingent Workforce Management Market is segmented as; BFSI, Business/Professional Service, Government (Excluding Education), Healthcare, IT and Telecom, Manufacturing- Automotive, Manufacturing- Consumer Products, Manufacturing-Others, Others, Pharma/biotech/medical equip, Real Estate and rental leasing, Retail trade, Transportation/warehousing/packaging.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Contingent Workforce Management Market Size
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