The Cost of Contingent Labor

Posted by Richie Capeles on Nov 11, 2015 9:06:56 AM

Most companies believe they have a good grasp on where spend occurs within their company. The truth is, very few organizations know exactly where their money is going because it is hidden in a line item somewhere on a general ledger.

Non-permanent labor is one of those cost that many seem to overlook. In 2015, $121 billion was spent in the US on non-permanent labor. Of that $121 billion, 55% is unaccounted for within the organizations that use these resources. Because of this lack of visibility and control over workers, organizations fail to see how much of their spend is in contingent labor. 

With so many different types of contingent workers (temps, freelancers, consultants, independent contractors, statement of work etc) few companies have adequate processes or technology for managing them effectively. Luckily, CoVest's partnership with HCMWorks can help.

Take advantage of our Talent Exchange and build your contingent workforce into a differentiating, competitive asset. Our services include:

  • Employer of record
  • Year-end expertise
  • Scalability 
  • Legislative compliance 
  • Risk mitigation 
  • And pre-employment screenings

Visit our website for more information,

Information brought to you by HCMWorks in collaboration with CoVest Sourcing Network

Click the image below to find out more about our benchmarking process

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Topics: Supplier News

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