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| James Lucier of Workspend(TM)/USTS Group, a Master Services Provider (MSP) at the upcoming marcus evans Chief Procurement Officer Summit 2012, on the areas of the talent supply chain management function that deserve more attention. |
NEW YORK, N.Y., Oct 11, 2012 - (ACN Newswire) - Organizations have been slow in implementing supply chain management principles to the procurement of contingent labor, thus they may be exposing themselves to risks, limiting their access to talent and paying more for their contingent workforce than they need to, uncovers James Lucier, VP Workforce Solutions, Workspend(TM)/USTS Group. Chief Procurement Officers (CPOs) must align talent strategy with business strategy and apply the principles of supply chain management to the talent supply chain, he adds.
Ahead of the marcus evans Chief Procurement Officer Summit 2012, in Weston, Florida, December 2-3, where Workspend(TM)/USTS Group will be present, Lucier turns the focus to how CPOs could drive their organizations forward by better managing the procurement of contingent labor.
- From your perspective, what issues are CPOs struggling with today?
At the most basic level, CPOs are trying to make their procurement dollars go further by getting the best value for their money. But the cost of acquiring and retaining contingent labor, the critical flexible workforce every organization needs, is a significant expense that is getting increasingly complex and difficult to manage.
- How could they reduce their labor spend?
Effectively managing contingent labor spend may be more about controlling spend than reducing it, though many organizations we work with often achieve 15 per cent or greater cost reduction. Most organizations aim to grow, which requires more talent and resources. So, first and foremost, managing contingent labor spend requires complete visibility into the spend, as well as the supply of talent and resources.
Contingent labor spend includes both direct and indirect costs. Direct costs are the costs of labor; indirect costs are administrative costs and shared or soft costs. There is also an opportunity cost to positions being left unfilled and needs unmet. CPOs should have clear visibility into all the costs associated with their contingent labor program, and keen insight into talent acquisition, management, retention and optimization within their organization. In our experience, many organizations have the opportunity to reduce contingent labor costs by 15 per cent or more, expand their access to talent, improve compliance and enhance risk mitigation.
- What risks should they pay more attention to?
The underlying risk in any contingent labor program is not having access to the talent an organization needs on-demand - when, where and how it is needed. The overarching risk is compliance with labor laws and other statutory, industry and organizational requirements.
Between those risks lies the financial risk. Talent comes first and compliance is above-all, but what about cost? Is the organization spending too much for the talent it needs? Is it wasting money through inefficiencies in the talent supply chain? Are direct costs too high, and do indirect costs secretly siphon money from budgets?
All of these risks can be managed and costs can be controlled and even reduced, as CPOs apply the principles of supply chain management to the talent supply chain.
About the Chief Procurement Officer Summit 2012
This unique forum will take place at the Hyatt Regency Bonaventure, Weston, Florida, December 2-3, 2012. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. For more information please send an email to info@marcusevanscy.com or visit the event website at www.cpo-summit.com/JamesLucierInterview
The Finance Network - marcus evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations.
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Please note that the Summit is a closed business event and the number of participants strictly limited.
About Workspend(TM)/USTS Group
Workspend(TM) is the next-generation Managed Service Provider (MSP), from USTS Group, leveraging industry best practices in talent acquisition and workforce management, with best-in-breed vendor management technology, applying comprehensive analytics and actionable business intelligence, to manage your contingent workforce and optimize your talent supply chain to better compete in a global economy. www.workspend.com, www.ustsgroup.com.
Contact:
Sarin Kouyoumdjian-Gurunlian
Press Manager, marcus evans, Summits Division
Tel: + 357 22 849 313
Email: press@marcusevanscy.com
Topic: Research / Industry Report
Source: marcus evans Summits
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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