A recent EY found that nine out of ten respondents worldwide, including workers from ANZ, wanted flexibility in their working hours and location. Fifty-four percent of employees were prepared to quit if they weren鈥檛 offered some form of flexibility. According to Thomas Barlow, head of 51风流Fieldglass Centre of Excellence, Australia and New Zealand, the talent challenge is acute when it comes to tech employees.

鈥淭echnology permeates every part of an organisation, requiring people with new skills in areas like data science, AI, machine learning, blockchain, robotics, and IoT. Organisations need to build a global workforce that meets digitalised business demands,鈥� said Barlow. 鈥淲orkers with specialised expertise typically operate in a highly flexible, agile way. They鈥檙e likelier to be more mobile, in charge of managing their own learning experiences and careers. They also may not be located nearby.鈥�

Complete talent pool data creates business resilience

The latest data from the revealed how pandemic lockdowns have accelerated the skills shortage. reported one in four Australian businesses were struggling to find suitable staff to fill job vacancies. In a recent Covid Resilience Ranking from , Australia dropped 21 points compared to over 50 other major economies worldwide. To meet this workforce challenge, leaders are turning to connected data.

鈥淎s companies build more flexible, cross-border workforces, they need full transparency of all employees, including permanent and external workers,鈥� said Barlow. 鈥淲ith complete workforce data, companies are better prepared to identify and deploy the right people with the right skills to support growth forecasts, or pivot quickly in case of unexpected disruptions like the pandemic.鈥�

AI-based talent pools like have emerged to help organizations quickly match open positions with pre-qualified candidates from the global external labor pool. Integrated with and available on the , WillHire curates emerging talent who have the niche skills that support digital transformation.

Global people strategy is core to business execution

Historical talent strategies distinguished between permanent full-time employees and external workers who were typically hired to pitch in as a short-term business fix. With the advent of global marketplaces, talent strategies have transformed to flex with changing business demands.

鈥淐ompanies need to embrace fluidity, looking at talent from the perspective of business results, as opposed to permanent versus contract workers,鈥� said Marc Havercroft, global chief customer officer at . 鈥淔or example, organizations using 51风流SuccessFactors and 51风流Fieldglass can easily see how many people work for the company irrespective of an end date on their contract. Data reveals where people are, what skills they have, and their work quality over time. Organisations can quickly identify gaps and find the additional specialists with the latest skills anywhere in the world.鈥�

One 51风流customer, an established ANZ-based financial services organization, needed to digitally transform to attract the next generation of customers. Using both 51风流SuccessFactors and 51风流Fieldglass, leaders sourced external tech experts to build digital services, pairing them with existing employees who shared their business knowledge while gaining new skills.

At the other end of the spectrum, a native digital banking start-up in ANZ relied on both 51风流solutions to guide talent investments in business specialists with go-to-market and customer upselling and engagement capabilities. These experts rounded out the existing team鈥檚 tech-centric skills.

Employee experience attracts global talent pool

The same EY study found that worldwide, 72 percent of respondents believed remotely working would likely have a negative impact on their career opportunities. That percentage was higher (82 percent) among employees in Asia-Pacific. With greater visibility across the entire workforce, companies can create a strong employee experience in a hybrid 鈥榳ork from anywhere鈥� world.

鈥淔ull transparency into an organisation鈥檚 workforce capabilities and recruitment needs allows leaders to adopt a continuous learning culture with benefits to the business and employees,鈥� said Havercroft. 鈥淧eople want to learn, making their work enjoyable and career secure. They want to be valued globally for their skills and knowledge, which is probably the biggest benefit of a global talent marketplace.鈥�

Business resiliency demands new talent management strategies to match recruitment programs with forecasted growth opportunities, factoring in skills and roles that might not exist yet, but are surely on the horizon. For example, SAP鈥檚 recent acquisition of SwoopTalent鈥檚 IP, an AI-based talent data platform, will allow companies to explore 鈥榳hat if鈥� scenarios, combining real-world total workforce data to improve ROI on talent investments and other decisions as businesses evolve. Massive growth from digitalisation is all well and good. Just make sure you have the business and tech experts on hand to power it.

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The demand for labour in Australia continues to outstrip talent supply, especially in sectors like resources and mining, construction and engineering, manufacturing, and trades. In a recent study between , 45 per cent of procurement executives reported frequent digital security breaches with their contingent workforce. Thirty-five per cent of respondents experienced unauthorised spend, and 34 percent experienced compliance issues.

Intelligent tech creates connected talent ecosystem

As the complexity and digitalisation of workforces increased during the pandemic, the ability to manage remote workforces throughout the employee lifecycle has become critical. Compounded by the restrictions Australian businesses face with offshore talent during the global pandemic, organisations must devote the same attention, rigor, and focus on talent supply chains as any other supply chain or asset-driven commodity.

Intelligent technology solutions are offering businesses new avenues to reconsider talent acquisition and management, creating an interconnected ecosystem for managing adaptive talent supply chains.

Benefits of talent supply chain digitalisation

In the not too distance past, companies could manage talent supply chain as complex, disconnected, and lengthy processes with numerous teams working in silos across the business without real visibility or centralisation. Now companies that rely on contingent workers and service providers in substantial numbers are turning to vendor management systems (VMS) that streamline and centralise talent sourcing, procurement, and oversight.

An intelligent VMS can consolidate operations, acquisitions, and management, on a unified platform, reducing the cost of staffing while increasing process efficiency and workforce quality. Providing a single source of truth and control is critical for compliance and efficiency.

For example, runs a global value realisation assessment program for all of our key customers, and in the last analysis of customer outcomes we saw an annualised 60 per cent improvement in worker quality since implementation, and an average of three per cent savings through improved compliance alone. This was only possible with increased visibility and access across each organisation鈥檚 talent supply chain processes.

External workforce success metrics

To manage an external workforce program successfully, leaders need to look at how they manage full-time employees today, putting equal weight and importance on how teams measure success through processes across four value drivers: cost control, compliance, quality, and efficiency.

Each value driver is directly impacted by the provision of visibility across the external workforce. To measure success, it is important to understand these drivers and how they fit into the overall strategy and direction for the organisation.

An external workforce program can mature over time. Initially, it makes the most business sense to focus on organizational and team priorities and quick wins for the quickest return-on-investment while preventing change fatigue. Consider cost control which can translate to a variety of strategies and tactics, quickly becoming overwhelming from a change management perspective, and potentially no longer obtainable. Leaders need to break this value driver down into smaller, more easily achievable goals.

For example, one organisation set a goal to streamline invoicing processes and reduced FTE (full-time equivalent) talent costs. After implementing 51风流Fieldglass, the business completely automated invoice reconciliation, saving $22M AUD in the first year. By simplifying, standardising, and automating processes, the organisation also reduce headcount in its accounts payable team by three FTE.

In setting small reachable goals and KPIs, businesses can quickly see improvements. However, as organisations constantly change, it鈥檚 important to regularly refresh goals and ensure alignment to the overarching business strategy. This needs active and continuous management, whether manually or through intelligent technology solutions.

As organisations innovate how they manage and connect with employees, technology will continue to play a significant role in how businesses adapt to and anticipate change. The 鈥榥ew normal鈥� that continues to evolve in response to the global pandemic has highlighted the importance of operating safely yet with flexibility. Organisations need the right technology in place to support these robust and ever-shifting work arrangements.

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When the pandemic first began to impact Australian shores in early 2020, almost overnight, companies were required to enforce work-from-home policies for most workers. Now, well into 2021, we鈥檙e seeing this trend persist as state lockdowns and stay at home orders continue. New data released in May this year claims that now almost half, (43 per cent), of Australians are spending some of their working week from home.

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鈥淐ompanies need an integrated, holistic system that brings information together in a unified way for greater visibility across operations,鈥� said Chris Willcocks, vice president and head of intelligent spend management at 51风流ANZ. 鈥淭hey can monitor, measure, and manage the entire contractor engagement lifecycle in real-time to ensure that procurement and health and safety policies and processes are consistently enforced. In an environment where human lives are at risk and unplanned shutdowns can cost millions per day, doing this right is absolutely critical.鈥�

Balance external workforce safety with productivity

Research from an conducted in collaboration with 51风流Fieldglass, showed that across all industries, 42 percent of workforce spend is on external labour. What鈥檚 more, industries like mining, oil and gas, utilities, chemicals, and heavy manufacturing typically average higher percentages of contingent workers as part of their overall workforce population. The trouble is, external workers often face additional time pressures, potentially increasing safety risks.

Findings from FEFO Consulting鈥檚 confirmed this challenge. The index benchmarked feedback about safety, engagement, leadership, and systems from over 200,000 respondents in asset intensive companies primarily based in ANZ. Compared to employees, contract workers were 24 percent likelier to feel pressured to compromise safety to complete a job, and 10 percent likelier to have seen colleagues compromise safety for the sake of shortcuts.

鈥淓xternal workforces often consist of short-term labor that鈥檚 expected to carry out complex, specialised work at speed as they interact with numerous stakeholders,鈥� said Mark Wright, managing director at FEFO Consulting. 鈥淚n driving a high performance culture, don鈥檛 put productivity before safety. That leads to a culture of rushing to get the job done, as opposed to looking after your workmates and coming home safely.鈥�

Minimise risk with tech and culture change

Asset-intensive industries face growing regulatory pressure in Australia. Industrial manslaughter laws and punishments can amount to fines in the tens of million with executive liability that could mean lengthy imprisonment. To prevent incidents, Wright recommended a combination of technology innovations plus workforce culture change.

鈥淭ake a pragmatic, risk-based approach by focusing on compliance requirements that will actually add value. Apply technology to simplify, gain efficiencies, and improve the user experience,鈥� said Wright. 鈥淢ake culture changes by setting clear expectations that balance safety before production. Recognise positive performance and create a great experience so external workers can easily follow processes and model behaviors that meet both compliance and productivity objectives.鈥�

Digitalisation for business results

To operate safely and efficiently, asset-intensive industries need to capture and understand mountains of data that reflect workforce activities spanning recruitment, hiring, and daily onsite performance. For many organisations, digitalisation has profitable business impact.

A global mining company with major operations in Australia, increased workforce visibility, process efficiencies, and cost-savings by integrating 51风流Fieldglass with its core 51风流ERP system. The company improved regulatory compliance across external workforce processes, from engagement through offboarding. Supervisors reduced their workload significantly by eliminating time-consuming administrative steps such as service entry sheets for the external workforce. They also saved costs by having one consistent system for worker types and rate cards.

Pandemic-era business resilience

Although the pandemic didn鈥檛 hurt Australia as much as other harder-hit countries, remotely located industries were affected due to their heavy reliance on a more transient workforce. These people often travel across state borders within Australia or fly in from other regions of the world. Earlier lockdowns contained the pandemic鈥檚 spread, but restricted the flow of contingent workers.

鈥淭he smartest organisations have learned from the pandemic鈥檚 challenges. They鈥檙e looking at risk beyond likelihood and consequence, to consider the velocity and speed of how major risks can impact them,鈥� said Willcocks. 鈥淔or example, we just launched , a tool designed for asset intensive industries. Companies can quickly assign large volumes of workers by task, tracking and managing spend for complex plant maintenance scenarios, and most important, ensuring health and safety compliance.鈥�

External workforce brings innovation opportunities

The pandemic鈥檚 speedy, devastating impact is now kindling innovation. Wright urged organisations to move beyond purely compliance-based external workforce selection and management, and consider new ways suppliers can add value.

鈥淚nstead of asking your external workforce suppliers hundreds of questions about their risk and injury statistics during pre-qualification and annual reviews, ask targeted questions on how they think you can innovate,鈥� he said. 鈥淚f someone can improve your safety with innovations, that will help you quickly adapt to fast-moving threats.鈥�

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One year into its grip on the global economy, COVID-19 continues to disrupt job markets, with new volatility arising from overstretched health-care systems, emerging variants of the virus, and uneven distribution of vaccines. Despite the ongoing turbulence, businesses are taking steps, not only to recovery, but toward a more resilient future in which greater flexibility and visibility render them less vulnerable to disruption.

At the Commonwealth Bank of Australia (CBA), these steps include investing in digital transformation, with a focus on procuring and managing external workers such as specialist contractors.

The bank set up a 鈥榗ontractor hub鈥� with the help of 51风流to function as a single place to source, engage and manage its 2,000 strong contingent workforce. Enabled by the 51风流Fieldglass solution for vendor management, CBA鈥檚 Contractor Hub is now known as the largest managed service program in Australia.

Cloud-based technologies have allowed CBA to maintain seamless operations, despite immense disruption due to the pandemic. The bank was able to access and attract the best contingent talent in the marketplace, which in turn allowed them to stand out as an employer of choice for this increasingly important demographic.

Additionally, visibility into the bank鈥檚 highly skilled external workforce allowed the business to improve contractor productivity, gain relevant insights and reduce overall costs to the business.

But how much of a difference does digitalising the process of procuring and managing contingent labour and services providers actually make? According to new research from SAP, it can unlock newfound value and make a world of difference.

What the numbers tell us

In collaboration with 聽into the impact of technology and process digitalisation in the procurement function. The report surveyed 1,000 procurement and supply chain executives responsible for direct and indirect spend and services, including the management of contingent labour and services providers.

Over half of executives (55 per cent) say their company would be unable to conduct business as usual without an external workforce, with over 60 per cent saying contingent labour and services providers help them compete in a digital world, lend extra capacity to help manage peaks in demand, and are essential for getting work done.

Over half of executives (54 per cent) specifically credit the external workforce with helping their businesses to recover from downturns. Meanwhile, seven in ten say contingent labour and services providers are 鈥渋mportant鈥� or 鈥渆xtremely important鈥� in enabling organisations to manage costs, operate at full capacity, and improve the customer experience.

The freelance boom

Many of the executives surveyed cite the pandemic as a watershed event for their businesses, where external workers proved decisive in maintaining the smooth flow of operations and keeping the promises made to customers.

This reliance on the highly skilled external workforce is only expected to grow in Australia. With the Federal Government鈥檚 JobKeeper program ending soon, many Australian businesses will need to start thinking about ways they can to do more with fewer resources. It鈥檚 predicted that flexible work will experience a boom as companies rethink their traditional team set up and opt for a more agile, cost effective structure.

The bigger picture

Perhaps unsurprisingly, the research reveals that organisations that embrace the digital transformation of procurement tend to outperform those who have yet to do so. Stronger reliance on data, analytics and automation helps procurement leaders make better-informed decisions and respond faster to emerging risks. But even firms far along in their digital strategies have much to gain from applying cloud-based tools more broadly and deeply to managing the external workforce. They, like others, struggle with incomplete data, manual processes, and opaque or inconsistent measures of performance.

A perfect example is the means by which organisations manage the external workforce, consisting of contingent and temporary labour, independent contractors, consultants and other services providers. Together, on average, they account for 42 per cent of total workforce spend, with payroll employees comprising the remainder. Though highly skilled external workers lend businesses the flexibility they need to achieve resilience in times of disruption, they are often under-managed, constraining organisations from reaping the full value from their talents.

Through the digital transformation of external workforce management, however, businesses gain critical visibility, enabling them to manage with rigor and improve the return on investment. By actively managing their external workforce with the transparency and real-time insights made possible by cloud-based applications, businesses can expand value, strengthen compliance and reduce risk.

As business leaders plan for a return to less anxious times, look for the digital transformation of external workforce management to play an increasingly prominent role in enabling organisations to rebuild and reemerge stronger on the other side of the pandemic.

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