6 Benefits of Workforce Optimization for Companies

Workforce optimization allows companies to get the talent access, agility and cost efficiency needed to succeed in the future of work.

Finding the talent you need to effectively run your business is no easy feat. The modern workforce environment is increasingly trending towards remote and independent labor. Businesses that embrace this change by aligning their workforce with a strategic mix of full-time, independent, and offshore talent are increasingly competitive and agile.

Here are six benefits of optimizing your workforce for the future.

1. Access top talent
2. Efficient, happier workforce
3. Increased agility
4. Operating leverage
5. Cost savings
6. Compliant engagements

1. Access to Top Talent

By shifting focus from hiring an employee for a specific job to engaging independent talent for a defined project, organizations can re-think the type of talent they hire for. For example, independent talent are often more cost effective than hiring an employee who may require a costly benefits package and the prospect of continued employment even after a particular project is complete.

And thanks to evolving technology, finding and engaging top talent is becoming easier. Marketplaces like MBO’s provide on-demand, direct access to independent professionals who are highly skilled in their area of expertise, be it coding, marketing, or website design. Marketplaces are used to quickly and strategically fill project needs based on required skills.

2. Efficient, Happier Workforce

With the ability to engage talent on an as-needed basis, organizations can realize increased output and higher satisfaction and productivity levels among independent talent. As competition for skilled talent increases, the more organizations can do to prioritize talent well-being, the better. A streamlined work experience, clear onboarding process, and quick and fair compensation go far in creating an attractive workplace and keeping independent talent happy and productive.

3. Increased Agility

A blended workforce also provides the ability to scale work up and down depending on market needs. This approach allows businesses to more easily meet budget constraints, quickly react to project demands, and remain open to innovation.

4. Operating Leverage

Rather than relying on a third-party intermediary such as a consulting firm or staffing company to fill talent needs, enterprises are increasingly implementing a direct sourcing strategy—allowing managers to source talent internally. Moving recruiter functions in-house allows companies to avoid costly third-party markups. Furthermore, an internal recruiter who understands where and how to find independent talent can proactively stock a company’s talent pool, allowing for on-demand deployment for current and upcoming projects.

5. Cost Savings

There are many cost savings opportunities that accompany workforce optimization. Three key benefits include flexibility in talent acquisition, which can lower payroll costs and time-consuming recruiting activities, the ability to move recruiter functions in-house, which can reduce third-party recruiting costs, and reduced compliance risk, which can help reduce the costly lawsuits, fines, and penalties associated with worker misclassification.

6. Compliant Engagements

Whenever a company engages an independent contractor, it is important to ensure that they are properly vetted and engaged. Workforce optimization goes hand-in-hand with the latest technology, which increases transparency into independent workers, minimizing the risks and costs embedded in legacy practices such as managers using their own networks to find talent, or payrolling all independent contractors regardless of their background. Organizations such as MBO Partners provide a trusted methodology for evaluating and engaging independents, and mitigating the risk of worker misclassification.

For more information on optimizing your workforce, get in touch with our team of experts today.