Dublin, March 29, 2023 (GLOBE NEWSWIRE) -- The "Global Contingent Workforce Management Market Size, Share & Industry Trends Analysis Report By Type, By Industry, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Contingent Workforce Management Market size is expected to reach $325.7 Trillion by 2028, rising at a market growth of 10.1% CAGR during the forecast period.
Effectively locating and involving non-permanent employees in a firm is contingent on workforce management. Tasks like recruiting and allocating are part of it. A company may grow due to the flexibility of this labor. Although customers may be required to give independent contractors a good amount of autonomy over the project, it is crucial to regulate the quality of their job because the firm is ultimately responsible.
To put it mildly, the composition of non-permanent labor is complicated. Yet it has several benefits, including the capacity to scale resources quickly and access to specialized expertise, as well as the flexibility to fulfill projects and satisfy seasonal demand. But, the full potential of contingent labor cannot be realized without efficient administration.
As an illustration, resources in one business area could satisfy a need in another. Given the non-permanent workforce's flexibility, CWM must ensure employees have a great experience.
The experience of contingent labor is just as crucial as the experience of company employees. Their encounters with the firm affect its reputation and can determine whether a person would consider returning to work for the company or accepting a permanent position should one become available.
Whether they would suggest working for the company to friends and family is also based on their experience. One must ensure that each contingent workforce member receives the assistance they require, which will change depending on the kind of contingent worker.
COVID-19 Impact Analysis
COVID-19has brought about several concerns that have resulted in significant economic losses as several enterprises all around the world have come to a halt. Due to employee health problems and a decline in the industry for IT services, the demand for contingent workforce management reduced.
The establishment of new projects for contingent labor management has been hampered by the economic slump since the bulk of government financing was transferred to the healthcare industry due to the COVID-19 rapid spread, which had a significant negative influence on the market.
Market Growth Factors
Reduced Company Expenses
Workers who are contingent frequently have a high level of specialization. Organizations may occasionally require specialized professionals for certain initiatives, but rarely on a regular basis. Companies can hire contingency workers to assist them rather than investing money in internal employee training. Working with a contingency specialist has the additional advantage of their typical wealth of knowledge. The assistance they provide in reducing the company's operating cost is expected to boost the contingent workforce management market's growth in the projected period.
Growning work flexibility can be an advantage propelling growth
Employees all over the world increasingly appreciate flexible work schedules. Flexible alternatives boost productivity and the amount of time a person spends working. Flexible work schedules are advantageous for both employers and employees. Flexibility at work aids companies in luring top personnel. During economic expansions, higher profit margins are generated, and the use of contingent labor allows for the preservation of capital during crises. Today's corporate climate is evolving, thus, small firms need to be flexible and prepared to respond to shifting circumstances. These variables are expected to surge the market expansion for contingent workforce management.
Market Restraining Factors
Issues with contingent workforce management
Counterparty risk includes solvency risk, inherited responsibility resulting from lax operational controls, and vicarious liability resulting from lax labor law compliance. A network of direct and indirect suppliers is frequently part of an organization's general strategy for its contingent workforce. Due to this, second or third-level counterparty risks may not present in the regular interactions between employers and workers. Hence, these issues with contingent workforce management are expected to hamper the market growth.
Scope of the Study
By Type
- Flexible Staffing
- Permanent Staffing
By Industry
- Healthcare
- Retail Trade
- Manufacturing & Automotive
- BFSI
- Government & Public Sector
- Telecom & IT
- Business/Professional Service
- Pharma/biotech/medical equipment
- Real Estate & Rental Leasing
- Transportation & Logistics
- Others
Key Market Players
List of Companies Profiled in the Report:
- SAP SE
- Coupa Software, Inc.
- Ramco Systems Limited
- Avature Limited
- Beeline (New Mount Capital)
- The Bowen Group
- CXC Global
- Zeel Solutions Ltd.
- Magnit (EQT AB)
For more information about this report visit https://www.researchandmarkets.com/r/1iouik
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