Enhancing Business Agility: How Resourgenix’s Contingent Workforce Management Boosts Cost-Effectiveness
In today’s rapidly changing economic landscape, businesses seek agile solutions to navigate the intricate domain of contingent workforce management (CWM). As companies strive for both competitiveness and cost-effectiveness, Resourgenix stands out as a beacon in the field, helping companies achieve both. In an era where agility is key, Resourgenix stands out with innovative CWM and Recruitment Process Outsourcing (RPO) programs. Specializing in cost-effectiveness without sacrificing talent quality, the company relies on market research, transparent communication, and client alignment to provide companies with agile solutions to their recruitment needs.
“In determining the rate components and mark-ups for different contingent workforce roles we ensure that we work with the client to balance being competitive whilst reviewing cost-effectiveness,” tells Anne Rutledge, the executive director of talent solutions at Resourgenix.
This requires a blend of analyzing the market and the cost considerations of each company. A review of the company’s competitors and their offerings also serves as a good indicator of what the market demands.
Balancing Quality, Flexibility, and Compliance:
Resourgenix’s sophisticated approach to CWM isn’t merely about setting the right prices. A pivotal aspect of their service is striking the delicate balance between securing fair rates from suppliers while ensuring that talent quality isn’t compromised. Grasping the market dynamics and the available skills, along with regular assessments of the rates paid in the Contingent Workforce Program (CWP), is essential.
By offering clients clear insights through reporting dashboards on their spending and payments per role, including any outliers, Resourgenix paves the way for more strategic decision-making.
Notably, the impact of Resourgenix’s advanced CWM solutions isn’t merely theoretical. Their achievements speak for themselves, reflecting their commitment to operational excellence and client satisfaction.
Resourgenix’s contingent workforce programs have led to 99% accuracy in timesheet submission, approval, and invoicing. This efficiency has cut the payment cycle by an additional 20 to 30 days, helping companies meet their obligations to pay their valuable suppliers within the agreed payment terms.
Flexibility remains at the heart of the Resourgenix model. As economic conditions evolve, influencing labour costs and availability, the company’s strategies remain fluid, continuously adapting to ensure they meet the ever-changing demands of the industry.
A Vision for Future Innovation:
In the complex world of CWM, payment cycles, notorious for their complexities, can pose significant challenges. However, Resourgenix implements technological solutions to streamline these processes for both clients and contingent workers.
According to Rutledge, the automation of payment cycles is essential. Moving to an ecosystem that offers visibility of the entire contingent lifecycle, including payment to suppliers, streamlines the process and manages cost more effectively. Implementing a centralized payment system that integrates with the VMS technology platform consolidates payment processing, reduces manual intervention, and minimizes errors.
While cost-effectiveness is paramount, compliance can’t be overlooked. Resourgenix emphasizes the importance of aligning its rate components and mark-ups with relevant labour laws and industry standards, ensuring that client businesses remain protected.
The implementation of a VMS technology platform allows companies to have clear visibility of rate components and ensures compliance with legislation. Compliance with labour laws and tax regulations is paramount, and as the CWP service provider, we conduct regular audits to confirm the accuracy of payments, prevent errors, and guarantee adherence to regulations for our clients.
In an ever-evolving market, the potential for trade-offs between quality and budget constraints is ever-present. Your CWP provider must be attuned to market trends and skill availability. Rare and hard-to-find skills often command a premium, and this factor must be considered when evaluating your overall cost structure.
Closing the loop, Anne shares her vision for the future of Resourgenix’s CWM solutions, emphasizing adaptability, risk mitigation, and alignment to global best practices while still catering to specific market needs.
“Our CWP programs encompass four components: People, Process, Technology and Analytics, and we have created a program that is flexible and adaptable to companies changing needs,” Rutledge comments. “We currently run the biggest CWP program in South Africa and we continuously look at ways to assist our clients in becoming more agile and flexible with their contingent workers without compromising their cost, compliance and customer satisfaction.”
Resourgenix continues to redefine how businesses approach contingent workforce management, striking the optimal balance between agility, cost-effectiveness, and compliance. For hiring managers and C-suite executives seeking streamlined solutions, Resourgenix undoubtedly offers the expertise and strategies to propel businesses into the future.