HRO Today March 2021 - 52
Contingent Labor
Gaining Ground
Growing talent pools, managing costs, and maintaining compliance are a
few ways MSPs have stepped it up during the COVID-19 recovery.
By Marta Chmielowicz
The economic disruption of COVID-19 has highlighted
the importance of workforce flexibility, leading to a rise
in contingent labor hiring nationwide. According to PRO
Unlimited's Fall 2020 Labor Market Report, contingent
hiring declined by 56% in the first half of 2020 but quickly
returned to pre-COVID levels by July, resulting in a 9%
increase year-over-year by September.
" When the pandemic shock hit, we saw a very sharp initial
decrease in overall full time and contingent job postings in
the large set of data we track across industries in our Total
Talent Intelligence® engine, " says David Trachtenberg,
chief marketing officer at Workforce Logiq. " However,
there are important sector-specific differences that clearly
presented themselves over the year as the pandemic
evolved. "
For example, Workforce Logiq's data shows that in 2020,
companies in the technology, communications, and
engineering sectors experienced double-digit growth in
contingent hiring volume while those in the automotive,
[52]
HRO TODAY MAGAZINE | MARCH 2021
travel, and entertainment industries saw double-digit
decreases in contingent job postings. After the steep
economic decline of the first two quarters, job postings
across sectors grew nearly 20% by the end of 2020.
" According to our Annual Workforce Management
Benchmark Report, 60% of major industry sectors ended
the year with above average workforce volatility; however,
the fourth quarter showed marked improvement with
all but three sectors displaying decreased volatility over
the quarter-the sign of a stabilizing labor market, "
Trachtenberg explains.
While the labor market may be recovering, Stacie
Habegger, chief sales officer at The ActOne Group, says
that many companies are betting on contingent labor as
a less risky alternative to supplement their workforce in
a time of uncertainty and fill gaps created by the shift to
work from home, challenges with childcare, and illness.
Brannon Lacey, president of PeopleScout, says that
https://www.prounlimited.com/resource_labor_market_report_fall_2020.php
https://www.workforcelogiq.com/white-papers/workforce-management-annual-benchmark-report/
https://www.workforcelogiq.com/white-papers/workforce-management-annual-benchmark-report/
HRO Today March 2021
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