PRESS RELEASE

Assessing the Supply Market for Pertinent Contracted Workforce for Manufacturing Companies

Jul 7, 2017

SpendEdge’s latest supply market intelligence on contractual temporary workforce helps manufacturing companies identify the top suppliers in terms of contract terms and agreements, service offerings, and revenue.

Temporary/contractual employment trends

The increasing requirement for skilled employees across industries is boosting the demand for temporary or contractual employment. The demand for temporary staff is usually attributed to the need for specific tasks or during specific periods and provides an opportunity to test new employees before hiring them permanently. Technological innovations such as applicant tracking system (ATS) and customer relationship management systems (CRM) tools are enabling organizations access to larger talent pools and results in a quick hiring process. Companies are also leveraging technological innovations to maintain a database of job applicants and use it to source candidates when the requirement is high or time sensitive. The supply market intelligence study by SpendEdge on temporary or contractual employment provides a comprehensive knowledge of the several aspects of supply market such as price negotiation strategies, supplier types, and performance evaluation criteria. The study also helps companies assess the supply market for contracted workforce and identify potential growth opportunities in both domestic and international markets.

In 2015, the industrial sector employed around 35% of the total temporary and contract employees in the market. The phenomenal growth of the industrial and manufacturing sector is creating immense employment opportunities for economically backward communities. This sector offers flexible and dynamic workspace and ensures higher mobility of the temporary employees. The growing need for skilled-based labor is driving the demand for temporary employees in this industry.

Developing centralized procurement solutions

The widening skill gap is encouraging organizations to implement centralized procurement solutions to adapt to the dynamic trends in the staffing market.  The introduction of these solutions will help companies to optimize their supply management operations and result in procurement transformation. These systems are designed to evaluate the metrics of the procurement business processes, current procurement talent management practices, performance metrics, and tools. Centralized procurement solutions help improve the talent management operations and ensure strategic sourcing processes.

Solutions SpendEdge offer to businesses

SpendEdge’s supply market intelligence on temporary or contractual employment helps manufacturing companies assess the supply market dynamics, price negotiation strategies, market trends, and key supplier engagement models. The solutions offered are listed below:

  • Offer comprehensive information on suppliers’ service offerings and cost structure, factors influencing contract terms, pricing, and service level agreements
  • Help shortlist the best-suited contracted workforce suppliers in the market
  • Provide a detailed overview on how to reduce the overall category spend, benchmark the pricing standards, and effectively identify the top suppliers
  • Deliver insights into the supplier cost breakup and suppliers’ performance evaluation criteria
  • Design and develop strategies to improve the sourcing and procurement process

Read our complete case study titled – SpendEdge’s Supply Market Intelligence Helps a Leading Manufacturing Company

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