Staffing Industry: The Value of the Contingent Workforce
The contingent workforce is on the rise. Which is great for the staffing industry.
According to Staffing Industry, a recent survey of contingent workforce buyers worldwide reported their usage of contingent labor was rising. The percentage of the total workforce is at 16% this year.
The uncertain economy makes the flexibility and quality of a contingent workforce ideal for companies dealing with tough economic situations. Talent doesn’t just come neatly packaged in a well-trained, permanent hire, 9-5 employee. Instead, companies are valuing the diverse skills sets and flexibility that contingent workers bring.
This year, more than $2 trillion has been spent globally on this workforce, including independent contractors, work consultants, and agency workers. Nearly 50 percent of CW managers devoted the majority of their time to this role, up from 26 percent in 2005. Finally, seventy-six percent of large companies have a vendor management system in place to help manage their contingent workforce.
Contingent workers managers was an unheard of occupation. Now they command six-figure salaries and hold indispensable roles within the company. The staffing industry has changed dramatically over the years. Globalization, changing services, placements, delivery, and contract requirement continue to drive changes within the industry.
As the industry evolves, more than ever staffing companies need to find unique insurance solutions that fit their needs. Static insurance policies won’t protect you in a dynamic, changing environment. At World Wide Specialty Programs Inc. Insurance solutions, we specialize in creating custom insurance solutions for the staffing industry.
Our staffing liability program offers comprehensive insurance solutions for staffing firms that place workers in a variety of industries and roles, including temporary placement, direct hire, payrolling services, consulting services, and more.
World Wide Specialty Programs has always had a singular purpose – to design, develop and provide Staffing insurance products for the staffing industry. Our method is simple: track those changes; listen to emerging needs, and respond. We work with over 2,000 insurance brokers nationwide. We know the staffing industry better than anyone. Contact us today for more information about our staffing insurance programs.