As of 2015, 30 percent of the Fortune 100 workforce had become contingent; 50 percent of the Fortune 500 workforce will be contingent by 2020. Between 2014 and 2018, the global temporary labor market is expected to grow at a compound annual growth rate (CAGR) of 2 to 3 percent. Estimates are that the U.S. staffing industry will grow to 3.4 million employees by 2020, with $185 billion in temporary labor revenue.
These numbers indicate a shift towards a more flexible, diverse workforce. This means that organizations need to go beyond the idea of a permanent pool of human resources — and manage talent in a more holistic way.
With workforces becoming more diverse and temp labor numbers crossing record figures, Total Talent Management — a model for the acquisition, management, and retention of talent — becomes strategically important, even essential.
This white paper discusses the need for Total Talent Management (TTM) and the role procurement can play in successfully implementing this model. The paper also explains steps procurement can take to optimize the company’s spend on acquiring, managing and retaining human resources.