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Role of MSPs in Contingent Staffing

February 08, 2019

Leveraging highly specialized workers to increase efficiency has been a human resource (HR) practice for several centuries now. While this division of labor was first theorized by economist Adam Smith in his epochal 1776 book ?The Wealth of Nations?, the concept has grown more popular, with hyperspecialization being the norm in a number of industries.Smith, in his book, had illustrated how dividing the labor into segments and according to highly specialized tasks led to an increase in productivity. The increase in production is derived from allocation efficiency (utilizing the best skill of every worker) and reduction of transition time between tasks.The Harvard Business Review, in 2011, noted, ?We are entering an era of hyperspecialization?a very different, and not yet widely understood, world of work.? Hyperspecialization, according to many economic experts, can help a business meet ... View Post

Looking at the Contingent Staffing Crystal Ball

March 01, 2019

A booming economy and historically low unemployment rates are all good news for economists. But these factors have an immediate and profound impact on talent acquisition, management, and development. Low unemployment indicates a level of saturation that keeps new talent from entering the workforce. As a result, bringing new candidates to the talent pool becomes more difficult, more expensive, and a bigger challenge. Good candidates are now in demand which has driven up expected salaries. ... View Post

Role of Technology in Contingent Labor Market

March 14, 2019

Hiring of contingent labor has significantly risen in almost all industries in the past few years. Human resource (HR) experts have predicted that the contingent labor market would increase manifold in the days ahead, with companies all set to hire hyper-specialized staff for their operations. That aside, in an uncertain economic scenario, a contingent workforce lends greater flexibility to work. Effective contingent labor management calls for proper use of technology in tracking, ... View Post