The Future of Work Defined
Recently, businesses and CPA firms attended an event in Laguna Beach, California, to discuss trends in the workplace and what the Future of Work will look like based on the current trends. The half-day long meeting featured key workshops and presentations from industry leader WorkMarket, an ADP company, helping business leaders to learn more about tapping into the benefits of the contingent workforce.
Led by keynote speaker, Jeff Wald, the founder and Senior Vice President of WorkMarket, and followed by insights from two ADP knowledge experts, Tony Rojo and Rob Campbell, attendees left empowered to build agile workforces. Here is a quick recap of each presentation.
Creating Competitive Advantage through an Extended Workforce of On-Demand Workers
Jeff Wald, the creator behind WorkMarket, led the event with a few statistics. 85% of enterprises plan to increase the number of contingent workers they utilize in their workforce, according to Accenture, and 60% of that spend is unaccounted for.
A large part of this inability to track the spend on these independent contractors is due to the fragmented way most businesses source, communicate and pay these workers, causing information disconnects between human resources and the individual departments contracting with these individuals.
Additionally, compliance has always been a challenge, and the line between employee and contractor is not always clear. While there’s emerging legislation in states like California and New Jersey, the waters can still be tread with confidence.
Jeff presented a unique opportunity for businesses to meet these challenges with the advent of the freelance management system (FMS), which he defines as a solution that “empowers businesses to manage end-to-end freelance workflows from a single platform.” With an FMS, businesses can manage everything, from vetting, engaging, managing, paying, and rating contingent workers compliantly through one centralized platform and enabling firms to streamline the process of building an agile workforce.
Evolution of Pay: Marketplace Trends and Financial Wellness
ADP Sales Executive for ADP Compliance Solutions, Tony Rojo, followed Mr. Wald with an informative discussion around the trends impacting the way employers pay workers, the buzz surrounding “financial wellness,” and solutions to manage both of these challenges.
The R&D Tax Credit and Business Incentives
ADP Tax Manager Rob Campbell closed out the day with a discussion centered around helping businesses understand how they can use tax credits and business incentives, and the tools available to help find these vital resources.
The day finally closed out with workshops designed to help businesses answer two key questions: How are these trends affecting your business, and what are the top questions they receive from clients surrounding these issues.
Now is the time to make your contingent workforce a part of a formal extended workforce program
The key takeaway from the event can be summed up in just one quote from Joe McKendrick on Forbes: 16% of business performance is being driven by contingent workers. Further research by ADP Research Institute also shows that 16% of the enterprise workforce is already classified as a contract or contingent worker, and the number is only expected to grow. By putting a formal extended workforce program in place, you gain visibility to the full spectrum of workers contributing to the productivity of your business.
