Road to the Total Workforce Index
Launched in 2013, ManpowerGroup Solutions’ Contingent Workforce Index was developed to provide an in-depth review of the global contingent labor market. Initially focused exclusively on the contingent workforce across 75 markets, the Contingent Workforce Index addressed half of the talent landscape. With the surge of employers committed to global workforce management and integrated workforce programs, the annual index has evolved in 2017 to include the total workforce. The total workforce consists of the permanent and contingent workforces, along with the subset of contingent identified as the informal workforce.
The segmented views of the global workforce provided by the Total Workforce Index enable organizations to easily benchmark their own workforce mix and cost efficiency across global operations. For the first time, employers have one resource that provides a global perspective on gender diversity, millennial impact, informal (gig) workforce participation and the gap between permanent and contingent workers from one market to the next.
Total Workforce Index Success Stories
Workforce planning is an increasingly essential component of business strategy. The Total Workforce IndexTM allows companies to gain deeper insight into talent trends and workforce composition data to enhance workforce planning decisions.
A global outsourcing firm engaged ManpowerGroup Solutions’ market analysis and Total Workforce Index (TWI) capabilities to support its global workforce strategy. The Chief Procurement Officer and Vice President of HR participated in a location strategy workshop to determine which market was best suited for its next service center and what the workforce mix and compensation strategy should be for that site location.
A global insurance provider wanted to assess its contingent labor usage and craft an approach for expanding its contingent workforce programs to additional markets. Rather than merely relying using criteria beyond spend or headcount levels, ManpowerGroup Solutions’ assessment helped them determine markets likely to yield the most value in terms of cost savings and process improvement. Using the Contingent Workforce Index (CWI), procurement leaders participated in a location strategy workshop to measure the value and impact of more than 90 different market conditions related to contingent workforce availability, cost, regulation, and productivity. They identified the next four expansion markets in which to expand based on current market data.
A global technology leader sought to centralize a number of core technology functions within its business to streamline cost and productivity related to its support model. Based on the availability of critical technology skills and cost savings objectives, the CTO and HR leaders participated in an all-day location strategy workshop to weight out market considerations related to contingent labor strategies. This engagement resulted in the selection of a new market in Latin America to support these centralized services globally. The market leveraged untapped talent at substantially lower costs with an engagement model that increased 24/7 productivity across the organization.
A global financial services firm approached ManpowerGroup Solutions to assess the global landscape and identify the best market for its Center of Excellence for financial compliance. A location strategy workshop with HR, finance, and legal executives resulted in a weighted market evaluation based on the targeting of specialized financial skills along with number of critical considerations related to language proficiency, data privacy, and intellectual property protection standards. The engagement resulted in three countries being selected for more detailed assessment, ultimately leading to the recommendation of two cities on opposite sides of the world, to achieve all strategic objectives set forth by the business.
An industrial automation leader’s sizable growth had surpassed its talent strategy. With talent shifts and shortages challenging many core operations, the organization sought new and emerging markets for expansion that would tap into new talent hubs. A location strategy workshop with HR and engineering leaders determined the effective weightings of their market criteria to enable the Total Workforce Index (TWI) to identify three new emerging markets in which to drive the organization’s future growth strategy.
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Customize the Total Workforce Index
DOES YOUR ORGANIZATION HAVE SPECIFIC PRIORITIES?
The Total Workforce Index is fully customizable to suit the strategic priorities of an individual organization. Our proprietary weighting system can be customized to rank 75 markets based on the unique workforce priorities and prospective labor markets of each organization.