Xtrictech 3PL

Role of Hybrid Workplace Environment – Resetting the Future

Zack Dessent — Thu, 22 Sep 2022 04:58:00 +0000

A hybrid work environment is all set to play a pivotal role in our ‘return to office’ strategy at Xtrictech 3PL.

The revolutionary shifts caused by the Pandemic have established that knowledge workers need not visit the workplace (regularly or often) to get work done. With the future of work changing forever, workplaces are now looking very different from before. Given the changes that have set in, managers, individual contributors and the C-suite are opting for feasible workplace engagements with new views, priorities, agendas and values.

We are doing the same at Spearhead!

Future Plans for Returning to Work in These Times

We are constantly exploring the new environment to foster better return-to-work options. They are strategizing a feasible ‘return to office’ model basis future industry demands, the size of our business and various other factors. Following the cues lent by organizations pursuing similar work models, we are working on a long-term, employee-friendly sustainable model with the right mix of remote and in-person configurations.

Chalking the Way Forward

Managers and supervisors @ Spearhead are also working on the best workplace model to provide autonomy to our valuable employees. They are in the constant process of:

Determining specific client needs to include a fully remote, 100 per cent on-site or a hybrid workplace model to succeed.
Redefining how and from where work gets done to support collaboration and connectivity.

Use of Hybrid Workplace Engagements for Better Results

Worldwide, most major IT and tech companies have declared their return to office policies with hybrid work environments. Attending office, just once or twice a week is acceptable. The use of such hybrid engagements, backed by networks of service providers and suppliers, helps in getting work done differently. With this in view, Spearhead is also ready to introduce alternative work delivery models to lend support to new, AI-enabled work models. The hybrid engagements recommended by our leaders extend to the human resources market as well.

How are Hybrid Models and Related Workplace Engagements Helpful?

Hybrid workplace engagements evolve the work environment so that stakeholders may work, lead or manage more effectively.
They provide flexible work options to employees so that they are not tempted to shift jobs for a more relaxed working environment.
Hybrid workspaces create comfortable grounds for direct supervisors and mid-level managers, especially those who are reluctant to shift to a worker-led hybrid or fully remote workplace model.

Why is Hybrid a Helpful Return-to-Work Model?

Our employees, while working from the comfort of their homes or other remote locations, are equally focused as their counterparts working from office.

They enjoy tangible, real benefits of distributed models, without impacting their productivity in any way.
They can exchange long commutes and face-to-face meetings with quality time at home and videoconferences/ virtual meetings.
They can use the time spent commuting for healthier lifestyle choices and relationships, more sleep and a better work-life balance.

The positive impacts of more flexible, remote workplaces have decreased the need for 100 per cent face-to-face time. Sometimes, the office environment is also required to instill and maintain organizational work culture. The shift to hybrid work brings multiple considerations when it comes to safety, culture, and business travel.

Safety and Health Concerns of Employees

Our new workplace environment policies encompass all Pandemic-related safety and health protocols; with social distancing as a strong priority. We facilitate better in-person interactions, scheduled travels, lucrative business outcomes and employee experiences via:

Spearhead – WE Reimagine YOUR Future

Hybrid workplaces are the new normal.…….and we are not going back to the 9 to 5 workplace model the way we all know.

Are you ready?

At Spearhead, we firmly believe that the need for hybrid workplace models varies for industry verticals and organizations. After months of working remotely, an altogether new sense of flexibility and freedom is required to understand workers and their sentiments, priorities, agendas and values.

Along with YOU, we are all set to thrive as a hybrid company. We invite you to experience the flexibility you need to remain productive – from anywhere, anytime.

Join us as we ‘Return to Work’ after a long phase of ‘Work from Home’.

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New-age Blockchain Solutions Fintech and Financial Form the Universal Currency for Organizations Worldwide

Zack Dessent — Mon, 19 Sep 2022 14:46:11 +0000

Case Study: Blockchain solutions

New-age Blockchain Solutions Fintech and Financial Form the Universal Currency for Organizations Worldwide

Creating better trade experiences

SUMMARY

Blockchain technology has brought many shifts to financial services and provides cutting-edge user experiences. Blockchain accomplishes everything from reducing fraud to managing global finance risks and facilitating secure, quick transactions.

Challenges

The Client, a leading financial services provider, used multiple fintech solutions to handle its global financial ecosystem. Advanced technology solutions were already in place to handle money transfer services, payment networks, and stock exchanges. However, the challenges of excessive paperwork, the high costs of handling different stakeholders, security concerns, and data breaches were coming in the way of the Client’s everyday functioning.

The need of the hour was to:

Design new financial instruments and infrastructures with integration into private, public, or consortium blockchain networks.
Innovative and incumbent solutions with specific blockchain products were necessary for better auditing, controlled risks, more secured infrastructure to combat cyber threats, faster transactions, and immediate payment modules.

Primarily, the Client wanted to understand and deploy the potential of Blockchain technology and the stringent rules guiding it. In addition, there was an urgency to leverage the benefits of Blockchain and implement easily accessible, reliable, and transparent financial services. Therefore, Xtrictech 3PL created an all-in-one blockchain solution to reintegrate trust within its transactions and trade ecosystem.

How Xtrictech 3PL Helped

Blockchain Technology Solutions by Xtrictech 3PL

The Client’s business is dependent on reliable and transparent financial information. Our Blockchain experts devised faster and more accurate information handling and delivery methods through immutable ledgers (with limited access). With our timely Blockchain interventions, it was possible for the Client to:

Track payments, orders, production, accounts, and transactions (with full details) to enjoy new opportunities and efficiencies.
Lower the fees of electronic payments and streamline the entire transfer process.
Gain real-time and accurate information on payment status and their reversibility options to prevent scams.
Bring in desired changes to enable efficient use of mobile devices and secure digital identity while delivering its financial services.
Execute enhanced digital currency transactions with Blockchain-enabled cryptocurrency solutions.
Reduce the costs of bookkeeping, commissions to intermediaries, purchase of central databases and their maintenance, database security, and value transfer systems.
Enable peer-to-peer (P2P) transactions with every stakeholder as a node.
Reduce credit and fund management risks with smart contracts, instant payment settlements, and more reliable data immutability tools.
Settle transactions near instantly and remove the risks that barred counter parties from meeting their obligations, thereby reducing bank expenses substantially.
Increase the options for financial services solutions in the time crises with digital/crypto or tokens or currencies.

The solutions and networks introduced by Spearhead set the stage for instant settlements, reduced costs, higher transparency and security, effective risk controls, and more impactful audits. Our comprehensive assessment of blockchain requirements was based on multiple qualitative and quantitative criteria to generate the desired results.

Blockchain Benefits

Blockchain technology, oft-referred to as a universal currency used by the global financial sector, can replace paperwork and processes with new-age speed and innovation. In addition, the highly secure and transparent collective trust built with Blockchain capabilities creates better solutions to guarantee tangible business outcomes and benefits.

Simplified operations with muti-party, real-time tracking systems.
Superior handling of letters of credit and bank guarantees.
Faster, more accurate recording and reporting with automated compliance processes.
Integration of immutable data records for frictionless, accelerated, and point-to-point fund transfers across financial organizations.
Innovative service models with high scalability and security measures to ensure lower-cost, error-free settlements.
Unique digital representations of financial assets for trading all types of assets with higher speed and liquidity.

Solutions Offered

Our Blockchain-aided trade and financial solutions created better trade experiences for the Client. With reduced operational costs and risks, guarantees and credits were processed quickly and with deeper insights into the financial positions of different parties. Furthermore, with risk-mitigated, standardized, and transparent trade (credit, finance and insurance) solutions, new revenue opportunities emerged readily.

The Blockchain technology solutions implemented by Spearhead fostered higher transparency and security in cross-border trading. We also integrated new trade networks and trading hubs to reinvent the complex trade processes of the Client. Our experiences in rapid product development, networking, strategy building, governance and compliance building could unlock blockchain value. Overall, we provided a whole stack of innovative tools to foster a sharp, competitive edge for the Client’s financial services business.

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Blockchain solution for Banking Services

Zack Dessent — Mon, 19 Sep 2022 14:16:07 +0000

Case Study: Blockchain solutions

Blockchain solution for Banking Services

Streamline the use of digital currencies

SUMMARY

Decentralized digital currency – a non-tangible alternative form of currency - is supported by Blockchain via peer-to-peer validation processes. Additionally, Blockchain technology addresses the unique concerns of intellectual property ownership, data protection and security, and litigation liability for digital currency.

Challenges

The increasing proliferation of cryptocurrencies and other digital currencies has caused significant financial sector disruptions. The Client, a reputed banking services provider with a globally-acclaimed clientele, was handling legal, technological, and regulatory challenges related to digital currency. The Client wanted to accelerate its speed of cross-border and domestic transactions, reduce digital currency transaction costs and widen access to its financial system.

There was an urgent need to implement secure blockchain solutions to handle the concerns of global financial markets.
The intensification of inter-market trade and transactions with decentralized digital currency was coming in the way of everyday operations.

Blockchain technology experts at Spearhead streamlined the use of digital currencies to impact the Client’s financial system and bring them in line with the regulatory norms of the banking industry. A centralized, all-pervasive, blockchain-enabled digital currency platform was needed

How Xtrictech 3PL Helped

Problem: Technology Gaps for Digital Currency Usage

The Client transacted with decentralized digital currencies, including Bitcoin, Ethereum, and other types of cryptocurrencies. Centralized governmental oversights did not regulate the alternative currencies in use. With its decentralized transaction ledgers spread across multiple peer-to-peer (P2P) networks, the Client confirmed transactions without any interventions from any central clearing authority.

It was critical to integrate advanced blockchain technology solutions to:

Journalize exchange transactions in a more organized and transparent way.
Secure monetary supplies and fund transfers with the latest blockchain encryptions.
Create more nodes to broadcast the excessive load of digital currency transactions to existing or new P2P networks.
Construct more stringent nodes to validate user identity and ongoing transactions.
Add new data blocks to handle multiple transactions and leverage the superior benefits of Blockchain-enabled digital currency.

The difficulties of implementing blockchain and related resources prevented end-to-end adaption of blockchain-enabled digital currency. Our Blockchain teams, specifically those dealing with digital currency, assessed the existing IT infrastructure and found gaps in tracking accuracy, recorded transactions, and cost controls.

The Spearhead Blockchain Technology Advantage

The crypto risk managers and blockchain experts at Spearhead joined hands to address the Client’s complex digital currency risk management concerns. The end-to-end blockchain solutions:

Paved the path for positive business results with the timely handling of cryptocurrency regulations, valuation, and modeling.
Deployed scalable Blockchain-aided cryptocurrency ecosystems to assure accurate client holdings and transactions.
Traced and reported real-time frauds with the help of advanced blockchain analytics tools and statistical models.
Mitigated the AML risks of critical financial transactions through advanced analytics and anti- money laundering tracking systems.
Integrated Anti Money Laundering (AML) compliance nodes to handle regulatory issues and frauds faced by the Client’s global financial institution.

Overall, our efforts to include the best digital currency security practices, transaction wallets, and digital currency exchange models brought many positive changes to the Client’s cryptocurrency landscape.

Benefits of Using Blockchain Technology in Digital Currency Management

After filling the technology issues faced by the Client, it was easy to introduce its digital currency teams to the most significant benefits of using Blockchain technology.

Securely locked cryptographic codes and systems to guarantee successful transactions.
Steady increase in ROI with high-powered digital currency aided by chained blocks broadcasted across network nodes.
Singular, centralized platform to schedule investments and buys.
Use of Blockchain databases and ledgers to conduct well-informed trade.
Lightning-fast, transparent, and reliable digital currency transaction capabilities to enable secure trade on all cryptocurrency exchanges.

Solutions Offered

The Client started using our latest blockchain technology solutions to verify and trace its numerous transactions. Resultantly, there was a marked decrease in compliance costs. In addition, more secure digital currency transactions, combined with speedier data transfer processes, helped the Client deliver more impactful financial services.

Spearhead was instrumental in stacking the Client’s digital assets in robust and offline storage systems. Furthermore, our crypto insurance products were helpful in safeguarding these digital assets at cost-effective prices. In addition, the inclusion of globally accepted practices, backed by our blockchain capabilities, assured the Client of safer transactions of all tradable forms of digital currencies.

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Managing the Challenges and Returns of Intelligent Automation (IA)

Zack Dessent — Thu, 15 Sep 2022 21:57:45 +0000

Worldwide, organizations have accelerated the adoption of Intelligent Automation (IA) and business digitization to take on the global challenges presented by the Pandemic. From automated decision-making to the handling of prediction problems and tactical activities, Intelligent Automation is in use by institutions belonging to almost all industry verticals. The increased rate of adoption of IA has highlighted the risks and returns associated with new technologies.

The need of the hour is to understand the challenges of Intelligent Automation solutions and how they can be minimized to attain optimum efficiency and gains.

What is Intelligent Automation (IA)?

Intelligent Automation (IA) combines Artificial Intelligence (AI) with Robotic Process Automation (RPA), Advanced Analytics, Intelligent Character Recognition (ICR), Optical Character Recognition (OCR), process mining and other technologies for the development of business processes. IA-backed business processes can learn, think, perform and adapt independently.

The Risks of Intelligent Automation (IA) and Artificial Intelligence (AI)

In recent years, organizations are readily adopting AI-based decision-making tools and technologies to support their cost optimization strategies and growth. However, they often lack the tools, network frameworks, systems and infrastructure needed for the effective risk assessment and management of automation and AI.

The fragmented management of business process optimization, system development, IT operations, system controls and implementation, resilience and risk management has increased the need for more effective digital-risk-management programs. Additionally, the risks linked with a lack of transparency in the working of AI systems are making it difficult for organizations to enjoy the returns of automation in their entirety.

In the process, growth-oriented and AI -enabled organizations are facing the concerns of:

Outdated and fragmented operating environments.
Obsolete controls and operational complexities.
Possibility of cascading errors.
Increased scrutiny and charges by regulators.
Issues in critical business services delivery to related ecosystems.
New gaps in training data selection and model designs, leading to bias and errors.
Critical cybersecurity risks like ‘data poisoning’ or model extraction.
Difficulties in the analyses and extraction of insights from complicated data.
Breaches in the rules of data privacy (in case of model development), etc.

Monitoring and Management of IA Challenges and Returns

To minimize these risks, organizations have to step up and adopt end-to-end change management processes. There is a strong and growing need for a changed approach to handle the situation. The new approach should encompass the alignment of IT and business models, management of employee culture, and the adoption of AI tools that can reduce the risks of automation technologies.

The returns and risks of Intelligent Automation technologies have to be managed consistently. We recommend the following steps for organizations to respond:

A centralized center of excellence or governance initiative can be formed to ensure value and performance across all business processes with automation and AI – keeping all risk metrics in mind. Strong parameters and policies can be introduced to handle the concerns of development, testing, process design and maintenance.
All existing and new IA solutions and controls can be identified with the help of analytics and technology. New controls and systems can be compiled and prioritized to fuel more opportunities and enterprise-wide business functions. The latest technologies can be used to develop built-in error handling capabilities, manual exception handling tools and smart alerts to announce process breakdowns.
A standardized technology-integration framework can be developed to choose, build and integrate all possible automation and AI solutions. Digital proficiencies have to be curated to increase employee awareness about the returns of automation and speedy adoption. identify Potential use-cases are to be identfied to reduce the fear in employees and make organizations future-ready.
Comprehensive routines can be used to test risks/vulnerabilities and optimize performance metrics, quality, sensitivity and explainability. Control frameworks can be redesigned across internal audit, risk management and most business processes for the timely testing and audit of IA processes.
A robust, scalable and self-explanatory dashboard can be designed for real-time synthesis of automation challenges and benefits. The current change management models can be extended to escalate IT crisis management strategies and the accounting for bots. The incidents linked with the development and use of bots can also be monitored with the help of this dashboard.

Insights @ Spearhead Intelligent Automation Services

Accurate monitoring of automation systems and AI tools requires issue-management procedures for the remediation of their limitations and reach. Proper checks have to be in place to escalate cases that are reporting a decline in efficiency across time. Spearhead has the capabilities to enhance and redevelop such cases with the latest technology solutions for all industry verticals.

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Modernization of Technology

Zack Dessent — Thu, 08 Sep 2022 20:17:25 +0000

Spearhead Integrates and Implements Technology for Leaders

Initiate, implement, integrate and enjoy the benefits of transformation and technology modernization programs. Spearhead collaborates with the C-suite to transform work and workplaces with the latest technology and automation strategies.

Technology is the path forward. The capabilities and tools of technology are essential for escalating business value. The key to business growth, sustainability and endurance lie in the modernization of technology. At Spearhead, we are committed to creating scalable and robust modern technology platforms to bolster the transformation efforts of businesses.

We provide:

Business process re-engineering and strategy execution consultancy to fortify technology modernization initiatives.
End-to-end modernization of legacy firms in line with specific business drivers and market shifts.
Dynamic and centralized technical platforms to re-engineer business processes and make clients future-ready.

Need for Technology Modernization for Digital Transformation

The Pandemic has reinforced the urgency of investing in IT modernization. Most organizations have either attained or are reformatting their goals for technology modernization. To excel, or to remain in the race, they are reformatting legacy applications, work processes and mindsets with smart IT modernization initiatives.

However, several organizations are still waiting to take the first step. It is now essential for such businesses to determine and navigate the potholes present in their legacy systems.

The early adoption of technology trends, cloud architecture, automated applications and processes can escalate business value and ROI.
IT departments can handle the challenges of digital economic activities, daily operational tasks, networks and communications, governance and compliance issues in a better way with modern technology.

Reach out to the technology experts and digital transformation teams at Spearhead to understand where you stand in the race to modernization. They will assess the loopholes in your IT system and recommend cost-friendly modernization tools to propel your success.

Impact of Technology Modernization

Decentralized and heavily-segmented IT infrastructure or data makes it difficult for IT teams to track, supervise and maintain their operations. The digital transformation team at Spearhead proposes result-oriented modernization solutions to ensure data and regulatory compliances. Our technology modernization services escalate digital transformation journeys with:

Cloud Architecture

Cost-effective cloud migration and a solid data management strategy improves access and connectivity. Resultantly, employees can focus on their core activities and solve issues in a better way.

Integration Platform as a Service (iPaaS)

The use of Integration Platform as a Service (iPaaS) allows for faster data transformation, keeping the efficacy and security of enterprise data intact. With iPaaS, employees can concentrate on key issues with more effective operational control and recognition.

Security

A secure and updated IT infrastructure provides complete visibility of data and controls data movement. It keeps a watch on how data is used by external stakeholders or analyzed for decision-making purposes.

Agile Environment

An agile and responsive organizational environment, supported by the right enterprise data management strategy, provides a strong competitive edge to modern businesses. This is why it is important to invest in a flexible but robust IT system that provides real-time results with speedy data transfers.

Application Modernization: Update Legacy Applications | Build New Applications | Align Goals

The cloud and IT technology specialists at Spearhead apply innovative, new tools and processes to replace legacy codes. They rearchitect organizations to achieve flexibility and agility, along with addressing their core business requirements. With timely modernization and extensive new techniques, legacy applications can achieve:

Increased savings in infrastructure development, maintenance and upgrades.
Reduced running and application maintenance costs.
Lower costs of software, hardware and staff maintenance.
Consistent increase in the operational efficiency of applications.
Satisfactory increase in the annual revenues.

These primary business benefits of adopting technology are impacting the operations of companies worldwide.

By modernizing applications, organizations can increase their speed of digital adoption and transformation.
The use of modern technologies and platforms bridges the gap between the old and new thus providing organizations with a strong competitive edge.
Modernization of existing applications increases their compatibility with new codes, technologies and platforms.
Legacy applications can be transformed into cloud-native applications to offer several benefits like scalability, lower costs, agility and quicker time to market.
Frequent updates, timely security patches and bug fixes improve process efficiencies. They reduce the pressure on IT operators and enhance business performance.
Obsolete and legacy applications are not compliance-ready and fail to align with modern authentication methods and security standards. Modernization reduces security threats to make legacy systems less vulnerable to cyberattacks and downtime.
Modernization of IT ecosystems enable the use of AL, ML, Big Data, cloud and other digital technologies to build a future-ready foundation.
Developer productivity increases by modernizing applications as it provides access to better engineering tools and development services.

Benefits of Technology Modernization

Emerging technology is creating paradigm shifts in the existing transformative business environment. Undoubtedly technology is playing a decisive role in escalating innovation, client experiences and organizational success. The primary benefits of modernizing with technology are enabling organizations to:

Leverage the benefits of optimized cloud architecture and to deploy new technology-backed actions.
Integrate application security and business process controls to transform and safeguard digital assets during the entire transformation process.
Implement governance and compliance to reduce the risks of spiraling costs, unmet goals, diminished employee morale and improper enterprise transformation.
Enforce truly transformative impacts of digital transformation by anchoring technology in the organization’s vision, decisions and strategies.

Technology Modernization – The Way Forward

Code Migration | UI Modernization | Database Migration and Maintenance | OS upgrade

Reach out to our specialists to ‘modernize and accelerate’. Enquire about the many aspects of implementing technology based on your ongoing and future business needs. From upgrading the core technology stack of legacy applications to upgrading operating systems and building robust cloud architecture – we can do it all to boost your success.

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Neiman Marcus partners with Xtrictech 3PL

Zack Dessent — Tue, 19 Jul 2022 15:18:13 +0000

Xtrictech 3PL is pleased to announce we have entered into a partnership with Neiman Marcus. We look forward to working together and providing our industry-leading services as time-to-market experts.

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AT&T partners with Xtrictech 3PL

Zack Dessent — Wed, 08 Jun 2022 13:39:20 +0000

Xtrictech 3PL is pleased to announce we have entered into a partnership with AT&T. We look forward to working together and providing our industry-leading services as time-to-market experts.

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The (re)start of an exciting professional journey with Xtrictech 3PL

Zack Dessent — Fri, 06 May 2022 22:21:57 +0000

What attracted me to Xtrictech 3PL was its credible, strong reputation that rests on ground nourished by values like respect for original thinking, analytical intelligence, honesty, and integrity.

I consider myself extremely fortunate to have worked in the IT sector when it was only beginning to grow.

As I commence my journey in the capacity of managing director (India) for Xtrictech 3PL, a company globally hailed as a force to reckon in the digital revolution age, it reminds me of my personal goal that I harbored as a young adult before joining the workforce — to do work that made a dent in the world…

...as my good luck would have it, Spearhead allows me to fulfill this personal goal and so much more.

Since its inception, Xtrictech 3PL has focused on creating a workspace that allows ethics like equality & creative thinking to flourish, allowing for the creation of a safe space for employees plus clients to collaborate and produce excellent output.

It’s illuminating to encounter and work with the vast talent pool here, composed of professionals with a diverse range of skills and talents.

Each one is more driven and inspired than the next, eager to produce their best and make a difference, just like I wished back then. To my pleasant surprise, this is a common trait among all Spearhead employees; that keeps us motivated 24x7, thus helping us grow by leaps and bounds, professionally and personally.

The excitement and passion that defined the young me are roaring to go, and Xtrictech 3PL is the only one I must thank as it allows me to lead the way into the new age.

To anyone looking to make a difference in the world, if the shoe fits, come, be a part of Xtrictech 3PL, and see your work make a true impact on the world we inhabit.

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Sustainability in Contingent Workforce – Leveraging Benefits and Mitigating Risks

Zack Dessent — Fri, 06 May 2022 15:11:41 +0000

Businesses of all sizes, across all industries, have seen a shift towards the gig economy - especially after the COVID-19 pandemic changed the paradigm of workforce management. As the world undergoes the change from a traditional to a contingent workforce model - there is an increasing need for sustainable contingent workforce management systems.

What is a Contingent Workforce?

A contingent workforce is a labor pool of contingent workers. ‘Contingent workers’ is a new fancy term for those we used to call freelancers, contract-workers, part-timers, temporary workers or ‘temps’, independent consultants, and a host of such terms. They are employees who are hired on a temporary basis (often for a single project) - and often not given the job security, benefits and perks that a permanent employee will enjoy.

Why is it Significant?

Contingent workers are becoming more significant over time with a global shift towards a ‘gig economy’ for a few simple reasons -

Shortage of niche skills

The IT field is growing faster than ever, with new technologies, infrastructures and innovations flooding the industry every day. This has created a growing need for niche digital skills - skills that a traditional tech graduate may not have.

The great resignation

The gig economy brought with it the great resignation - where a large demographic (mainly baby boomers) has started a mass culture of leaving companies that do not meet the new expectations of work culture, ethic and employee appreciation. Studies show that roughly 10k boomers are retiring every day in the US now! This has created large-scale vacancies - hard to fill with a permanent employment model.

The need for flexibility

The COVID-19 pandemic had a monumental impact on the global economy - and one manifestation of that was the massive amounts of workers that were laid off. But, as the economy recovered, companies found themselves empty-handed, and needed to quickly fill in their workforce gaps. Contingent workers were the quick, efficient and suitable solution at that point - and that trend seems to have stuck.

Millennials and Gen Z

Millennials and Gen Z will make up the majority of the global workforce in the immediate future - and companies will have to cater to their beliefs and professional preferences. Studies show that roughly 3/4ths of these generations plan to become entrepreneurs - and more than 2/3rds of them want their work to resonate with their personal interests. This is a clear marker for an increased shift to contingent workers becoming a larger part of any workforce.

Benefits of a Contingent Workforce

There are many unique and undeniable benefits of employing contingent workers, and some of the most significant ones are -

Access to niche talents

Professionals who have developed unique and specialized skills in specific niches do not want to be in a full-time job with one company - where their skills will not be used to the fullest extent. For example - someone who specializes in a particular aspect of AI-chatbot automation won’t have a lot to do once he’s created a framework for a certain company. It’ll make more sense for both them, and the company, to part ways once the work is done.

Flexibility - both-ways

Both employers and employees can enjoy a much greater level of freedom and flexibility within a contingent work environment. Employers can hire people (as many, and when needed) and relieve them of their duties once they’re done. Employees can explore many industries, companies, roles and work environments as they hone their skills and become niche experts.

Cost-effectiveness

A vital part of any consideration - the financial aspect - also tends to show the contingent workforce model in a favorable light. For employers especially, considerations such as taxes, employee compensation, perks and benefits are a big factor - and contingent workers cost the company significantly less than permanent employees.

For employees - the lack of said benefits, perks and extra compensation is more than made up by the freedom to be part of many workforces, and limited-time employment models.

Additionally, contingent workers are mostly experts in their fields, having honed their skills over time with many jobs, companies, and peers from different talent pools. This saves employers the extra time and money needed to train them, as they would a permanent employee.

Risks

Like every coin, there’s another side to contingent work - the risks involved for both employers and employees. Though recent trends show that the benefits outweigh the risks, it’s important to take them into account.

For Employers

Employers managing contingent labor face a variety of risks that a permanent workforce wouldn’t pose, including -

Dependability: Contingent workers receiving payment on a piece work basis do not face any extra hindrance should they choose to pack-up and leave - whatever their reasons may be. While this is a favorable consideration for employees (giving them higher security against workplace harassment and other employer misbehavior), it’s definitely a significant risk element for employers.
Company Culture and Morale: Most companies are wont to creating an internal brand - a work culture and morale unique to them (think Google!) - and contingent workers are not conducive to embracing that.

For Employees

The risks aren’t only for employers - the contingent staffing model brings a host of risks that the employees must consider -

Job Security: The most obvious risk for employees is the lack of job security - the constant need to find the next project once the current one ends - and the perpetual fear of not finding one!
Lack of inclusion: Contingent workers are rarely included in a company's extra-curricular activities - office trips, birthdays, team-building activities and the like - generally reserved for their permanent workforce.

How to mitigate the risks and achieve sustainability?

The answer is simple - implementing an efficient and effective contingent workforce management system!

What is contingent workforce management?

Just like it sounds, contingent workforce management is how a company handles its contingent workers. There are two ways they can approach this - inclusive, or exclusive. The distinction between these is vital - and is the major factor that decides whether contingent staffing will work or fail for an organization.

Inclusive contingent workforce management is the practice of treating your contingent labor as if they were permanent - giving them the same benefits and perks (both financial and otherwise) - and making them feel that they are an integral part of the organization.
Exclusive contingent workforce management, on the other hand, is when employers deny contingent workers the extra benefits that permanent employees get - and make them feel like outsiders.

Wrapping up - Best Practices

The best way to ensure that your organization employs a contingent workforce sustainably, leveraging all the benefits while mitigating the risks involved - is to figure out the perfect mix between inclusive and exclusive management systems. Every organization is unique, hence their ideal mix will be unique as well. If you keep a few simple things in mind, you should be ready to go -

Be inclusive when it comes to benefits, perks and employee experience - remember contingent workers’ birthdays and invite them on office trips!
Include your contingent workforce in the same HR processes as your permanent one - including performance analysis, appraisals, penalties, etc.
Be flexible, adapt, and evolve as the global economy changes - staying fixed to traditional processes, beliefs, and practices is a sure path to failure - especially with more and more millennials and Gen Z taking up top management positions across industry leaders globally.

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MoneyGram partners with Xtrictech 3PL

Zack Dessent — Thu, 05 May 2022 13:48:00 +0000

Xtrictech 3PL is pleased to announce we have entered into a partnership with MoneyGram. We look forward to working together and providing our industry-leading services as time-to-market experts

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