Unlocking contingent workforce management with PwC and Workday VNDLY

Agility drives today's business success, with the contingent workforce increasingly reshaping the corporate landscape. According to the U.S. Chamber of Commerce, recent data shows that the US has 8 million job openings but only 6.8 million unemployed workers. What’s more, recent data indicates that the newest workforce entrants prefer flexible freelance engagements over full-time positions.

It's clear today’s contingent workforce — inclusive of freelancers, contractors and temporary staff — is a central component of strategic planning. And this isn’t just about filling gaps but tapping into an adaptable and resilient workforce to drive innovation and efficiency.

But how can companies effectively manage this shift?

As a cloud-based vendor management system (VMS), Workday VNDLY can streamline how you handle contingent labor. VNDLY centralizes processes like vendor selection, onboarding, performance tracking, contract management and extended workforce management to help facilitate better decision-making through holistic data analytics and real-time insights. It integrates with systems such as Workday HCM, Workday Prism Analytics, Workday Adaptive Planning and other global platforms, providing a broad view of the entire workforce. This enables organizations to improve talent strategies, close skills gaps and help maintain regulatory compliance.

Bridging skills gaps with data-driven insights

As organizations progressively rely on contingent labor, integrating these workers into strategic planning becomes crucial. Still, it's key to understand that each company faces their own unique challenges.

For type 1 companies, which typically rely on manual processes and have not used a VMS, transitioning to a cloud-based tool like Workday VNDLY can be transformative. This is particularly relevant because managing operations on paper often results in challenges with compliance, regulatory adherence and obtaining a real-time overview of the entire workforce.

Workday VNDLY offers a streamlined solution for type 1 companies by centralizing external workforce management, vendor management and contract management. This approach not only helps save significant time and effort, likely increasing productivity and improving employee experience, but it can also enhance compliance and risk management by maintaining adherence to regulations and internal policies.

For type 2 companies, which may have partially implemented VMS capabilities but often hire managed service providers (MSPs), addressing complex workforce structures can be extremely challenging. In these cases, VNDLY can integrate with existing systems, facilitating holistic workforce planning, fine-tuning talent strategies and bridging evolving skills gaps. The result: More strategic hiring decisions and a much more efficient approach to workforce management.

Beyond software: Driving ongoing transformation

PwC’s tailored implementation of Workday VNDLY is crafted to meet the unique needs of companies, recognizing that each experiences distinct challenges. PwC’s approach goes beyond merely deploying a tool; it drives transformation and continuous evolution by focusing on identifying value drivers upfront.

Merely lifting and shifting your systems may not unlock the potential for your organization's growth and evolution. To help achieve this, a thoughtful blend of technology and process transformation is essential. That's why we work with you to assess your current state and collaboratively envision your future state. With a clear vision of your future in mind, PwC also establishes key performance indicators (KPIs) or success markers, enabling you to measure achievements post-deployment.

Our holistic implementation services also include project management, process design, system and integration configuration and personalized change management. By incorporating governance, we can gain leadership and stakeholder buy-in from the very beginning. With a focus on data and process harmonization, we help maintain seamless coordination and enhanced efficiency. Further, PwC’s business case-focused and process-driven transformative approach empowers organizations to address today’s challenges while capitalizing on tomorrow’s opportunities.

One of the stand-out features of Workday VNDLY is how it integrates with Workday Prism Analytics, a solution tailored for public risk and safety management that boosts reporting and insights. With the Workforce Insights Packaged Solution, Workday Prism Analytics can make it easy to connect data between Workday VNDLY and Workday HCM, giving you a holistic picture of both your employees and contingent workers. This integration further enhances the ability to make data-driven decisions and can strengthen your contingent workforce strategy. Additionally, PwC’s experience in forecasting and market rate analysis helps you stay ahead of industry trends.

Eyes to the future: A single system, a real-time holistic overview

As organizations navigate the complexities of managing a contingent workforce, adopting a future-focused approach is crucial. Workday’s single, integrated system can enable you to develop scalable global business processes, streamline operations, establish a clear governance model and reduce costs through improved planning.