What is Workforce-as-a Service (WaaS)?
Workforce-as-a-Service (WaaS) is a concept where companies can use their employees based on their business needs. The workforce can be scaled up or down to match the requirements and prevent losses in the event of no sufficient work for employees. WaaS provides an online marketplace for companies to manage a different kind of gig workers like consultants, contractors and freelancers. Companies that need immediate skilled workers for a short period of time enjoy unique advantages with WaaS model.
WaaS is a self-service model through which allows companies to quickly find and meet the hiring requirements of their projects. One of the important aspects of WaaS is business process crowdsourcing, which can easily satisfy the changing demands of a business. It provides a very secure platform to companies where they can have seamless delivery of well-qualified and in-demand professionals delivered to them in the shortest time. These professionals are not a like-for-like replacement for the employees that a company can have, but they offer the scope of massive scalability, while at the same time, a lot of efficiency and flexibility.
WaaS has become more important than ever as the business world has today become hyper-responsive. With the mushrooming growth of businesses and the availability of choices, customer expectations have only increased. Businesses need to simply deliver according to the expectations of their customers; else the survival will become difficult. WaaS gains importance in the sectors or businesses where the supply-demand gap is unpredictable. IT sector is one such relevant area where such solutions gain a lot of importance due to the type of business models IT companies have.
These solutions can be used by employers of all sizes since the cost model is variable and not cost-prohibitive. Even larger organizations that have fixed-term projects with clients can have on-demand employees and cut down on their labour costs and delays in hiring resources. Companies just need to have their skills requirements, process alignment, compliance controls and an execution plan in place to hire bench resources.
Businesses in the sharing economy have used freelancers for a long time but the steady rise of the on-demand economy has prompted them to rethink their strategies when it comes to on-demand workforces. Worldwide, the human resources leaders of many progressive businesses have already begun adopting the on-demand model. It is a cue for other businesses as well to use the bench resource and sharing platform to attract new and diverse talent and remain competitive in the talent war. This will go a long way in helping them live up to the expectations of their customers, reduce annual labor costs and also generate new streams of revenue.
A report published in Gartner elaborated on how almost 60 per cent of human resources leaders will make use of a unified talent management strategy by 2020. They understand the value of building an on-demand workforce that will remain flexible and also respond to the changing times in the business world. Thinking differently and ahead of the time will be the key to the success for most businesses that are looking to expand their footprints and stay ahead of their competitors.
Workforce-as-a-Service Segment will revolutionize hiring in the future and it's here to stay for long