MILWAUKEE, July 15, 2014 /PRNewswire/ -- ManpowerGroup Solutions' Managed Service Provider (MSP), today released the second Contingent Workforce Index (CWI). The CWI measures and tracks the relative ease of sourcing, hiring and retaining contingent workforce in 75 countries.
Hong Kong continues to be the highest-ranked country for contingent workforce operations in 2014, followed closely by the United States. China advanced from 16th place in 2013 to third due to its well-balanced mix of relatively high workforce availability and industry dynamics, despite shifting regulations and wages. Other significant changes include Australia's fall from fourth place in 2013 to 15th in 2014 as the result of rising manufacturing wages and reduced workforce availability.
"Managing business and workforce strategies globally presents tremendous challenges to business leaders who must align resources and leverage talent holistically," said Kip Wright, ManpowerGroup Solutions senior vice president. "In its second year, the Contingent Workforce Index continues to provide an unparalleled global outlook with detailed metrics and in-depth analysis of local contingent labor conditions. The enhanced 2014 CWI helps business leaders make informed decisions about their entire workforces and evaluate, plan for and successfully manage expansion of their operations."
The second annual CWI was refined and enhanced to assure the analysis and results reflect the constantly evolving world of work trends. For example, additional insight into regulations and workforce dynamics, such as "language proficiency" was added. Moreover, with greater emphasis placed on the size of countries' contingent workforces, countries with large populations or pools of contingent labor rose in the rankings. Consequently, decreased rankings were observed for countries with smaller contingent labor pools or higher costs.
Countries included in the CWI are assessed on more than 50 unique market conditions and statistics that influence contingent workforce conditions. Using a proprietary formula, countries are ranked on their overall environment for contingent workforce engagement across four categories: availability, cost, regulation and productivity. Each category can be weighted differently depending on organizations' strategic priorities. The report provides unparalleled insights into contingent workforce planning which helps organizations develop short- and long-term business, and workforce strategies, from expanding MSP programs internationally, to capacity planning and global sourcing.