In today's fast-changing economic environment, having flexible workforce strategies is more important than ever. The services procurement market is projected to grow at an annual rate of 20% from 2025 to 2028. A survey by Everest Group reveals that 64% of organisations are looking to incorporate temporary workers, independent contractors, and Statement of Work (SOW) arrangements into their future workforce strategies. Integrating SOW spend into your contingent workforce programmes is key for improving efficiency, achieving cost savings and avoidance, and successful risk management.
A SOW is a formal document that details the key aspects of a project, such as deliverables, timeline, and scope of the work involved. It is commonly used when working with external suppliers or service providers and plays an important role in a company's overall workforce strategy.
The industries investing most in contingent workforce programmes are IT, manufacturing, healthcare, consulting, and retail. 30% of organisations feel that their current strategies for managing contingent workforces are ineffective. This has led to a growing demand for innovative hiring approaches, such as using SOW contracts. In fact, according to the Staffing Industry Analysts, 63% of large organisations now incorporate SOW into their contingent workforce programmes, marking a 21% increase since 2011.
Incorporating SOW spend into your contingent workforce programmes enhances cost management, boosts compliance, increases agility, mitigates risks, and supports informed decision-making.
Discover how our SOW solutions can enhance your workforce programmes.
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