Work Market, founded in 2010, is one of a number of contingent workforce management “platform” providers that sometimes assigns itself the description of Freelancer Management System (FMS). In essence, FMS is a technology solution that allows an enterprise to engage, deploy and pay its own affiliated, legitimated “independent” (“freelance”) workforce. Some of these platforms, including Work Market, sometimes support or integrate with online labor marketplaces or complementary services providers that contribute to a more robust procure-to-pay (P2P) sourcing and supplier management ecosystem configuration.
Work Market has already experienced continuing success in working with enterprises that engage IT workers who must be deployed rapidly and efficiently to perform projects or tasks at different physical locations (for example, field service technicians), but it has also extended its category reach to a range of other types of work (some of the over 10 categories that are reported include security services, property preservation, administrative support, media production, translation and localization, legal, et al). In addition to supporting IT field service solutions for OEMs and service companies/VARs, Work Market has also developed a unique workforce ecosystem solution that allows SAP VARs and SMB customers to engage (otherwise difficult to tap) SAP certified independent contractors.
Work Market is one of the leaders in developing this new model of contingent workforce engagement/utilization, which is fast becoming a promising alternative to the traditional sourcing contingent labor services through bulk staffing and other suppliers. Accordingly, Work Market has also started to create integration points in the traditional contingent workforce supply chain by engaging key VMS, MSP and even staffing players, while also exhibiting agility and inventiveness in spawning new breeds of contingent workforce solutions.
With $35 million in private equity under its belt, the company has been scaling the business at a rapid clip, strengthening its team across the board and continuing to update its own vision and mission in light of the rapidly evolving contingent workforce environment and increasingly severe talent shortage and engagement conditions. Work Market seems also to have an advantage of being architected to become a new kind of digital labor platform, not just an online marketplaces or a vendor management system. Its inherent capability for management of a broad range of work and work arrangement data has only yet been scratched on the surface.
Spend Matters sees Work Market as a potential, high-impact innovator in a number of areas including manufacturing service delivery value chains and even more so in enterprise contingent – possibly also blended – workforce supply chains/talent ecosystems.