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HCMWorks Insights

Could Your Contingent Workforce Program Benefit from a Vendor Management System (VMS)?

Posted by HCM Works on 19 Sep 2017

With the growing trend to hire contingent workers, many companies are looking to optimize the management of their contingent workforce and realize substantive benefits.

One consideration is to utilize a Vendor Management System. A Vendor Management System (VMS) is a web-based software application that acts as a mechanism to manage and procure contingent workforce talent via staffing agencies. By leveraging the right VMS technology, your contingent workforce Managed Services Provider (MSP) can create greater efficiencies, higher productivity, increased compliance, and high cost savings through increased visibility.

A VMS can automate and streamline the processes that supports the sourcing, acquisition, management, and payment of your on-demand workforce, including requisitions, approvals, time management and scheduling, expense management, payments, and reporting. And a VMS can be used for:

  • Initiating a talent or project request
  • Evaluating project bids and hiring workers
  • Onboarding and off boarding workers
  • Reviewing timecards and expenses
  • Analytics, benchmarking and optimizing

Exploring Your Contingent Workforce Ecosystem

Why A Technology Neutral MSP Is Critical When It Comes to Using A VMS

Not all VMS vendors or technologies are created equal. Some will allow for better results than others, and it’s critical to have a Technology neutral (agnostic) MSP that will make informed decisions based on your unique business culture, needs, and goals, when making suggestions and recommendations.

MSPs that remain technology, and vendor, neutral can ensure that all decisions are made to support your exact needs and to add the most value to your business.

Having the right vendor management system is critical for your ROI. A technology neutral MSP will not own or operate any specific system or technology; rather, it will use total objectivity when determining which platform your company should use.

Benefits of Using A VMS For Your Contingent Workforce Program

  •  Cost Savings - Avoid paying above-market pay rates and staffing supplier markups, and use in-depth reporting to evaluate current talent spend
  • Visibility & Transparency - Minimize “rogue” spending by departments and enable measurement of staffing supplier performance
  • Talent Quality - Optimize the talent pool by enabling more staffing supplier options
  • Reduced Compliance Risk - Follow consistent processes to ensure full compliance with federal, state and local laws and standards
  • Increased Efficiency -Acquire higher-quality workers over a shorter timeline – more easily.

Transform Your Business with Better VMS Insight

To operate a truly effective contingent workforce management program, powered by VMS technology, it will require the support from a neutral MSP to handle the workforce management processes and ensure you get the best ROI, the best people, best practices, and the best technology, all working to achieve your business goals. You can bring order to your contingent workforce and your supply chain in order to positively transform your bottom line—and your business.

Steamline & Simplify Your Independent Contractor Program 

Tags: Vendor Management

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