A Vendor Management System (VMS) is a web-based (Cloud/SaaS) application that acts as a central hub, and a system of record, to procure, manage and pay, your contingent workforce - sourced directly, or via staffing agencies and strategic service providers.
VMS technology is fundamental to the success of your contingent workforce management strategy.
With a well-configured VMS, organizations can automate and streamline critical processes that support the sourcing, acquisition, management and payment of your on-demand, non-employee workforce. This includes requisitions (request for services), candidate selection and on-boarding, compliance, approvals, time management and scheduling, expense management, payments and reporting. In addition, VMS technologies can provide extensive reporting functionality and features to support your human capital strategies and objectives.
“The HCMWorks team was the foundation in the implementation of a contingent workforce managed solution which extends from the hiring process to the payment of consultants. For more than 5 years, our partnership with HCMWorks enables us to effectively meet our objectives in accessing a large talent pool, all while controlling our costs.”
Vendor Management Client"Having had HCMWorks and their team of professionals supporting our contract resources over the past four years has been a pleasure. HCM experts continue to provide solid and consistent resource management, procurement and administration and we appreciate the efforts that they successfully offer. Having them on our team is a huge asset!"
Senior Manager, Data Centres"I've been working for almost 10 years with the HCMWorks' team and I hope to continue for another 10 years. Professional and passionate are few words that best describe this team. They offer excellent overall service and are always available for any inquiries. Their knowledge of the market makes them an asset for the business. I would not hesitate to recommend them."
National Senior Manager Staffing OfficeNot all VMS vendors are created equal. Some will generate better results than others, and it’s critical to have a technology neutral MSP, like HCMWorks, working with you. As a technology neutral MSP, we will make informed decisions based on your unique business culture, needs and goals when making the business case with documented recommendations.
MSPs that remain technology and vendor neutral can ensure that all decisions are made to support your exact needs while adding the most value to your business. Having the right vendor management system is critical for your ROI. As a technology neutral MSP we can apply total objectivity when determining which platform your company should use.
Independent contractors, freelancers, and contract workers are a valuable source of high-quality talent but managing dozens, if not hundreds of IC contracts, invoices and more, is a full-time job for several of your people.
Learn how to simplify, streamline and reduce the complexity of managing your freelancers, consultants and contract workers.
When it comes to comparing the pros and cons of working with a managed service provider (MSP) or relying on an in-house program, there are numerous things to consider. First, it is important to keep in mind that there is no one-size-fits-all solution. Businesses are complex organizations with different priorities. To better understand the specific needs of your business, it is important to thoroughly review your internal processes. Alternatively, you can include a neutral subject matter expert as a third party to gain additional insights. To help you compare your options, we have listed...
> Read MoreAs a result of the COVID-19 Pandemic, many businesses had to rethink their approach to workforce management in 2020. The shifting regulatory landscape, fluctuating demand, and unforeseeable market circumstances highlighted the importance of business flexibility and strategic workforce planning. Though many businesses lost revenue, some sectors, such as the staffing industry, managed to grow. Here are the top reasons implementing strategic workforce planning will be critical to success in 2021 and beyond:
> Read MoreWhen hiring professionals as independent contractors, there a few things to consider before signing the dotted line. Whether you are hiring for a short-term project or looking for a freelancer to assist your organization long-term, a poorly executed engagement and cause problems down the road. We have created an independent contractor vs employee checklist below to ensure you reduce the risk of hiring an independent contractor vs a temporary employee.
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