Does your organization experience significant seasonal fluctuations in demand or is growing rapidly? In this article, we look at how a VMS can help you stay in control if you have a portfolio of contingent workers that will grow or change with your business.
Whether you are a start-up or a small to mid-market business, effectively managing and growing your business is a crucial strategic priority. As your business expands, successfully overseeing your contingent workforce program becomes even more important.
If you don’t focus on implementing an effective contingent workforce management program as the number of contract workers you utilize increases, your business could soon start suffering from issues such as:
- A complete lack of visibility into your contract workforce, with data being stored across different documents and systems.
- The loss of time from poor administration processes.
- Rogue spend that runs rampant throughout your organization, with hiring managers having no standardized rates in which to pay contract workers and staffing agencies.
- Poor performance from the staffing agencies you use as part of your contingent workforce program.
- Risks due to thin contractual arrangements in favor of staffing agencies
How can you effectively manage your contract workers as your business expands? Implementing a vendor management system is essential for achieving clear visibility and control over your contingent workforce program.
In this blog, we take a look at three ways your organization can use VMS software to stay in control and gain visibility of your contract workers.
#1 - Centralize your contingent strategy in one system
As your contingent workforce grows, so does the amount of data that you need to store to manage it effectively. Using spreadsheets, emails and Share Point-like websites to store that information is an unsustainable method as you grow.
Storing data manually is not only incredibly time-consuming, it leads to fragmented processes that reduce your visibility into your contingent workforce program. Hiring managers across your organization will save data on their own spreadsheets, and you’ll quickly lose visibility into the program. The result will be hiring managers engaging staffing agencies on their own terms and at their own price, and a complete lack of visibility into how your program (and your vendors) are performing.
To gain complete visibility into your contingent workforce program and to ensure all hiring managers are following standardized processes and the overall contingent strategy, a VMS is an easy way to store all contingent information in one centralized database.
Read more about How a VMS centralizes
#2 - Save time by automating processes
As your company grows, so does the amount of time that your HR and procurement teams spend on managing contract workers. Yet, since these teams are likely balancing multiple tasks, there’s a chance they’ll cut corners and give less attention to some administration over higher value tasks.
But when that happens contingent workforce data isn’t stored correctly. That results in inaccurate data that leads to poor decision making, the loss of control of your entire contingent strategy and increased risks that seep into the program.
A vendor management system automates processes such as sourcing contingent workers, onboarding, time entry and approval, payments and so much more. Your HR and procurement teams can save a huge number of hours - allowing them to both effectively manage the contingent workforce, and spend more time on the high value tasks that really help your business grow.
#3 - Gain data and insights that improve program performance
As your business grows and scales up, you’ll need to find the right workers that help you achieve your goals. You can’t do that unless the staffing agencies you partner with are helping your business to meet its workforce requirements.
To make sure they are fulfilling those targets, it’s important to measure and analyze vendor performance. A vendor management can help you do just that.
A VMS will give you key insights into metrics such as time-to-fill, time-to-submit, turnover and much more. The more metrics you have around staffing agency performance, the better you develop your contingent workforce strategy in the future to ensure your vendors are helping you meet your targets.
Learn more about the Benefits of a Vendor Management System and what to look for when choosing the best VMS for your organization.
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Take the Next Step with Conexis VMS
Conexis is an award-winning VMS tailored specifically for mid-market contingent workforce programs. Leveraging the latest technology, Conexis delivers the expertise, reliability and security of enterprise systems, while offering the flexibility, user friendliness and tailored service you require. Conexis delivers enterprise level software - without the enterprise level complexity and cost.
Learn more about our Company and why organizations Choose Conexis VMS.
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Whether you are looking to change your VMS solution, or just getting started, we are here to help. Contact Us for a Free No-Obligation Consultation to discuss your workforce challenges (and get immediate actionable insights). See how easy Conexis is to use by taking a quick 2 minute Self-Guided Tour, or Book a Personal Demo Today!
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