Today, contingent workers are a critical component of a company’s workforce strategy, providing increased business flexibility, access to specialized skills, faster recruitment and lower costs.
But to access these benefits and acquire high-quality talent and competitive rates, organizations must ensure they implement effective contingent workforce management programs.
The use of a vendor management system (VMS) makes it easier and faster for businesses to source and manage contingent workers. In this blog, we take a look at five key reasons why the use of a VMS improves contingent workforce recruiting.
1 - Understand exactly what you need to achieve with your contingent workforce hiring strategy
A vendor management system gives an organization the visibility and control it needs over its contingent workforce program to ensure business leaders and hiring managers can build a more strategic workforce over the long term.
With a VMS, businesses can see exactly how much each department is spending on contingent workers, whether hiring managers are acquiring talent that helps the overall business achieve its workforce requirement goals and how staffing agency relationships are performing. This gives you the visibility you need to make improved contingent workforce hiring decisions.
2 - Improve the worker experience through better onboarding, and make future hiring easier
Since contingent workers have more options of who to work with than ever before, the top talent is more likely to accept positions with businesses that are easier to work with and that have a reliable process for things such as invoicing and payments.
By improving the onboarding processes for contingent workers (and staffing agencies), your business will be able to implement repeatable, automated processes that contribute to contingent workforce satisfaction - helping you to continually hire top talent.
3 - Use VMS metrics to develop strategic hiring processes that get improved results
A vendor management system stores all of an organization's vendor and contingent worker data in one single, centralized, platform. Using this data, a VMS is able to calculate advanced reporting and analytics that give a business measurable results in terms of how their overall contingent workforce program is performing.
Using this reporting data, companies are able to detect inefficiencies in their program that are costing the organization money, evaluate how staffing agencies are performing based on predetermined goals, and predict future workforce needs.
With this data, businesses are able to make more strategic decisions when it comes to hiring that help to both reduce costs, and improve the quality of their contingent workforce.
4 - Attract contingent workers with competitive rates
Skilled workers are high in demand, and have a range of different businesses that they can work with. To acquire top talent, it’s critical that businesses are able to pay competitive rates, while ensuring that they also aren’t overpaying.
A vendor management system gives businesses insight into different labor types and their associated rates. Hiring managers that keep a pulse on the going rates will be able to make better hiring decisions moving forward, ensuring that their competitors can’t swoop in with a better offer and lure the top talent away.
5 - Broaden your talent pool with faster vendor onboarding
Need to access new talent or workers in a new location? If so, you need to find new staffing agencies to fulfill your requirements. With a vendor management system, you can dramatically speed up the vendor onboarding process and, as a result, speed up the process in which they can deliver high-quality workers to your business.
Are you looking for more information on how a vendor management system can benefit your contingent workforce recruiting?
Book a demo of Conexis VMS today. We’d be pleased to show you exactly how a vendor management system works, and how it can improve the ROI of your contingent workforce program.