All About Contract Workforce Management in Today’s Age

Compared to the traditional workforce, it is found that talent analytics is especially hard when it comes to contract workforce management as there are millions of data points created by managers, staffing suppliers and managed service providers for your organization. But how can you ensure that your organization makes the best use of the workforce data to create a successful contract workforce management system? As the need for flexible workers is increasingly accelerating in recent times, companies have decided to rely on programs that will keep all these data points safe. A Vendor management system, popularly known as VMS is a software that will aid you in this process.

What is a VMS?  

At its core, a VMS is a cloud-based software that allows you to be more efficient by automating your contingent workforce management processes and increasing your visibility in order to manage your contingent workforce program. It should cover all types of the extended workforce including independent talent pools, contractors and direct sourcing statements of work. 

Benefits of Using a VMS

Understanding the benefits of a VMS or what it has to offer is key in your decision-making process. One of its biggest advantages is that adopting this type of technology saves a lot of your costs. Although cost savings is one of its key benefits, there are some other areas of value such as compliance, visibility and efficiency which are probably less obvious than cost savings. 

Having visibility into your workforce data will let you understand what’s exactly going on within your contract workforce management program. It provides you with information such as the trends of your hiring, where most of your hires are placed in the company if it’s seasonal or if it’s tied to specific quarters in your business etc. It also lets you know if there are any market factors that you should take into account. These insights are gathered using the data stored within the VMS.

Be it a highly established organization or a startup, a business must be vigilant in remaining compliant with both local and governmental regulations. It will save you from penalties and invoice fraud, thus ensuring your money goes to the right place.

Efficiency is perhaps the biggest advantage of a VMS system. Using the software, you can reduce the manual tasks of creating spreadsheets, emails or making calls and lets you focus on more important tasks. 

Establishing a Talent Tech Ecosystem

Rather than using multiple systems to manage your contingent workforce, isn’t it better to create a talent tech ecosystem? With more integrations in place, you can eliminate the need to log into separate systems to draw data and reports. 

Different areas of your business including full-time employees, your extended workforce, legal, procurement and finance have their own technology dedicated to managing contracts, sourcing and compliance. By integrating these technologies, you can share data back and forth. This will help in reducing the “noise” or overlaps. This seamless process that occurs automatically will create efficiencies in your tasks and will also provide you with greater insights. 

In today’s scenario, to be truly successful in your business, it’s vital that you are not just focusing on your full-time workers but on your total talent landscape. It’s critical that you explore the potential of your total talent landscape and the technologies involved so that they can all interact with each other in the best possible way. A VMS offers integration with other technologies such as scheduling software, freelance management, direct sourcing, background check providers etc. If you have any further doubts that need to be clarified before coming to the decision of implementing the software, you can contact the experts at Ramco systems for guidance.