7 Contingent Workforce Questions that Companies Should Ask of a VMS

PRO UnlimitedBy PRO Unlimited 3 months ago
Home  /  Best Practices  /  7 Contingent Workforce Questions that Companies Should Ask of a VMS

In a recent Forbes piece, PRO Unlimited’s Ted Sergott, EVP of Product Development, talks about the top contingent labor concerns companies can address by leveraging a Vendor Management System (VMS) such as Wand.

As mentioned in the article, “More than 2.5 quintillion bytes of data are produced daily. In 2017, some predicted that more data would be created than in the previous 5,000 years. This data offers possibilities, but also has the potential to overwhelm executives. Seventy-five percent of business executives identify talent analytics as an important issue, but only 8% believe their organizations are strong in this area.

This data influx is reflected in the contingent workforce management arena, where managers, gig workers, suppliers and Managed Service Providers (MSPs) combine to create millions of data points. It begs the question: If workforce data contains the answers to critical questions, how can businesses unlock them?

One answer could be a top-tier VMS to manage all aspects of the contingent labor program. A VMS enables a transition from program-wide data to line item-level information. When combined with an MSP, it empowers stakeholders to understand what’s happening, identify key trends/drivers and take action.

Here are the seven questions stakeholders can ask of a VMS to better understand their company’s contingent workforce ecosystem and fuel actionable decisions moving forward:”

  1. Where are my workers located?
  2. Are we paying competitive, market rates?
  3. Are there opportunities to reduce overtime?
  4. What parts of the requisition process can we tweak to speed time-to-fill?
  5. Why do we have turnover?
  6. Do I need to pay top dollar for a statement of work (SOW) worker to get top-level quality?
  7. What sourcing method results in the best talent quality at the best cost?

To see how a leading VMS can answer all of these questions, check out the full Forbes article here.

Also, to read about PRO’s unique approach in addressing these questions, request a copy of our whitepaper.

 

If you or a member of your team would benefit from a further discussion on how PRO is helping companies implement winning contingent workforce management programs globally, please contact a PRO representative at 800.291.1099 or email at info@prounlimited.com.

Disclaimer: The content in this blog post is for informational purposes only and cannot be construed as specific legal advice or as a substitute for legal advice. The blog post reflects the opinion of PRO Unlimited and is not to be construed as legal solutions and positions. Contact an attorney for specific advice and guidance for specific issues or questions.

Categories:
  Best PracticesIndustry InsightsVendor Management Systems
this post was shared 0 times
 40