As companies seek to increase their agility, the contingent workforce continues to become part of the total talent management conversation. In his most recent chat with Ardent Partners, VectorVMS Managing Director Marc Husain discusses the gap between the contingent workforce and total talent.
Listen to the full podcast here and read on below for a summary of Marc’s perspective on the current state of the industry and where it is going next.
Total Talent Management
The line between full-time and non-full-time workforce management continues to blend. It’s becoming increasingly important to have solutions that can support both of these seamlessly. Technology and services that can work together reliably are crucial. From regulatory to operational efficiencies, it can take multiple providers to build the best solution set for each organization. Vendors with relationships across the industry can be an advantage to businesses that utilize contingent labor.
Vendor management solutions bring all aspects of contingent labor into one system just as human resources information systems do the same for direct labor. The advantage of a Vendor Management System (VMS) is visibility into your total workforce, enabling business analytics to control spend and maintain compliance. There are multiple factors to consider tracking in a VMS. From requisition to evaluation, there can be several vendors providing necessary solutions to the hiring business.
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For companies looking to maintain their contingent workforce program internally, direct sourcing has become an integral part of engaging labor. According to Staffing Industry Analysts, nearly half of companies are looking to deploy direct sourcing alongside their current strategy within the next two years. Many platforms help shake up the industry and support businesses looking to engage new staff or re-engage alumni. There are many choices for organizations, and the remote workforce has only expanded the geography for talent. It’s important to keep tabs on all of the moving parts.
In addition to managing costs, organizations must consider the worker’s perspective. Both full-time and non-full-time workers have more opportunities than ever before and the COVID-19 pandemic only sped that up. Contractors have greater autonomy as well as increased access to the organizations employing them. Engaging these workers is becoming more important to retain talent. While different from employee engagement, increasing satisfaction among contingent workers becomes a critical advantage to any business.
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Building the Brand
Done right, the way an organization manages its contingent workforce can build its brand. If the business relies on repeat contracts, re-engaging alumni can save time while building strong relationships.
Solution sets that can be housed in one hub make for a valuable ecosystem. Direct sourcing and even freelance management are certainly more forward-thinking, but traditional solutions are important to consider too. Background checks, applicant tracking systems, compliance, onboarding – all of these solutions can be tracked in one single source. A VMS is a component of contingent workforce programs, and a diverse network of industry relationships services companies by bringing together the right solution set.
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As we progress through 2021 and into 2022, the VMS market will continue to evolve. It’s continuing to bring platforms together; it’s continuing to make the user experience more accessible, and more mobile. A holistic approach to the total workforce—direct and indirect—is critical to the economy moving forward. Will a VMS be a hub of that? That’s yet to be determined, but it certainly will be included in the discussion.
Want to learn more about how to manage your contingent workforce through a VMS? Talk to one of our experts.
Meet the Expert
Taylor Ramchandani – VP of Strategy
Taylor Ramchandani is responsible for the management and strategic planning of the VectorVMS vendor management system. Taylor is committed to client satisfaction and to ensuring VectorVMS technology meets the current and future needs of clients and managed service providers (MSPs). She uses market research and in-depth industry experience to create products and services that make extended workforce management efficient and intuitive. Taylor oversees product development, marketing, and business partnerships for VectorVMS and is responsible for driving innovation for contingent workforce management. Connect with her on LinkedIn.