Ten Capabilities Your Aging VMS Probably Doesn’t Offer
In the infographic below we present a view of the ten major capabilities being adopted by second generation Vendor Management Systems to support the indirect procurement of talent. Indirect sourcing forms part of enterprise total talent management strategies to access the gig economy… To visit this article ‘Second Generation VMS Capabilities Infographic’ and others on Slideshare, click here
Definitions relating to this article
This article ‘Second Generation VMS Capabilities Infographic’ is closely aligned to the following topics. The “Gig economy” describes an economy based on performing tasks and projects, generally today offered through a digital platform, This emerging contingent workforce is progressively replacing regular full-time employment and, in the U.S. is expected to be the majority of employment by 2027.
Total Talent Management (TTM) is a human capital management strategy to satisfy enterprise workforce demands by embracing both full-time employees and gig working in its various forms.
Workforce Management Software is an enterprise software application used to fulfil the sourcing, operational management, governance and off-boarding of the enterprise workforce. It cuts across traditional software categories such as ‘Recruitment Software’ and ‘Human Resources software’ previously used to describe solutions in this area.
Direct Sourcing is what occurs when an enterprise harvests the talent pool formed by its internal recruiting activities and brand reach to source gig workers. This talent pool might include individuals who’ve approached the enterprise through its social media presence, former employees, retirees or applications within the company’s own applicant tracking system. Direct Sourcing functionality is built-into SimplifyPortal. Indirect Sourcing (also known as indirect procurement) is the sourcing of talent for a business to enable it to maintain and develop its operations. Normally, to deliver indirect sourcing of talent within a business, organizations will look to purchase a Vendor Management System, or ‘VMS‘. Simplify Workforce promotes a second generation VMS system called SimplifyVMS.
A Statement of Work (SOW) is a form of contract between a company and a staffing provider or individual that agrees to pay a contract worker for their efforts based on the achievement of pre-determined project outcomes. Typically, these outcomes are formed around project way-points (sometimes called ‘Milestones’). Statement of Work functionality is built into Simplify Hire. [slideshare id=224000678&doc=10-touchpointsvms-200124112041]
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