New talent sourcing approaches are slashing staffing agency costs… but are you missing out because your tech is out of date? Find out what you need to supercharge your VMS and get ahead of the competition.
The relentless move to on-demand talent sourcing
The last few years have seen a widespread move from full-time recruitment of internal employed roles to the contracting of an external workforce. Whether your business today is doing aspects of this, or like many US firms, is running up to half of it’s workforce in this way, harnessing on-demand talent is the way forward.
Why? Principally, because your business needs to adapt fast. Its impossible to reliably predict the volume of recources or skills the business will need from one month to the next. Paying for talent on-demand is what makes companies competitive. Small wonder then that Google, Disney, Boeing, Amazon, L’Oreal, Microsoft, Procter and Gamble, Facebook, Unilever, Walmart, and Gulfstream all now operate armies of contract workers.
Vendor Management Systems – Arguably the poorest description of an enterprise platform ever
How the world has changed since then. We have seen the emergence of the gig economy, direct sourcing using online portals, Statement of Work (SOW) contracting of labor, the rise of task-based job portals, and more recently career portals. And yet, the trusty VMS rolls on as the most widely understood terminology for external workforce management software.
Supercharging your VMS is easier than you think
Here are five examples of must-have grafts that you will want to consider.
1. Direct sourcing
2. Statement of Work
3. 24/7 talent and workforce engagement with AI chatbots
4. IC compliance vetting with AI
Delays and inaccuracies in IC compliance cost businesses millions of dollars every year. Thankfully, artificial intelligence can help streamline IC compliance. Script-based online platforms enable applicants to go through compliance questionnaires online, any time of the day. This also means that non-compliance risks are quickly flagged to administrators.
5. Pay analytics
Don’t have a VMS?
What makes matters slightly more confusing is the fact that some of the best technology alternatives are positioning themselves under new banners like Talent Engagement Portals, Career Portals, etc. Rest assured, if you delve into this marketplace, it’s likely you will soon be able to work out the providers who can support your needs.
Request a demo today.