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Blog

What is a VMS?

Mar 27, 2020 1:18:02 PM

A VMS or Vendor Management System is a web-based software application designed to support the procurement and management of staffing services – including temp staff, outside contract or contingent labor – for mid-sized to large businesses and other organizations. VMS solutions enable the effective management of contingent workforce hiring processes from one, easy-to-use platform. A VMS streamlines and automates every step involved in the sourcing, acquisition, management and payment of contingent labor. VMS is used either by internal workforce management/HR users or by an MSP team on behalf of their client.

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Topics: Blog, Procurement Services, Workforce Management, temporary staffing, Technology, Mid-market, Independent contractors, VMS

Recruitment and Talent Acquisition – What is the Difference?

Feb 13, 2020 10:40:36 AM

Think of it this way, all recruiting is talent acquisition, but not all talent acquisition is focused on recruiting. Talent acquisition describes the long-term process of planning the overall composition of the workforce and the best practices for delivering the goals set forth. Recruitment is the short-term process of filling a role with the right talent. Talent acquisition in a strategic sense, builds on the talent sourced during the recruitment process and leverages it to fill similar positions over time.

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Topics: Blog, Procurement Services, Best Practices, Workforce Management, Strategic sourcing., Procurement

nextSource Blog Retrospective for October and November

Dec 6, 2019 10:12:44 AM

The nextSource Blog is your one-stop shop for incisive industry perspectives, best practices, innovative ideas and overall thought leadership on all things relevant to workforce management.  Today’s post will look back over the last few months of posts to provide a brief synopsis of all the hard-hitting and valuable content this blog has been producing consistently for years. 

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Topics: Blog, Statement of Work, MSP/VMS, Procurement Services, Workforce Management, Technology, Retail, Gig Economy, Retrospective

Is it Time to Consider a Procurement Services Provider for Contingent Labor?

Oct 31, 2019 12:05:44 PM

Your procurement department is probably well-equipped to source the goods your organization needs. From raw materials needed to produce products to office supplies, they’ve got it well in hand. However, services procurement – that is buying services such as contingent labor of all varieties like temp labor, project workers, and independent contractors – is a completely different kind of purchasing. For these more complex procurement needs, many organizations turn to a procurement services provider or ‘PSP’. What is a procurement services provider and is it time to consider engaging one to support your contingent workforce management sourcing needs?

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Topics: Blog, Procurement Services, temporary staffing, Independent contractors

What is a SOW?

Oct 27, 2019 1:47:33 PM

An SOW or “statement of work”, is a formal document used in project management practices to broadly describe scope of work to be completed on a given project, the responsibilities of involved participants, and expectations regarding execution within the project. It’s a routinely used tool for the management of vendors, freelance and contract labor engaged to work on a project. SOW is a term utilized by contingent workforce managers to not only describe documents capturing the work products and services including work activities and deliverables to be supplied under a contract, or as part of a project timeline, but also a service that enables the governance and outsourcing of finite projects to a team on non-employee workers.

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Topics: Blog, Statement of Work, Procurement Services, temporary staffing, Independent contractors

Avoid Getting Bitten in the Tail (Spend)

Oct 11, 2019 1:41:32 PM

Tail spend is defined as the roughly 20% of a procurement department's spend allocated to non-core transactions. Typically, this is spend on items not significant enough to be run through a procurement process, typically due to a high volume of small suppliers and limited in-house resources available to manage them. For most organizations engaging niche suppliers to accommodate specialized contingent staffing needs, this type of niche spend often falls into the “tail spend” category. While spend in this bucket may be small overall, the risks associated with workforce procurement may represent outsized risks and as such, it warrants increased attention to avoid potentially costly problems. Here’s what you need to know.

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Topics: Blog, Procurement Services, Cost savings, Best Practices, Procurement

Why and How to Implement a Remote Talent Strategy

Apr 26, 2019 1:29:12 PM

Like most medium to large size organizations, you likely already have a contingent workforce strategy in place. For many, this strategy relies heavily on staff supplementation/temp labor to plug gaps and accommodate times of peak business volume. More robust practices may include other worker types in their contingent mix like onsite independent contractors, project workers and SOW teams. However, many services procurement pros seem to shy away from utilizing freelancers working 100% by remote. Avoiding this type of arrangement is becoming a growing liability as this classification of worker is growing and your competition may already be enjoying the competitive advantages of using them. Here’s what you need to know about remote talent use and utilization.

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Topics: Blog, MSP/VMS, Procurement Services, Workforce Management

Contingent Workforce 101 – Some Fundamentals

Apr 11, 2019 12:03:38 PM

Here at the nextSource blog, we often focus on providing simplified, easy-to-digest explanations of some of the latest, advanced processes and technologies being adopted by innovators in the human capital management industry. Today, though, we’re going to return to basics, because we know not all organizations are advanced in their workforce management know-how and understanding. As more and more small and mid-sized businesses begin to embrace the strategies used by larger enterprises, there is a lot of educating we can be doing to help newer entrants understand fundamental industry terms, processes and practices. This post will focus on simple definitions of worker classifications and the services offered by solution providers to manage each worker type.

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Topics: Blog, MSP/VMS, Procurement Services, EOR Services, Workforce Management