E very year, month, and even day brings new challenges to Financial Services organizations. You face stringent regulatory compliance requirements, an uncertain economy, an ever-faster pace of technology, and more. Your contingent talent is critical to helping you overcome these challenges and seize new opportunities when they arise.
It’s no surprise that:
85% of enterprises say that sourcing the right skillsets
is the #1 reason for leveraging contingent labor.
Another interesting fact:
80% of Financial Services organizations are
enlisting the services of contingent workers.
Sourcing contingent workers helps you reduce labor costs, fill skill gaps unique to Financial Services, and meet aggressive project timelines.
Our previous post in this “CWM in Financial Services” blog series discusses how to leverage technology to source quality contingent workers. But once you’ve hired the right contingent workers for your requirements, you need to keep them. This involves both ensuring that non-employees have access to the resources they need, and evaluating their work in a way that proves their value to the business.
A leading vendor management system (VMS) can accomplish both of these objectives. Contingent workers benefit from features that eliminate administrative hassles, while hiring managers, HR, and Procurement gain visibility and control at each point of the contingent labor lifecycle. Here are a few ways that a VMS platform can help:
- Streamlined onboarding and offboarding processes – that save time, reduce headaches, and most importantly, keep data and facilities secure
- Streamlined talent performance evaluations – that help ensure on-time, on-budget quality work
- KPIs and SLAs – that help demonstrate quality in the talent sourced by your program
- Mobile VMS functionality – that boosts the end-user experience for contingent talent:
- Quick access for submitting time cards for multiple assignments
- Alerts for approved, rejected and missing time cards
- Accelerated time-to-pay with on-the-go expense reporting
- Real-time access to changing assignment information
- Deep insight into supplier performance metrics – including spend, headcount, supplier quality, time-to-fill, compliance, supplier specialties and more
Winning the war for talent in the Financial Services industry requires more than sourcing the right contingent workers with the right skillsets at the right price. A VMS helps you not only hire, but also keep quality talent in your business-critical roles.
Interested in learning more about strategies for procuring and managing your extended workforce?