Vendor Management Systems (VMS) are purpose-built recruitment software designed to manage contingent workforces. TRS Workforce Solutions (TRS WFS) partner with a range of leading VMS providers to support out Managed Services Programs (MSP) services.
A fully deployed VMS provides a platform with functionality to manage the full life cycle of a temporary worker from requisition all the way through to invoicing and ultimately offboarding. TRS WFS work with your business throughout the sales process to help identify the solution that best meets your needs.
VMS are highly configurable systems that can be set up to match company specific requirements. Regardless of the final system that is implemented there are a range of features and benefits that can be achieved:
Workers Requests & Requisitions - all requests for new workers can be submitted via the VMS. Hiring Managers have access to the VMS to submit exact requirements, budget, and role details to the MSP. Requisition templates can be saved to the VMS (either prior to the service being launched or on a more ad-hoc basis during the lifetime of the service) which can help automate this process and mean a new worker can be reqested in a matter of minutes.
Approval Framework - the VMS can be set-up and configured to mirror your company approval framework. Once a new requisition has been submitted it will be automatically routed through the agreed approval chain until the right level has been met to ensure a role is approved ahead of the recruitment process. This approval chain can be multi-level based on hierarchy spend or both.
Vendor Management - the MSP Program team can manage all suppliers engaged by the MSP via the VMS. The MSP releases each approved requisition to the chosen suppliers based on specialism and tiering. Once released the suppliers access the requisition via the VMS supplier portal. Suppliers have access to all role details and can submit proposed candidate profiles against the job. This provides a secure portal for candidate details to be shared that only approved users can access and ensures that all activity across the requisition can be tracked and reported on.
Worker & Assignment Management - ensuring accurate monitoring and tracking of all workers in your company is essential to ensure you maintain full reporting, visibility, and control across your contingent workforce. All worker assignments are managed through the VMS ensuring that any changes to approved working conditions (extension, pay rate) go through the agreed approval chain.
Onboarding & Offboarding - VMS support automated on-boarding and off-boarding processes and can help ensure that all steps are followed before a contractor starts an assignment. Documents can either be stored in the system or check list completed ensuring key on-boarding steps are completed. Similarly, automated process for workers leaving can be created to ensure that all systems and buildings accesses are closed.
Timesheet, Expense, and Invoicing - all workers across the MSP will submit timesheets and expenses via the VMS. These are then automatically routed through to the agreed approvers ensuring control across all spend prior to workers being paid and invoices issued for the work. These can then be used to generate consolidated invoices for all workers across the whole MSP.
Analytics & Reporting - VMS can ensure that all aspects of the program are fully visibile. Reporting is available across all aspects of the program and provides real-time reports on spend, headcount, vendor activity, as well as data across agreed SLA's and KPI's.
Integrations - API's and the ability of VMS's integration capabilities ensure that key data can be moved to and from other systems. These can include your accounting systems, HRIS systems or any other key back-office system.