Leveraging a VMS to Gain Visibility Into Your Contingent Workforce
Last month, the Bureau of Labor Statistics and the Census Bureau announced they are bringing back the Contingent Worker Supplement to the Current Population Survey after a 10-year break. In a post on the Department of Labor blog, former Labor Secretary Tom Perez wrote:
"The American workforce - and the very nature of work - is experiencing some profound changes. It's not just the growth of new technologies, but also the rise of entirely new industries and new job structures. For example, we're seeing the tech-driven expansion of the gig or on-demand economy. This is an exciting entrepreneurial development that is tapping into powerful consumer demand while giving workers flexibility and enabling them to monetize existing assets, like their cars or extra rooms in their homes. At the same time, the on-demand economy raises important questions about how to continue upholding time-honored labor standards and how to promote economic security for American workers in a changing labor market."
Just as the U.S. government recognizes that Americans are increasingly taking on flexible work, it's essential that businesses make efforts to gain visibility into their non-employee workforces. To do so, many are turning to technology. A Vendor Management System (VMS) automates the entire process of procuring and managing temporary and contract labor, from requisition all the way through invoice and payment. It allows businesses to effectively search, identify, track and manage the workers in this valuable labor segment.
Using a VMS helps companies:
- Improve program efficiency
- Decrease costs
- Maintain consistency and compliance across the board
- Better manage contingent workers
To learn more about the basics of managing your external workers using VMS technology, take a look at our datasheet, SAP Fieldglass Contingent.