A vendor management system (VMS) is a software platform that enables companies to control the process of obtaining and managing a flexible workforce.
Benefits of VMS:
- VMS software enables hiring companies to publish job requisitions to multiple staffing companies and manage their candidate submissions to reduce time to fill and encourage competitive pricing.
- VMS functionality helps companies to manage and report on permanent and temporary hiring within a single system.
- Control over the hiring process by facilitating all users through a VMS, all steps in the hiring process go through a transparent route and everyone who involved in these knows what the status of an application is.
- Understanding supplier performance
Pros of VMS
- New hire placement can easily be managed via the vendor management system, before employees start on the job.
- Multiple candidates can enter their skills, educational, and experience levels so that recruiters can search for potential hires based on critical job skill needs. This allows for ease in finding candidates to quickly fill assignments and fill customer demands, for short-term or long-term personnel.
- Staffing agencies can track staff hours against project-approved budgets. Reports allow the ability to evaluate hiring practices and streamline future processes.