Choosing a contingent workforce solution can be a daunting task for businesses. With so many options on the market, it can be overwhelming to sift through the various features and capabilities of each solution. And on top of that, it can be difficult to determine which solution will best meet the unique needs of your business.
Let’s learn more about the best solutions in the market.
VNDLY provides a contingent workforce solution that aims to help companies manage their non-employee workforce. Here are some of the key features of their offering:
- Vendor management system (VMS) which helps companies manage and track all of their non-employee workers, including contractors, freelancers, and temporary staff. The VMS allows companies to onboard new workers, track their hours and expenses, and manage their compliance with regulations.
- Real-time analytics and reporting tools that allow companies to track and analyze the performance of their contingent workforce programs.
- A user-friendly interface that makes managing the contingent workforce easy and efficient.
- Total talent acquisition and talent pool management capabilities.
- Modern APIs that enhance ease of integration with existing systems.
Note: VNDLY was acquired by Workday in 2021, and if you’re using Workday for your workforce management, VNDLY may seem like a logical choice for a VMS. But before making a decision, it’s important to note that VNDLY’s VMS and worker tracking aren’t a part of Workday and need to be integrated like any other third-party system.
SAP Fieldglass is a provider of staffing vendor management systems that help companies manage and optimize their contingent workforces, which can include contractors, freelancers, and temporary staff. Some of the key features of their offering are:
- Comprehensive vendor management allows companies to manage all aspects of their non-employee workforce, including onboarding, compliance, performance tracking, and payment.
- Advanced analytics and reporting that provide insights into workforce spend, worker performance, and program effectiveness.
- Automated invoice and payment processing.
- Email-based approvals that operate outside the application and customizable workflows with options for multiple authorization levels.
- Functionalities for candidate review, evaluation, onboarding, and offboarding.
- Compliance management that ensures adherence to laws and regulations, including worker classification, taxes, and insurance.
- Advanced security features that ensure the protection of sensitive data and information.
- Integration with other proprietary enterprise systems, including SAP Ariba and SAP SuccessFactors.
Beeline’s extended workforce management offering helps businesses manage and optimize their extended workforce, including sourcing and procurement; onboarding and compliance; performance and compliance management; invoice and payment processing; and security and data protection. Here are some highlights:
- VMS helps businesses to find and engage talent and manage talent suppliers.
- VMS provides businesses with the tools and processes to ensure compliance with laws and regulations, including worker classification, taxes, and insurance.
- Platform offers customizable workflows and superior user experience.
- Advanced analytics and reporting capabilities provide companies with advanced business intelligence and workforce insights.
- Direct sourcing and talent pool creation and management capabilities.
- Platform integrates with HRIS, security, and access systems.
Prosperix is a workforce innovation company that aims to solve the complexities of contingent workforce management by providing an end-to-end solution and other services.
The Xponential offering is a bundled solution that combines their patent-pending VMS Network, MSP expertise, hiring marketplace technology, and payrolling services into a holistic solution. Here are the key features:
- The only VMS network (patent-pending) in the workforce solutions space with the industry’s only integrated hiring marketplace helps boost businesses’ access to quality talent across every job category.
- Automated supplier management capabilities that ensure top talent at the best rates in the market.
- AI-powered algorithms dynamically determine which recruiters and suppliers are the most qualified to fill specific jobs.
- Real-time data and analytics that provide full program visibility and allow users to evaluate supplier and worker performance in the moment so immediate changes can be made to meet changing hiring needs.
- Total program management to reduce administrative burdens and govern contingent workforce programs for optimal supplier and program performance.
- The industry’s only digital right-to-represent option, giving candidates the ability to choose which recruiters represent them for each job.
- Direct sourcing and talent-pool-building capabilities using the integrated hiring marketplace.
- MSP expertise to completely manage the contingent workforce lifecycle.
- Immediate setup and go-live.
- ATS functionality, such as flexible hiring workflows and pre-screening assessments.
By understanding the key features and capabilities of each solution, you can make an informed decision that best meets the unique needs of your organization. VNDLY, SAP Fieldglass, Beeline, and Prosperix are among the top solutions in the market, each providing comprehensive solutions that help businesses manage and optimize their non-employee workforce.
Prosperix offers the added advantage of having an industry-changing VMS network with an integrated hiring marketplace that comes with lower licensing fees, which makes Prosperix a no-brainer to consider. And Prosperix’s implementation process is efficient and effective, allowing clients to start immediately using the VMS for hiring, resulting in a prompt return on investment.
Ready to make your VMS choice?