Enterprises recovering from the pandemic are experiencing unprecedented talent challenges, including an acute talent shortage, increasing resignations, and rising salaries. In this scenario, the contingent workforce is emerging as an important strategic lever for organizations to build an agile, flexible, and scalable talent model. However, this new work model comes with its own problems. Hence, the adoption of this model needs to be accompanied by a rigorous business-wide strategy in the form of a dedicated Contingent Workforce Management (CWM) program that manages all extended workers. The role of technology, especially Vendor Management Systems (VMS), is vital in CWM and paves the way to achieve total talent management. The evolving VMS landscape can offer the required capabilities for organizations to maximize productivity, reduce compliance risks, and streamline operations.

This study examines the strategic importance of the contingent workforce and the role of VMS in CWM. It helps enterprises understand the benefits of VMS as an end-to-end CWM software and recommends a phased approach to implement and scale up VMS solutions in organizations.

Scope

All industries and geographies

Contents

In this report, we examine the:

• Strategic importance of CWM
• Role of technology in CWM
• Evolution of VMS as an end-to-end CWM software
• Enterprise adoption of VMS for CWM programs

Membership(s)

Contingent Workforce Management Services

Sourcing and Vendor Management