What is a Vendor Management Solution?
The Top Five Reasons Companies Implement a Vendor Management Solution
- Cost Reduction
- Administrative efficiency/ process improvement
- Procurement control
- Greater access to talent & cycle time reduction
- Spend visibility
A Vendor Management Solution performs the following functions:
- Cost reductions of your contingent labor spend based on tangible and intangible dollars.
- Organizes all of your staffing suppliers regardless of their size. Create and maintain the policies by which each line of business must adhere to in order to engage and pay contingent labor.
- Elimination of co-employment risk and better adherence to Sarbanes-Oxley controls and audits.
- Standardization of all contract terms and pricing.
- Requisitions the staffing suppliers of your choice for any role you need to fill.
- Provides a seamless candidate submittal/review, on-boarding, and off-boarding process.
- Time & Expense reporting is handled completely through the software enabling consolidated invoicing to be on-time and accurate.
- Predefined and customized reporting at all levels will be real time, accurate, and readily accessible to all authorized users.
- Staffing supplier and contingent laborer performance measurement.
Corporate Challenges (No VMS)
- Cost Challenges – Unreasonable markups by staffing suppliers is sending operating costs through the roof. In many cases companies are paying more than the market rates for certain positions
- Risk Challenges – Companies are continuously trying to avoid risks to their business operations. With regards to contingent labor the main risks are as follows:
- Co-Employment Risk – Companies are fiercely looking to properly engage and pay contractors in a way that is compliant with the IRS.
- Sarbanes-Oxley (SOX) liabilities – With the American Competitiveness and Corporate Accountability Act (Sarbanes-Oxley) signed in July 2002, companies are more concerned about their liabilities. This includes contingent labor programs.
- Process Inconsistencies – Different lines of business tend to have different processes. That lack of standardization can cause significant maverick spend.
- Lack of Visibility – Companies are finding out that they don’t know what the status is of their contingent labor spend and thusly cannot control it in any meaningful way.
- Quality Issues – This is not just about doing the job; it is also about doing it properly. Without accurate benchmarking, you risk rehiring substandard labor.
The Value of the MRI Contract Staffing Vendor Management Solution:
The MRI solution will be an integrated web enabled environment to facilitate and enhance seamlessly an overall temporary worker resource procurement process and is made up of the following major components:
- Proven and documented procedures to facilitate day-to-day temporary worker activities.
- Proven and documented procedures to facilitate a successful implementation.
- MRI Program Office staffed with MRI staff (Director, Manager, Analysts, and Consultants) that are knowledgeable in temporary worker process and procedures.
- Pricing that proposes a no cost solution (supplier funded) for the buyer.
- Implementation of MRI payrolling process as vendor manager to standardize the buyer's identified contingent workers which avoid paying Associate Suppliers recruited rates for "payroll only" services.
- A proven Internet Web-enabled distributed technical VMS solution that includes two operating models (direct and/or On Site through MRI PMO).
- Master Services Agreement between you and MRI Contract Staffing. MRI will maintain individual Associate Supplier Agreements with each supplier.
- Experienced Staff – MRI has expert staff that is highly experienced managing payrolling operations for large multi-national companies. Our focus is total satisfaction of the payrolled staff and the client hiring managers along with providing cost savings, TCO reduction for our clients.
- Regulatory Knowledge and Risk Management – MRI Contract Staffing has a thorough understanding of the complexities and regulatory requirements of multi-state payrolling. This group also understands the steps and processes required to minimize co-employment issues and other risks typically associated with a contingent labor force.
- Technology - MRI's technology services group has developed an Internet interface to accept inputs from various web-based portals to provide internal reporting and auditing functions, and automatically feed our check processing application with little or no manual intervention. Our technology minimizes costs and the possibility of errors.
- Employee Services – MRI Contract Staffing provides options for payroll distribution including direct deposit to the employee's bank account or manual distribution of payroll checks. A competitive and comprehensive nation-wide benefits package is available. An internet application has been developed allowing review of pay stubs and modification of personnel data.
Payrolling is a staffing practice that allows companies to utilize contingent staff without the associated risks and costs, by enlisting a third party such as MRI Contract Staffing to serve as the contingent workforce employer. MRI Contract Staffing’s Payrolling Services can benefit your organization in a number of ways:
- Reduces costs that would be associated with recruiting, hiring, training, initiating, and administering full-time employees
- Provides immediate access to specialized skill sets without the training or ramp-up that would be associated with hiring full-time employees
- Reduces the costs associated with administering multiple independent contractors
- Reduces risk by ensuring 1099 compliance
- Provides contingent staff access to benefits along with the freedom of maintaining independent contractor status
MRI Contract Staffing Payrolling Advantages
MRI Contract Staffing provides clients with a number of reasons to utilize their payrolling services:
- Experience – MRI is a premier provider of contingent labor payrolling services for several large, multi-national companies with contractors located throughout North America.
- Aggressive Pricing – Through consolidation, centralization and automation, MRI is able to offer aggressive and flexible pricing to its customer base while providing flexible, full service offerings to the contractors.
- Expertise with various Online Vending Management Portals – MRI has extensive experience and is currently working with several Web-based Vendor/Contractor management portals. Such experience will ensure a smooth transition with no down time for application integration.
- More Qualified Candidates - State-of-the-art sourcing & networking tools
- Focused Service Delivery - Dedicated team focused on recruiting only
- Performance Based Model - Team and results managed against contractual requirements
- Resource Allocation - In-house HR professionals are freed to support the business
- Actionable Metrics / Data - Business data captured and measured at every stage of hiring
- Financial Leverage - Variable versus fixed cost structure = pay as you use services
- Reduced Cost - Vendor flexes team as volumes change lowering overall cost structure
- Reduced Risk - Consistent recruiting model / screening process, across all candidates
- Services Integration - Partner manages all services and leverages synergies of all parties
- Technology Integration - Facilitated integration of hire data into HRIS system
- Strategic Alignment - Partners aligns goals to drive business strategy
- Support of Future Vision - Partner focuses to achievement of your business
Partner with us to have complete access to the people, processes, and technology needed to deliver an end-to-end recruiting capability. An RPO provider takes on program management, ensures process excellence, and provides a process for continuous assessment, and performance improvement, as well as technical systems and data management.
There are numerous benefits of Staff Augmentation Services including:
- Cost Savings and Flexible Resource Allocation
- In today's dynamic business and technology world, making long term staffing decisions is very difficult. MRI Contract Staffing's staff augmentation services will help you fill your current needs on a contract or contract-to-hire basis while keeping your long-term IT solutions development and expenses under control.
- You can utilize MRI Contract Staffing's staff augmentation services to select the consultants with the specific skill sets required and then allocate your own permanent resources where they are most needed and most effective.
- Improved Productivity
- Many employers face significant ramp up time when full-time personnel have a learning curve associated with new technologies. MRI Contract Staffing can help you ease this transition by providing highly skilled consultants with significant business knowledge and technical expertise. This allows your organization to move ahead and meet project targets in a timely manner.
MRI Contract Staffing's nationwide presence helps us support clients with locations across the country. We help our clients manage their labor costs while improving their profitability, top-line growth, customer satisfaction and cost management.
How does MRINetwork stand apart from other companies offering contract staffing?QUALITY. Our global network of recruiters utilizes proprietary methodologies built around securing the highest caliber candidates.
Our contract employees have the same qualifications, expertise, and professionalism that you'd expect from your core employees.
QUANTITY. With approximately 950 MRINetwork offices in over 35 countries, we have access to one of the most comprehensive databases of its type anywhere.
ADAPTABILITY. Utilizing a consultative approach, we deliver the appropriate staffing solution based on your company's human capital needs. Our recruiters typically have real-world experience in the industries in which they recruit; they know who you need and how to reach them.
Our value to you:
- Specialization: MRINetwork's extensive database of talent, sourced from a wide array of industries, allows us to fulfill your unique staffing needs.
- Evaluation: Contract-to-hire means that you can evaluate a candidate's fit with your company before extending a more permanent employment offer.
- Back Office Support: Our dedicated team of back office professionals is highly trained in all payroll and administrative functions.
- Cost-effectiveness: You get the resources you need, when you need them, without the overhead of permanent staff.