Looking to take control of your contingent workforce spending? You’re not alone. Many businesses are struggling to rein in rogue spend in their temporary workforce. However, there are strategies that can help you gain the upper hand in the global business landscape.
Consolidating vendors and carefully selecting them is key to gaining enhanced control over spending. This is especially crucial as the number of contingent workers continues to rise. By reducing the number of suppliers and establishing strategic partnerships, organizations can streamline operations, enhance supplier visibility, and generate significant cost savings. In fact, 61% of companies have already started the process of consolidating staffing suppliers, with an additional 35% expected to follow suit within the next two years.
One effective way to achieve this consolidation is through a Master Vendor Program (MVP), where a single vendor serves as the primary supplier of temporary staff, managing the supply of contingent workers. Want to learn more? Here are seven key advantages of engaging an MVP:
1. Streamline all your most challenging contingent labor resource needs with a single trusted partner
MVPs enable you to consolidate and streamline contingent labor management by partnering with a trusted provider. This simplifies the process of sourcing, onboarding, and managing contingent workers, saving you time and resources.
2. Centralize agency spend
With an MVP, you consolidate and centralize your spending on contingent labor, leading to greater efficiency and cost savings. By working with a single vendor, you can better manage and optimize your budget for contingent labor resources.
3. Gain a transparent view of all activities by selecting a single partner
By choosing an experienced MVP as your single partner, you benefit from increased transparency and visibility into all activities related to contingent labor. This allows for better oversight and control over your contingent workforce management.
4. Implement a flexible staffing system to meet fluctuating demand
MVPs offer a flexible staffing system that can adapt to your organization’s fluctuating demand for contingent labor. This ensures that you can scale your contingent workforce up or down as needed, without compromising on productivity or performance.
5. Benefit from on-site account management
MVPs with high levels of service often offer on-site account management, providing you with dedicated support and assistance in managing your contingent workforce. This personalized approach enhances communication and ensures that your specific needs are met.
6. Receive detailed monthly reporting and bi-annual business reviews
MVPs provide detailed monthly reporting on your contingent workforce activities and bi-annual business reviews. This data-driven approach enables you to make informed decisions and continuously improve your contingent labor management strategies.
7. Leverage collaborative relationships with your HR department
MVPs encourage collaborative relationships with your HR department, fostering seamless integration and alignment between your contingent and full-time workforce. This collaboration leads to better workforce planning and overall organizational efficiency.
Master Vendor Programs from Atrium
Through the centralized management, transparent reporting, and collaborative relationships offered by MVPs, businesses achieve cost savings, flexibility, and enhanced workforce efficiency. Atrium, an award-winning Workforce and Talent Solutions provider, will strategically partner with you to realize all the above benefits. This collaboration also allows for better cost control while benefiting from Atrium’s people-first approach. Contact us today to learn more about Atrium’s MVP expertise and how to better manage your contingent labor resources.
