Definitions
The contingent workforce is a provisional group of workers who work for an organization on a non-permanent basis, also known as freelancers, independent professionals, temporary contract workers, independent contractors or consultants. VMS is a type of contingent workforce management. There are several other terms associated with VMS which are all relevant to the contingent workforce, or staffing industry.
A vendor is literally a person or organization that vends or sells contingent labor. Specifically a vendor can be an independent consultant, a consulting company, or staffing company (who can also be called a supplier – because they supply the labor or expertise rather than selling it directly).
A VOP, or Vendor On Premise, is a vendor that sets up shop on the client's premises. They are concerned with filling the labor needs and requirements of the client. The VOP does this either by sourcing labor directly from themselves, or from other suppliers, whom may be their competitors. Also, the VOP manages and coordinates this labor for the client.
A MSP, or Managed Service Provider, manages vendors and measure their effectiveness in recruiting according to the client's standards and requirements. MSPs generally do not recruit directly, but try to find the best suppliers of vendors according to the client's requirements. This, in essence, makes the MSP more neutral than a VOP in finding talent because they themselves do not provide the labor.,
VMS is a tool, specifically a software program, that distributes job requirements to staffing companies, recruiters, consulting companies, and other vendors (i.e. Independent consultants). It facilitates the interview and hire process, as well as labor time collection approval and payment.
A CMS, or Contractor management System, is a tool which interfaces with the Access Control Systems of large refineries, plants, and manufacturing facilities and the ERP system in order to capture the real-time hours/data between contractors and client. This type of system will typically involve a collaborative effort between the contractor and facility owner to simplify the timekeeping process and improve project cost visibility.
An EOR, or Employer of Record, is designed to facilitate all components of independent contractor management, including classification, auditing, and compliance reviews. Employer of Records help drive down the risk of co-employment and allow enterprises to engage and manage independent contractors without the stress of government audits or tax liabilities.
Read more about this topic: Vendor Management System
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