How can you efficiently renew contracts of contingent workers?
If the contract of an external worker expires, you have to decide whether to renew it or not. However, if you lack insight into current contracts of consultants, or certain (budget) insights are missing, it’s difficult to make the right decision. Of course, you also want to receive a timely reminder when a contract is about to expire.
The Vendor Management System from Connecting-Expertise shows you how many and which external employees are working, as well as when these contracts will expire. The VMS lets you efficiently renew contracts of contingent workers. When a contract is about to expire, you receive a notification so you can take action in time. The same goes when a budget overrun occurs. In addition, you can set a maximum duration for external employees so that contracts can’t be extended “indefinitely”.
In other words, you get insight into current consultants, contract process (historical process information), approval process, and so on.
Suppose you’re hiring a consultant through CE VMS. As soon as you select a candidate, the contract is created automatically. If the consultant is hired outside of CE VMS, you can create the contract manually. This way all contracts are centralized on one platform, so you keep an overview.
Often the supplier has to approve the applied rate when creating a contract. This immediately results in mutual consent, with or without price differentiation per performance type. In addition, the platform helps you to secure rates within a certain margin by using price agreements. Finally, you can monitor ongoing activities with extensive standard reports.
Having no insight into your contracts is costly. You don’t want to lose quality due to contracts that expire unnoticed, causing consultants to take on an assignment elsewhere.
Therefore, targeted elimination of bottlenecks in the contract process can save you a lot of money. The right tools offer a permanent insight into your process and allow you to immediately take the appropriate actions.
Would you like to manage your contingent workforce more efficiently?
We are happy to help you! Contact us here, or read how ENGIE has handled this.