Discover the 5 essential, must-have, components to look for when shortlisting vendors in your RFI process.
In this guide:
Freelancers and contractors are an important part of an organisation's talent strategy. Being able to access highly skilled professionals on demand enables organisations in print, media, marketing, construction, healthcare and many other industries remain productive and profitable.
Onboarding should be freelancer-friendly and meets all of your organisation's compliance requirements
The first consideration for your FMS vendor shortlist is the requirement to seamless onboard your existing freelance community. A seamless onboarding process:
In markets like the UK, where there is a healthy relationship between organisations and recruitment agencies, RPOs and MSPs, it is very likely a decent proportion of an organisation's freelance workforce will be engaged through an intermediary.
To be able to provide visibility of an organisation's entire freelance workforce, an FMS must be able to support:
Accurate search and project matching greatly reduces the time (and admin overhead cost) of resourcing projects. And grouping professional freelancers into Talent Pools is an effective method to help reduce the impact of project delays resulting from skills shortages or freelancer availability.
Configurable taxonomy, tags and facets improve the accuracy of searching and matching
To be able to provide accurate and reliable searching, matching and talent pools, an FMS uses a taxonomy of terms, tags and facets. Every project and every freelancer is then algorithmically matched, making it easier to resource projects with the right people in less time.
Of course, an FMS must be able to support the taxonomy, tags and facets relating to the organisation and its use of freelance workers. For example, the tags and facets relevant to a healthcare organisation are very different to those most useful to a marketing agency network.
Arguably, the FMS' most important function is to provide management information and reporting. The insights gleaned from an FMS' management reporting are the key to making better resourcing decisions.
Real-time, bespoke reporting provide management information relevant to your organisation's goals
For an organisation to make the best resourcing decisions, the FMS should be able to provide real-time bespoke reports. The exact reporting requirements will differ from organisation to organisation but, in general, might include:
Freelancer spend vs budget
In the majority of organisations, their freelance workforce will be part of a much larger overall workforce. Being able to connect an FMS to other external systems will enable an organisation to include the use of freelancers in their overall talent strategy - knowing where to use freelancers, and where to invest in permanent roles.
Many larger organisations are already comfortable using a Vendor Management System (VMS), and this could be a key point of integration.
Integrating FMS with VMS: Cloud-based platforms make integration simpler.
Our guide on FMS or VMS explores how to integrate an FMS with a VMS.
To shortlist the right vendors in your RFI process, you should look for the following must haves:
Understand how to reduce the risks of working with off-payroll contractors, freelancers and statement of work engagements.
Discover what a freelancer management system is and how you can use it to effectively manage the freelancers engaged by your organisation.
Explore the differences between a VMS and an FMS and learn why it is become increasingly important for an organisation to use a dedicated FMS for managing its freelance and contingent workforce.