By the numbers 5 Primary Benefits of Beeline's next generation VMS by beelinevms

By the numbers

5 primary benefits of Beeline's next generation VMS

Table of contents

Contingent Workforce Visibility Page 6

Cost Control Page 8

Regulatory & Policy Compliance Page 10

Contingent Workforce Quality Page 12

Process Efficiency Page 14

Beyond the VMS Page 16

$1.7 trillion. That’s how much organizations worldwide spend on the non-employee workforce annually, and with good reason. Contingent labor and statement of work (SOW)-based contractors give businesses the agility they need to respond to market threats and opportunities. To achieve your contingent workforce goals, you need a solution that can help you deliver the flexibility and performance you need to succeed. That is why more than 70 percent of leading companies, including FORTUNE® 500 and Global 1000 enterprises, have implemented a vendor management system (VMS). While VMS solutions are crucial to successfully managing contingent workforce programs, a VMS alone cannot adequately support the growing strategic importance of the extended workforce, global competition for talent, surge of technology innovation, heightened focus on personal data ownership, and talent diversity, equity, and inclusion initiatives. With market-leading VMS functionality at its core, Beeline Extended Workforce Platform adds powerful layers of intelligence, connectivity, and experience to better address the complexities of modern external workforce management. Here, by the numbers, are just a few of the benefits you can expect.

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Benefit #1:

Contingent workforce visibility Your company needs the right mix of employee and non-employee talent. But do you even know how many non-employee workers – including temps, consultants, independent contractors, and service providers – you have in your company?

Do you know who they are, where they are, and what they’re doing? Do you know if they are working remotely? Or if they are able to work remotely?

Get real-time, comprehensive visibility into your contingent workforce and related spend, allowing you to answer six important questions for your executives: 1. “What is the composition of our non-employee workforce?” 2. “What access do they have to our facilities, systems, and intellectual property?” 3. “How can we be sure this access is discontinued when their assignments are completed?” 4. “Are these non-employees properly classified for tax purposes?” 5. “Are we paying too much for certain skillsets?” 6. “Are we deploying our contingent workforce strategically?”

One of America’s largest financial institutions implemented Beeline's Resource Tracking and discovered that the population they estimated at 300 workers was actually more than 5,000 – an undercount of 1,500 percent!

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Benefit #2:

Cost control If your program is currently managed manually or using an out-of-date vendor management system (VMS), plenty of opportunities exist to improve cost control and, most likely, to reduce spending. Among the challenges to address are maverick program spend from uncontrolled labor engagement, a lack of contingent workforce strategy and forecasting, and accounting for “invisible workforce” not included in the budget.

Here are seven things Beeline Extended Workforce platform (a next-generation VMS) empowers you to do quickly and efficiently: 1. Review and negotiate vendor rates 2. Analyze and reduce overtime usage 3. Compare bill rates to market standards 4. Consolidate budget tracking 5. Negotiate supplier discounts 6. Track and analyze turnover 7. Increase your spend forecast accuracy

The world’s leading contract logistics supplier had very little visibility into staffing costs at each facility, making oversight impossible. In the first year of using Beeline, they standardized their hiring and management processes and implemented locationspecific rate cards, creating more than $1 million in annual savings.

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Benefit #3:

Regulatory & policy compliance As contingent labor increases, the compliance challenge grows. Governments want to ensure that workers are properly classified, for tax and benefits purposes. Equally important, companies need to ensure that their hiring policies – and non-employee engagement policies – are properly followed. In either case the result of misclassifying contingent workers or independent contractors (ICs) can be devastating. They can result in litigation, financial penalties, and reputational damage.

Below are only 10 of many regulations a market leading VMS can help ensure compliance to: 1. Tax Code (US) 2. Fair Labor Standards Act (US) 3. Family and Medical Leave Act (US) 4. Employee Retirement Income Security Act (US) 5. State Workers’ Compensation Laws (US) 6. State Income Tax Laws (US) 7. IR35, HM Revenue & Customs (UK) 8. DBA Act (Netherlands) 9. WAB Act (Netherlands) 10. The Fair Work Act (Australia)

25%

of one leading U.S. insurer’s workforce is contingent

This represents a substantial amount of spend – and compliance risk. After implementing Beeline, an extensive internal audit covering financials, security, contractual and legal compliance, and data quality determined that this risk had been virtually eliminated.

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Benefit #4:

Contingent workforce quality One recent research study reports that finding higher quality talent and expertise is a major concern for 73 percent of contingent workforce managers. But besides acquiring the best talent available, what can program managers do to raise the quality of their contingent talent? The first step is to collect all necessary data and gather it into one place. Many companies track billed hours and cost per contingent worker, but it takes more to truly measure your talent quality.

These six data points will give you a more complete picture into the quality of your workforce: 1. Billed hours and cost per contingent worker 2. Project talent cost 3. Contingent worker (and hiring manager) performance 4. Milestone and project completion 5. Number of re-engagements 6. Contract extensions

Talent quality is the top priority at one of the world’s premier biopharmaceutical companies involved in coronavirus vaccine research and development. They implemented Beeline, including state-of-the art direct sourcing functionality, to improve their access to the very best contingent talent.

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Benefit #5:

Process efficiency Due to the size and complexity of the non-employee workforce, it is no longer efficient to manage this labor manually or on a distributed, departmental basis. Instead, virtually all major enterprises have established centralized contingent workforce management functions to source and manage non-employee talent.

Here are 10 ways Beeline increases efficiency: 1. Guides hiring managers in the creation of job requisitions 2. Distributes job requisitions to suppliers in accordance with approved procedures 3. Automates the process of candidate review and evaluation, including scheduling and tracking interviews 4. Allows for rate negotiation 5. Provides consistent onboarding 6. Manages timekeeping and expense reporting 7. Automates the entire accounting and billing process, including application of local tax rules 8. Automates worker offboarding, ensuring that all assets are returned and security access terminates when assignment ends 9. Integrates seamlessly with enterprise ERP, HRIS, and other systems for accurate, error-free data exchange 10. Provides auditable system of record for all contingent workforce data

The world’s largest direct selling company spends millions annually for services in the U.S. To control these projects, they implemented Beeline's Services Procurement. In the process, the program achieved cost savings through increased competition and delivered a positive experience overall for hiring managers and suppliers alike.

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Beyond the VMS The next-generation technology from Beeline pushes past the limits of traditional vendor management systems. It delivers the right tools, intelligence, connectivity, and experience to better address the complexities of modern external workforce management.

Don't wait. The time to act is now. Schedule a demonstration today. About Beeline: Beeline pioneered the world’s first extended workforce platform. With a data set encompassing more than 30 million workers and $500 billion in talent spend for over 20 years, its intelligence-driven, cloud-based platform transforms how businesses of all industries and across more than 120 countries engage, manage, and optimize external talent. Enterprises benefit from Beeline’s unmatched experience and innovation, deeply seasoned experts, and industry-leading partner network to intelligently, efficiently and securely connect them to the remarkable talent within the global extended workforce. For more information visit beeline.com.