Contingent Workforce Management Case Study

This case study details the implementation of a vendor management system (VMS) by First Citizens Bank to address challenges associated with managing a growing contingent workforce. Initially, the bank relied on manual systems that could not scale with the increasing need for contingent labor, leading to compliance issues and a lack of visibility into headcount and spending. In 2013, the bank engaged VectorVMS to automate compliance and improve visibility. The transition involved configuring the VMS to meet the bank's workflows and compliance needs, allowing for centralized management of contingent labor. The study outlines how the VMS facilitated better tracking of headcount and spending, improved vendor performance audits, and enhanced program efficiency. Furthermore, the bank adopted shared managed services to optimize its contingent workforce program, which included time tracking, vendor compliance audits, and business intelligence reporting. The results demonstrate significant improvements in operational efficiency and compliance management.