Time for an upgrade? New SIA report outlines VMS innovations and investments
CWS 3.0 - Contingent Workforce Strategies
Time for an upgrade? New SIA report outlines VMS innovations and investments

main content
A high number of staffing buyers plan to look for new technologies in the near future, with many organizations re-evaluating both technology and service providers as their contingent workforce programs mature and evolve.
But where do you start if you are going to market?
The 2024 Workforce Solutions Buyers Survey was conducted in early 2024 and reflects the opinions of respondents from 165 companies with contingent workforce and/or workforce solutions programs globally. To qualify for the survey, a company must have 1,000 or more full-time equivalent employees (not including contingent workers).
As part of SIA’s recent Workforce Solutions Buyer Survey: 2024 Americas Results, we asked participating contingent workforce programs whether their organization would be looking to go out to RFP for select services in the next 12 months.
Responses included:
- No, my organization does not plan to go out for an RFP, 43%
- Yes, my organization has multiple RFPs for multiple products/services planned, 32%
- Yes, my organization plans to go out to RFP for an external MSP only, 11%
- Yes, my organization plans to go out to RFP for a VMS only, 11%
- Yes, my organization plans to go out to RFP for an EOR only, 3%
Approximately 57% of respondents planned to go out to RFP for at least one technology or service in the next 12 months, with nearly a third of organizations planning multiple RFPs.
At least 11% of buyers plan to go to market for a VMS. A critical step when opening up an RFP process is knowing what organizations to invite to participate.
One tool that programs can use to create a shortlist of prospective firms and identify the breadth of capabilities of each VMS is SIA’s VMS Global Landscape and Differentiators 2024 report.
Organizations intending to partner with a VMS for the first time or change providers can consult this report to help inform their decisions. Existing VMS clients can also assess how their providers are positioned in the market.
The data and analysis in the report are based on a survey of 21 VMS providers, followed by detailed demonstrations of each platform. SIA invited providers ranging from large multinational staffing suppliers with VMS subsidiaries to enterprise and niche software suppliers in each country. They were asked to provide information regarding their company profile, geographic footprint, customer segments, capability and sourcing models.
Having seen demos of all 21 participants, here are some of the key takeaways.
Engagement. In response to evolving client needs and market demands, VMS vendors are actively redefining candidate management processes, focusing on comprehensive solutions that integrate compliance and shift management.
Artificial intelligence. While providers have leveraged artificial intelligence for several years to rank résumés, assess experience and highlight skills, the evolution and sophistication of new technologies has enabled deeper and more advanced applications of AI. Recently, more advanced use cases involved harnessing generative AI to write more comprehensive statements of work (SOW) and job descriptions in seconds versus hours and allowing for true process automation to eliminate more manual tasks. Several providers plan to deliver further AI innovation in their 2024/2025 roadmaps.
Capability and geography. As enterprises continue to take a more strategic approach in managing the contingent workforce, VMSs are increasingly looking to build, partner with or acquire solutions to grow product capability and expand internationally. Companies highlighted in this report are developing a technology ecosystem that enables the entire workflow and can integrate effectively across an organization to manage their contingent workforce.
Tech strategy. Technologies that would previously have existed to serve a defined category within the workforce ecosystem are evolving, overlapping or integrating to enable the sourcing, visibility and management of any worker type in any region. This development poses a challenge to any buyer who has invested in one or more best-of-breed technologies and whose future workforce strategy may be constrained by the capabilities of incumbent systems to evolve or integrate with emerging solutions. Buyers should, therefore, consider their existing technology stack and the wider technology strategy of the business when selecting a VMS provider.
Client reviews. When evaluating VMS providers, buyers also want to understand how each provider is viewed by their peers. As part of overall evaluation of VMSs, SIA also conducts client surveys to ascertain customer perception. The surveys gather valuable feedback on the platform’s performance, user experience and overall effectiveness in managing the client’s contingent workforce needs. SIA conducted 62 surveys so buyers can assess VMS performance via client reviews.
Tool capability matrix. SIA’s report evaluates each provider across more than 140 features across eight areas: supplier engagement and management; time, expense and billing; statement of work; sourcing and creation; candidate sourcing and management; reporting and analytics; general user experience; audit and compliance; and mobile enablement.
The VMS Global Landscape and Differentiators 2024 report is available to CWS Council members.