However, small and medium businesses (SMBs) need to manage their external workforce to ensure high productivity, avoid duplicate payments or late payments and be able to start working on new projects in no time. They work best if the company has already integrated SAP or Oracle as an ERP system which is usually not applicable to companies having less than 1000 employees. Vendor Management Software solutions like SAP Fieldglass and Oracle HCM are perfect for enterprises but too expensive for small and medium businesses. Now, the big question is ‘’ How to source, hire, manage and transfer payment to on-demand workforce?’’ Finding the best talent is no longer limited to a single location and work from home helps optimize rent costs. Moreover, all businesses had to adjust their processes to work from home and remote working arrangements during the lockdown which had a positive effect on flexible hiring plans. Leveraging contingent workforce adds flexibility and extends the ‘’runway’’ of startups and scaleups that are still not profitable and depend on the next funding round to stay in business. If in the past, prior to the COVID-19 pandemic, contingent workforce management and Vendor Management Systems (VMS) were of interest mostly to enterprises, nowadays, companies of all sizes are shifting to on-demand workforce to optimize costs and increase efficiency.

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