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Industry Definitions
We get it. There's a lot of industry jargon out there. So we've put together this handy guide of industry terms and acronyms. Need additional clarification? Feel free to contact us at info@tapfin.com.
- Contingent Workers:
- Individuals that accept assignments on a contingent or contractual basis. Contingent workers may also be defined as temporary workers, contractors, or consultants. Typically engaged under a purchase order.
- Contingent Workforce Management:
- Management of the requisition, sourcing, evaluation, engagement, management, and payment processes for a contingent workforce. Duties may also include quality and performance management of workforce suppliers.
- Contingent Workforce Services:
- The engagement of resources on a contingent or contractual basis by a client. Contingent workers may also be defined as temporary workers, contractors, or consultants.
- Direct Employees:
- Talent hired by a company on a full-time or permanent basis. Typically engaged under an employment agreement.
- Executive Search:
- Recruitment of executive level resources. Typically at the executive level, the individual's cultural and management fit within the client company.
- Human Capital Management (HCM):
- The strategic approach to the management of an organization's most valued assets — the people working there who individually and collectively contribute to the achievement of the objectives of the business. Also referred to as Human Resource Management (HRM).
- Human Resources Outsourcing (HRO):
- Partial or full outsourcing of HR activities. Our services include complete HR outsourcing, as well as organizational analysis/strategy, compensation studies, and merger and integration support.
- Industry Best Practices:
- The most efficient and effective way of accomplishing a task and yielding the best results in a particular profession or industry, based on repeatable procedures that have proven themselves over time for large numbers of people. The idea is that with proper processes, checks and testing, a desired outcome can be delivered with fewer problems and unforeseen complications.
- Managed Service Provider (MSP):
- Sometimes referred to as a Managed Solutions Provider or Managed Systems Provider. An MSP provides managed contingent workforce services according to guidelines established by the client.
- Outsourced Services:
- The full outsourcing of a business process or function; talent supporting outsourced efforts may be employed by a supplier, but are dedicated to a client activity; these services are engaged under a service level contract.
- Project Sourced Services:
- Talent utilized under an agreement with suppliers for services defined by discrete deliverables. Typically engaged under statements of work.
- Recruitment Lifecycle:
- The entire recruiting and hiring process, from job profiling through on-boarding of the new hire. The entire recruitment and hiring process includes requisition management, sourcing, screening, interviewing, testing, hiring, performance metrics and process improvement.
- Recruitment Process Outsourcing (RPO):
- Partial or full outsourcing of the internal recruitment function for the hiring of direct employees. An RPO provider should be sophisticated enough to offer services across the recruitment lifecycle but agile enough to fulfill all or part of these services on an as-needed basis. An example might be to fulfill just the sourcing function to alleviate internal workload or to fulfill short-term initiatives, such as ramping up a sales team.
- Request for Proposal (RFP):
- An invitation for suppliers, often through a bidding process, to submit a proposal on a specific commodity or service. A bidding process is one of the best methods for leveraging a company's negotiating ability and purchasing power with suppliers. The Request process brings structure to the procurement decision and allows the risks and benefits to be identified clearly upfront. Also referred to as RFx, along with Request for Information.
- Service Level Agreement (SLA):
- Part of a service contract that records the common understanding about services, priorities, responsibilities, guarantee and such — collectively, the level of service.
- Services Procurement Management (SPM):
- An MSP for project or outsourced based services. Includes the framework, process, and technology to automate the requisition, management, and payment of services secured through project and outsourced providers.
- Statement of Work:
- Statement accompanying an RFx that specifies requirements at a high level, usually to include scope of work, location of work, period of performance, deliverables schedule, applicable industry standards and any special requirements.
- Third Party Administrator:
- A scaled back MSP providing administrative support. A third party administrator is typically not held to the same standard as a full-fledged MSP because of its limited scope.
- Tool Agnostic:
- A service approach where the service provider is not aligned with a particular software or "tool" but rather, understands a wide array of available tools and selects the best one based on fit, process and client needs.
- Vendor Neutral:
- An absence of bias toward participating vendors on the part of the MSP. Vendor neutrality includes the operation and management of a program in a manner that allows verification of non-preferential treatment through auditing.
- Vendor:
- An organization that supplies contingent labor. A vendor can be an independent consultant, consulting company, or staffing company.
- Vendor Management (VMS):
- A VMS is an automated system for the requisition, evaluation, engagement, management, and payment of contingent workers. Industry use of the acronym also includes "Vendor Management Services" and "Vendor Management Solution."
- Vendor on Premise (VOP):
- The primary or master service provider of contingent workforce staffing, typically located in a program office at the client’s place of business.
- Vendor Sunset:
- TAPFIN's sunset services help you immediately attain vendor consolidation and migration to a preferred list of suppliers, without losing the individual contractors that provide services through your non-preferred vendors.
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