Many organizations have turned to human resources and benefits outsourcing as a means to reduce costs, leverage scalable technology for transactional tasks, and focus internal staff on strategic functions. However, outsourcing to a service provider does not relieve an organization of the governance and management responsibilities for program administration, employee satisfaction, and fiduciary oversight.
If you’ve made a significant investment in establishing outsourcing relationships, you need to protect that investment. A vendor management and oversight (VMO) program can enable you to understand and proactively manage the total cost, quality, and risks of delivering your HR and benefit programs.
Buck can work with you to establish an effective VMO program. Our methodology is designed to strengthen and enhance existing relationships.
We can help you implement a comprehensive VMO program that:
- Aligns your HR programs and service delivery with corporate and HR objectives
- Builds on the strengths of vendors while identifying opportunities for improvement and correcting deficiencies
- Establishes and maintains a framework for effective oversight and management of HR programs and service delivery
- Responds to senior management requests for ongoing monitoring, risk mitigation, and financial management
- Facilitates responsible fiduciary decision-making
Read an overview of our vendor management and oversight capabilities and see how you could benefit from implementing a VMO program.
Get answers to frequently asked questions about vendor management and oversight programs.
Find out how our VMO team helped a leading financial services company with 41,000 employees ease the burden of plan beneficiaries and reduce costs by improving its death benefits administration program.
View our on-demand Webcast, Reducing Costs and Improving Performance Through a Vendor Management and Oversight Program.
For more information
Contact Kevin Nolan (610.651.8505 or kevin.nolan@buckconsultants.com) or your Buck account manager to learn more about the advantages of implementing a VMO program.