Vouchers Category Procurement Intelligence Report

Several macro changes in the dynamics of overall HR Services as well as Vouchers procurement trends are poised to change the business practices and procurement thumb rules. Changing workforce demographics are creating challenges in identifying the right talent mix and processes that can keep the talent pool motivated and satisfied with their work.

New locations and vendors are emerging as cost effective suppliers of Vouchers, offering an opportunity to widen the supplier base and gain further negotiation leverage with incumbent suppliers.

With the influx of millennials in the workforce and increasing diversity at the workplace, companies are struggling to design pay and benefits processes that are uniformly relevant for the lifestyles of such diverse groups.

Category managers need to take note of the potential of these developments and reassess the changes required in their procurement practices.

Vouchers procurement best practices are moving towards a level of sophistication which is typically seen in traditional procurement categories. Category managers now have an attractive opportunity to adapt the best practices seen within this category as well as those being leveraged in other non-related categories. This report summarizes the best practices picked from across multiple categories that could work well for category managers involved with Vouchers procurement strategy.

For example, Buyers should promote competitive bidding scenarios and supplier competition to gain cost and value benefits. Bids should be invited from a substantial pool of service providers that can meet their requirements.

Employees prefer flexibility and have customized requirements when it comes to choosing or accessing the benefits/services available to them. Service providers must also develop flexible plans and administration processes that can cater to unique demands of an increasingly diversified workforce.

Besides shortlisting potential suppliers based on services offered and cost, they also need to be evaluated against several other critical parameters. Some examples of these parameters are compliance with laws and regulations, capability to protect personally identifiable information and technical standards adopted (e.g. user interface, user exchange standards, data exchange standards). RFPs soliciting the above information ensures competition among suppliers and facilitates efficient evaluation.

Vouchers procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Vouchers procurement. Some examples include: