We all have that moment, the one we refer to as the dreaded “smile and nod” moment. That point in the conversation where you get so lost that acknowledging the fact would be an embarrassment. The person you are listening to has gone so far off in left field without you that you have no idea where you are or what day it is.
This happens more often than people care to admit in business conversations filled with acronyms. “Wait, did they say B or C?” you ask yourself as you try to decipher if they are talking about a “BRM” or “CRM” software. On top of it, acronyms can vary industry to industry.
The Ultimate Cheat Sheet to Staffing Industry Acronyms: Part 3
As an implementation professional, when I sit down with my client, I make sure to spell out things clearly and plainly for them so that they know what each word or acronym in a contract or process map means. It’s important to get a staffing program started on the right foot, and not being clear or moving too quickly with a new client is not a good way to get a productive program off of the ground.
This is not always an easy task. To help, I worked with our Implementation team to create an Acronym Matrix, customizable for each customer. The matrix reflects definitions from the industry, Vendor Management System (VMS), Yoh, and then an additional column for the customer definition. The idea is to get everyone speaking the same language, resulting in proper system labeling and documentation.
Not everyone takes that necessary extra step. So, here’s part 3 of our Staffing Acronym Cheat Sheet (check out Versions 1 and Versions 2 of the Cheat Sheet series). Dive in to the remainder of the staffing and workforce solutions acronyms so that a “smile and nod” will actually MEAN that you know what your staffing peers are talking about!
Administrative Services Organization (ASO)
An ASO assumes worker’s compensation insurance and provides healthcare coverage to customer employees, but it does not serve as a co-employer to those workers. A PEO, by contrast, provides similar coverage and acts as co-employer.
Candidate Relationship Management (Recruiting CRM)
A strategy for managing a company’s interactions with internal and external job applicants and candidate prospects. It involves using technology to organize, automate, and synchronize business processes — principally recruiting activities, but also for promoting the employer brand, and the development of talent pools or communities. Not to be confused with CRM (without the recruiter), which is client relationship management.
Client Relationship Management (CRM)
A strategy for managing a company’s interactions with clients and sales prospects. It involves using technology to organize, automate, and synchronize business processes—principally sales activities, but also those for marketing, client service and technical support. The overall goals are to find, attract, and win new clients, nurture and retain those the company already has, entice former clients back into the fold, and reduce the costs of marketing and client services. Measuring and valuing client relationships is critical to implementing this strategy.
Collective Bargaining Agreement (CBA)
Collective bargaining consists of the process of negotiation between representatives of a union and employers represented by management, or in some countries by an employer organization) involving terms and conditions of employment, such as wages, hours of work, working conditions and grievance-procedures, and about the rights and responsibilities of trade unions.
Contingent Workforce Strategy (CWS)
The strategy employed by corporate buyers and contingent workforce managers related to their company's use of contingent/contractor/temporary workers and related solutions (such as VMS or MSPs).
Cost Benefit Analysis (CBA)
Process that involves weighing the total expected costs against the total expected benefits in order to choose the best or most profitable action.
Diversity Supplier (MWBE)
In North America, this refers to a minority - or women owned staffing supplier. Organizations often find that using diversity suppliers as part of their staffing supplier base is a good way to meet their diversity recruitment goals.
The Fair Labor Standards Act (FLSA)
In the United States, the FLSA is a federal labor law of general and nationwide application, including Overtime, Minimum Wages, Child Labor Protections, and the Equal Pay Act.
Full Time Equivalent (FTE)
A measure of workforce size in which the total hours worked are divided by the contractual hours in a fulltime job (2,080 hours in the United States), regardless of the number of individuals employed in a certain entity (company, region, sector etc.).
Pay Rate (PR)
Direct compensation paid by the staffing agency employer to its temporary employee.
Professional Employer Organization (PEO)
Firm that provides a service under which an employer can outsource employee management tasks, such as employee benefits, payroll and workers' compensation, recruiting, risk/safety management, and training and development.
Request for Information (RFI)
A standard business process designed to collect written information about the various potential suppliers.
Request for Proposal (RFP)
An early stage in the procurement process when a company issues an invitation for potential suppliers to submit a written offer and description of their services.
Request for Quotation (RFQ)
A standard business process whose purpose is to invite suppliers into a bidding process to bid on specific products or services. RFQ generally means the same thing as IFB (Invitation for Bid). An RFQ typically involves more than the price per item.
The Sarbanes-Oxley Act of 2002 or the American Competitiveness and Corporate Accountability Act of 2002. Sarbanes-Oxley requires that publicly traded companies tighten financial controls and audits; CEOs and CFOs must sign off on the accuracy and truth of financial reports. In particular, SOX Section 404 deals with certifying the sufficiency of controls for detecting fraudulent, questionable, or unauthorized activity that could impact company financial statements. In many cases, Section 404 requires companies to take responsibility for the internal controls of service providers in addition to their own. A SAS 70 Type II Audit is one way to accomplish this.
Vendor on Premise (VOP)
On-site coordination of a customer’s temporary help services through an exclusive, long-term general contractor relationship with a temporary help company. The designated vendor on premise may enter into subcontracting relationships with other temporary help suppliers, or such relationships may be specified by the client.
Dana Williams is the SR. Director of Implementation for Yoh Inc. Dana joined Yoh in May, 2015. He has 17 years of Industry Experience. His focus at Yoh is the overall management and oversight of the Client Implementation Team, identifying best practices, and initiating improvements to delivery and quality. Dana is responsible to ensure Client implementations are done on time, of high quality, and that the Client expectations are met. Dana is PMP certified, holds a Master of Business Management from the University of Phoenix, and a Bachelor of Science degree in Business Management from Cornerstone University.