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The New Way of Providing Deliverables by Skilled Labors

Read here and understand the SOW Agreements and their benefits to an organization once they are onboard.

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The New Way of Providing Deliverables by Skilled Labors

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  1. Architects of Your BusinessGrowth Flentis Corporation is an end-to-end procuring & managing technology for contingent and permanent workforce. www.flentis.com https://www.linkedin.com/company/flentis-pro/

  2. 01 Statement of Work Contracts The New Way of Providing Deliverables by Skilled Labors.

  3. Table of Contents Understanding What is an SOW Contract? Types of SOW Agreements Why Should You Incorporate SOW Contracts, and How Do They Operate? What are the Benefits of Having an SOW Agreement? Benefit 1: Highly Skilled Professionals Benefit 2: Control the Costs Benefit 3: Manage Salary Budgets with Ease Benefit 4: Fixed Price for the Results Benefit 5: Flexibility in Scaling Your Workforce Conclusion of Integrating SOW Labors Connect with Flentis

  4. Understanding What is an SOW Contract? Statement of Work contracts are the employees hired for work to be done on a project basis. Once their job is complete, accepted, and approved, SOW agreements come to an end, and they are paid for the job done. In simpler words, an employer explains details like the deliverables, timelines, work activities, and payments for the project. This is done to understand the expectations of an employer and to avoid any miscommunication or misunderstanding. There are three types of SOW agreements - Design or Detail SOW; Level of Effort, Time, and Materials or Unit Rate SOW; and a Performance-based SOW.

  5. Types of SOW Agreements There are three types of SOW contracts one can hire using our hiring technology, and they are: Design / Detail SOW: Such contracts have details on the employment, like, the exact requirements, exact measurements, in-depth information on the materials, and quality control. Level of Effort, Time, and Materials or Unit Rate SOW:This kind of agreement focuses on the time spent on the work or the materials required for the job that needs to be done. Performance-based SOW:This type of agreement doesn’t provide details like the other two SOW types, but it is more based on the performance and standards as per the expectations of the contractor.

  6. Why Should You Incorporate SOW Contracts, and How Do They Operate? Organizations are putting SOW engagements on priority. Statement of Work employees come with a variety as per the utilization of a company. The incorporation of these contracts helps you stay within your budget and deliver projects on time. Since these laborers are highly skilled, their work is more likely to be worthy. Such workforce is used per-project basis and receive payment once the project is complete with desired results. Deadlines, milestones, etc., are involved with such types of contracts. Productivity is more efficient once managed by a Contingent Workforce Management Platform.

  7. What are the Benefits of Having an SOW Agreement? There may be some risks as you take onboard SOW employees, but you also unlock several benefits once you hire them. Some of those benefits are as follows. • They are highly skilled professionals • You get to control the costs • You can easily manage the salary budgets • You can have a fixed price for the result • There is flexibility in scaling your workforce

  8. Benefit 1: Highly Skilled Professionals All your top talents are managed in a candidate pool, making it convenient for you to select the best kind of skilled labor for a specific project. Training sessions could be hosted, and assignments can be handed over via the Learning Management System (LMS). The skillset can be tracked and narrowed down via an Application Tracking System (ATS) available on the VMS portal. You get the best result of your deliverables as the employee focuses on a deadline-based project.

  9. Benefit 2: Control the Costs All businesses run on a budget, and so does yours. Sometimes full-time employees are unable to give you that particular result for a project. But that doesn’t mean that you offboard them as they are helpful for many other tasks assigned. SOW agreements are set on a budget and a deadline, which makes them give you their hundred percent to receive their reward. Hence, you get to control their costs by focusing more on the result than just the amount.

  10. Benefit 3: Manage Salary Budgets with Ease Salary budgets can be modified as per the requirements. As per importance, you can make changes in your budgets and save up a lot on your workforce. You can use a Vendor Management System to achieve automated invoices for different kinds of labor. Such cloud-based portals give you access to many more benefits like managing various employees, sorting out the budgets, etc. Hence, this medium gives you the balance in finances, which allows you to welcome profits.

  11. Benefit 4: Fixed Price for the Results You can always negotiate the best price of your Statement of Work contract and achieve the most out of their work. This way, they are more focused on giving you the best work to have a long-term bond and many more projects in the future. Similarly, if needed, you could onboard them for a project if they had achieved good results within the deadline. Hence, such employees come at the best value.

  12. Benefit 5: Flexibility in Scaling Your Workforce If you do not plan on expanding your team immediately but require a specific skill set for a project, you can pick out the best talent from the existing candidate pool. This helps you in having flexibility with the upscaling or downscaling of your workforce. You can easily take time to onboard the required talents while your SOW agreements work on the projects. This way, you can expand your team as per your requirements or bring top skills into the work atmosphere and always stay updated, saving your costs.

  13. Conclusion of Integrating SOW Labors SOW agreements are on the rise, and the reasons are evident – getting highly skilled laborers at your controlled costs. Having a Vendor Management System to manage your agreements, contracts, workforce, and other business-related process makes work smoother, and you get to focus on the profits as well as the work that needs to be done. Having a Statement of Work arrangement means that your business pays for the work done, that too, post the result. It may be tough to manage such employees as they are not bound to certain hours like other workforces. Additionally, SOW contracts save up on your costs, reporting, employee control, management, etc.

  14. Thank You! Unlock the previous mentioned benefits with our VMS portal, FlentisPRO, and know more about your SOW contracts. www.flentis.com https://www.linkedin.com/company/flentis-pro/

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