What is meant by VENDOR MANAGEMENT in HR?

Vendor management in HR refers to the process of overseeing and managing relationships with external suppliers or vendors who provide goods or services to an organization. This includes activities such as selecting vendors, negotiating contracts, monitoring performance, and ensuring compliance with agreements and regulations. Effective vendor management is crucial for HR departments to ensure that the organization receives high-quality products and services, meets its business objectives, and maintains good relationships with its vendors.

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Vendor Management Rewards and Penalty Programs

Can experts provide their opinion on vendor management rewards and penalty programs, especially for staffing vendors who sometimes excel and sometimes default with respect to the standard clauses set for vendors? These clauses include missing deadlines, not providing quality resources, and not adhering to timelines set by the team, resulting in business losses.