5 ways a Vendor Management platform will provide an influx of talent without the hassle

RecruitAlliance:  The no-cost vendor management solution for hiring companiesThe war for talent refers to an increasingly competitive landscape for recruiting and retaining talented employees. It's not a set of superior Human Resources processes, but a mindset that emphasizes the importance of talent to the success of organizations. The term War for Talent comes from a late-'90s warning from McKinsey & Co. that alerted business to a coming talent shortage and urged companies to prioritize talent strategies around recruiting, retaining, and developing key employees. The statistics speak for themselves; by 2020, employers in the world’s richest nations are forecast to be short as many as 18 million college-educated workers.

What can organizations do to ensure they have access to top talent by the most efficient means, while increasing their candidate flow? Outside of cultivating talent from within, making learning on-demand, and redefining 'success' within a company, what can employers do to win the war for top talent?

A thoughtfully implemented and robust vendor management system (VMS) can completely optimize the disjointed and complicated process of the acquisition and management of a contingent and permanent workforce. A good VMS can result in significant cost savings through more efficient processes at every step of the workforce supply chain.

How can a VMS improve the talent pool for a growing company? Here are 5 ways a Vendor Management platform will provide an influx of talent on a consistent and scalable basis.

1. Significant cost savings across the enterprise. Many hiring companies do not have a centralized recruitment process. As such, fee negotiations with staffing and recruitment agencies is done by individual hiring managers, based on their approved talent acquisition budgets. By implementing a quality Vendor Management System, companies become empowered to reduce costs across the board.

2. Reduce time-to-fill metrics. For everyday a key position remains open, a department or business division loses precious revenue. Filling these jobs can impact an organization at every level. Time to fill is a measurement of how long it takes an organization to fill a position once the opening has been approved. It is an indicator of hiring efficiency but should be balanced with cost and quality hiring measures. Time to fill can provide valuable feedback in determining which sourcing methods and recruitment strategies can most quickly produce the needed candidates. Cost of vacancies in jobs can be significantly reduced by driving down the time it takes to fill a job. When hiring companies opt to utilize a VMS, they choose to take control of the speed at which their roles are filled with the right people.

3.  Source higher quality talent.  When a company works with staffing agencies to fill a specific role, they are often unsure which agency will deliver results. They may spend hours seeking one or more external recruiters who specialize in the area of their openings, and even more time completing an intake session with each recruiter.  Utilizing a Vendor Management System, matching recruiting agencies receive an instant email notification of the newly posted job, access the job order, and begin submitting candidates.  This process significantly streamlines the entire talent acquisition process, and ensures candidates are submitted who match the job specifications.

4.  Consolidated invoicing.  When an employer works with multiple search firms, they must receive and process multiple invoices based on different payment terms.  The process is taxing to the Accounts Payable department within the business, and can create further customer service issues for the hiring manager.  When working through a quality VMS, they offer managed billing or consolidate invoicing.  The agency simply invoices the Vendor Management company, and the Vendor Management provider processes everything.  When billing questions arise, it is the VMS company who handles the additional phone calls, emails and inquiries.

5.  Positively impact retention, while providing employers with the ability to measure recruiting agency performance.  It's no secret--when top talent comes your way, and a replacement or money back guarantee is in place, your hires are far more likely to remain in their new role.  Leveraging a Vendor Management solution impacts retention, which ultimately affects profitability.  With full-reporting capability, most VMS's provide employers with a wealth of statistical data to analyze their Vendors' results, to determine if maintaining the relationship is worthwhile for future endeavors.

RecruitAlliance is a no-cost Vendor Management Solution preferred by small, medium and large business entities.  This recruiting tool has successfully helped Clients reduce talent acquisition costs, reduce time to fill, improve retention, and provides employers with more control over cost, contracts and compliance.  To learn more, visit www.RecruitAlliance.com.

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