Key Takeaways
- Implementing vendor consolidation via a single platform helps talent acquisition leaders wade through the chaos of filling open positions, improving recruitment efficiency.
- Key vendor consolidation benefits include using a centralized communication hub to gain control and streamlining procurement for easier vendor vetting and onboarding.
- Further vendor consolidation benefits include reducing compliance risks by operating under a single set of terms and reducing recruitment costs.
- Vendor consolidation fosters trust and improves the hiring experience thanks to access to on-demand recruiters.
Listen: Why vendor consolidation makes your recruitment goals easy.
Just post a job description and watch the qualified applicants flow in. Sounds like a dream, right? Unfortunately, hiring isn't always so simple. There are so many recruiting firms that can help with the search, and so many job applicants to weed through. Not to mention the legal requirements to remain compliant and manage multiple contracts. How do talent acquisition leaders wade through the chaos of filling open positions and gain more control and calm in the process?
One solution is consolidating all search firms into a single platform, such as a vendor management system (VMS).
Benefits of consolidating search firms into one platform
Recruiting hasn't changed much in the past few decades, but the number of recruiting firms and roles to fill has only increased. With new roles emerging and the rapid pace of technological advancements, it's hard to keep up with staffing.
Consolidating search firms into a single VMS has many benefits. From centralizing communication to streamlining procurement, hiring becomes less of a headache.
We'll cover all the ways a VMS can smooth out the chaos and offer Talent Acquisition Teams and hiring managers more control and calm.
The key areas of improvement are:
- Centralized communication.
- Pre-contracted networks.
- Procurement.
- Compliance.
- Cost.
- Recruiting support.
Each area plays a crucial role in reducing chaos and improving outcomes for Talent Acquisition Teams. Here's how.
Improve recruitment efficiency with better communication
Traditional recruiting methods can be hard to break. After all, there's still a benefit to email and personal phone calls. Yet, Talent Acquisition Specialists are under water. They often feel trapped in a frenzy of incoming emails and phone calls, without boundaries for their time and resources.
Without a structured approach to communication, hiring managers can easily get overwhelmed. With a VMS, a centralized communication platform organizes and controls the onslaught. They corral the onrush of calls and emails into a single hub. Hiring managers can choose to log in and respond on their preferred schedule. This results in time management gains and more confident hiring decisions.
A centralized communication platform:
- Increases efficiency and time savings.
- Improves control over the staffing process.
- Reduces distractions and information overload.
- Enhances collaboration and transparency.
The right VMS recruiting system facilitates stronger relationships between recruiters and hiring leaders by establishing a structured approach to communication. This can calm the chaos and lead to better hiring results.
Curate a search firm marketplace with a pre-contracted network
One of the benefits of consolidating search firms into a single platform is that it can eliminate contractual bottlenecks. That's because every firm signs a single contract up front, which significantly reduces the administrative burden. Adding preferred staffing vendors is just as fast, enabling talent acquisition teams to work with their preferred firms and a network of pre-contracted firms.
This creates a curated group of vendors, which helps hiring teams sort through a deeper network of qualified talent without the headache of managing multiple contracts.
Aquent Scout takes this further with its Scout Select feature, providing mini marketplaces of prequalified and contracted vendors (within Scout's VMS) organized by industry, location, or skill. These focused groups can help hiring leaders fill niche roles faster.
Another benefit of a pre-contracted network of search firms is that by agreeing to be part of it, firms also agree to specific rules of engagement. That is, agreeing to a level of professional conduct that prohibits direct solicitation and talent privacy. While this isn't necessarily part of the contract, it provides reassurance and trust for Talent Acquisition (TA) Teams.
Vet all vendors and make procurement easier
Procurement Teams are often challenged with streamlining vendor management. They are tasked with onboarding vendors, reducing risk, and maintaining compliance—all while keeping costs in check.
Often, bringing on new search firms begins with word-of-mouth referrals and handshake deals, which can be challenging to manage effectively. Conversely, enlisting a VMS to vet all vendors within a single system consolidates all partnerships into one contract. The result is easier, faster onboarding—in a matter of days versus months—without losing the benefit of working with favorite firms.
Furthermore, all vendors are compliant with governing policies and standards, improving procurement efficiency.
Cover compliance risks with vendor consolidation
Managing compliance risks can be anxiety-inducing when dealing with numerous firms and contracts. Luckily, another benefit of vendor consolidation is reduced compliance risk.
When working within a VMS, all vendors operate under one set of terms, with the same invoice payment period, the same regulatory rules, and ethical considerations. These standards help TA Teams reduce their legal, operational, and market risks.
Reduce recruitment costs with a VMS
Of course, controlling chaos often comes at a cost. However, consolidating search firms into a VMS helps optimize recruitment spending within an automated system.
Working within a VMS provides better visibility into each task with precise and controlled invoices. Additionally, pricing is typically determined at the requisition level, rather than applying a blanket cost to all placement fees. This, in turn, provides more granular control over costs, plus the benefit of a centralized, compliant billing process.
Additionally, some VMS platforms require licensing fees. Choose a VMS with no administrative costs, meaning companies only pay for placements.
On-demand recruiters create a better hiring experience
One of the most sought-after features of a VMS is on-demand access to recruiters. On-demand recruiters give TA Teams access to deeper talent networks, meaning there's a higher chance of sourcing the exact talent you need to fill your role.
The benefits of on-demand recruiters include:
- Sourcing, screening, and scheduling from multiple firms within a single platform.
- Visibility into engagements and placements with up-to-date dashboards.
- Opportunities for one-off engagements or long-term hiring relationships.
With a network of recruiters available within the VMS, TA Teams find that the hiring experience becomes less chaotic and more efficient, with more opportunity to scale as needs change.
Control the chaos with recruitment vendor consolidation
With TA Teams pulled in all directions, improving recruitment efficiency is a priority. Consolidating staffing firms into a VMS has numerous advantages, including controlling communication chaos, streamlining procurement, maintaining compliance, and reducing recruitment costs.
Choosing the right VMS is crucial for avoiding fees and accessing the best talent pool. Aquent Scout is a smart VMS with access to on-demand recruiters and curated mini-marketplaces for niche roles, with professional and trustworthy support along the way.
Discover more about Aquent Scout and regain control of your hiring process today.
