Standardize All Hiring Requirements
When your resources are spread across various staffing vendors, recruiting and selection can become a formidable and complicated task. To make it worse, each hiring manager can have different preferences and criteria, creating inconsistencies in hiring standards and potentially harming the quality and value of your hires. To fix this problem, the first thing your organization should do is streamline and consolidates all workforce requirements and criteria. By standardizing the requirements for all hiring managers, you can ensure that all your hires will meet your standards and expectations, and also allow you to maintain better control over the process.
Strengthen Your Talent Acquisition Team
In Bersin’s latest High Impact Talent Acquisition Study, Bersin found that talent acquisition (TA) is an important contributor to an organization’s success. Advancing your organization’s Talent acquisition capabilities require significant effort, investment, resources, and cultural change, but it also brings remarkable benefits from the enhanced business performance. Organizations with strong, high maturity TA functions reap 19% more revenue than organizations with low maturity TA. In terms of profit per employee, high maturity organizations can enjoy a 30% advantage over their low maturity counterparts.
Set Up A Straightforward Vendor Management System (VMS)
Next, set up a straightforward vendor management system that oversees and manages the selection process will help your organization pick top applicants. At the same time, it will also allow you to apply downward pressure on vendor markups to increase your negotiating power by increasing competition between vendors. One way to do this is by maintaining vigilance for vendor partiality and encouraging fair opportunity and competition.
Vendor favoritism encourages inefficiencies and increases costs. Being vigilant and installing tender process helps confirm that you will get fair market rates for all your workers. In turn, this will allow you to gain back some of that buying power by allowing you to have better control during renegotiations, and thus, better rates.
Both of these options will allow your organization to reduce the number of candidates and select top-quality vendors, thus enhancing worker quality. Furthermore, consolidating your requirements will grant HR access to important data that will allow them to help make better decisions. It will also help ensure that all compliance requirements are met and prevent misclassification of your contingent workers, which can result in monetary or non-monetary penalties by the government. Or worse, civil and criminal liabilities. The government can impose a variety of penalties on your organization, depending on whether you intentionally or unintentionally misclassified employees. Either way, automating your requirements and selection process can help you prevent any penalty.