This article is based on our recent ebook ‘4 Benefits of Incorporating the Extended Workforce in Your Vendor Management System’. This article focuses on efficiencies, saving time, and reducing staff turnover in your contingent and extended workforce.
Two of the key benefits of incorporating your extended workforce into your VMS are the reduction of time to productivity, and turnover. These benefits arrive with the removal of a whole bunch of administrative delays that would come when sourcing your talent separately. We can look at the examples from our previous article about increasing candidate submissions (and other sources of talent) to help explain this.
Alumni Talent and Trusted Referrals
Working with alumni talent allows you to cut down on screening time and hire someone for your vacancy who is already familiar with your organization, needs, and tasks. With a reduced requirement for onboarding and any necessary training or security clearances required for a first-time candidate, alumni talent allows you to drastically reduce time to productivity. Additionally, working with the same people time and again means lower turnover, which in turn reduces admin time in a variety of ways.
RELATED CONTENT | ‘4 Ways Using a VMS Can Drive Down the Cost to Hire Your Extended Workforce’
Experienced Staffing Suppliers
Combining your extended workforce management with your current VMS practices also allows you to work with experienced staffing suppliers. Experienced staffing suppliers will be better suited to finding the appropriate candidates for your needs. Also, if you are consistently working with the same staffing suppliers, they will be able to fine-tune their candidate search which will, in turn, reduce turnover. This especially helps if you are hiring for a particular niche and need someone with experience hiring in that specific field.
MORE FROM THE BLOG | ‘What Are the Benefits of and Barriers to Total Talent Management?’
Using Your Brand
Using direct sourcing can go a long way to both increasing your talent pool and reducing onboarding times. You can use your brand as a competitive advantage so the worker knows when they apply exactly who they could be working for. This can clear up a lot of confusion, help you to access talent within your particular niche, and comes with cost- and time-saving benefits too.
YOU MAY ALSO LIKE | ‘An Introduction to Total Talent Management: Including Your Contingent Workforce’
By using direct sourcing, freelance management systems, and other extended workforce tools alongside your VMS can also help you to create more competitive rates. By reducing admin times, time to productivity, and turnover, you can up the pay rate at no greater overall cost to your organization. You can also eliminate or reduce finders fees. All of this allows you to know that your bill rate will be lower with a payroll rate than with a full mark-up on your candidate. It’s a win-win situation.