Master Vendor Solutions-for simplified hiring And A brief understanding of the master vendor solution benefits
The blog covers the basics of master vendor solutions. Along with master vendor solutions, neutral vendor models have been explained in brief. Contingency hiring, retained search, RPO models and a few more are explained below. It provides a comparative study of different recruitment models with master vendor solutions. Different benefits of master vendor solutions that include factors like scalability, cost, accountability, accessibility, supervisory support and administrative support have also been discussed in the blog.
Master vendors are recruitment service providers that assume the entire responsibility of a company’s hiring demands. The master vendor can at times seek help from other associated firms in fulfilling the client demands. The master vendor recruitment firm will take care of all the permanent and temporary workforce requirements. Clients source their end-to-end hiring processes to be managed by master vendors so that the top management at client firms can focus more on core activities and have no worries about finding the right manpower resources. Apart from master vendor solutions, there are many other recruitment models.
A neutral vendor model is where different recruitment firms are delegated the task of sourcing candidates. A vendor on-premise model involves getting an on-site representative from a recruitment firm to source and manage a temporary workforce. In contingency hiring, the client will send a job description to different recruitment firms and pay only those firms that close the positions. Retained search is where a client will exclusively choose and pay a recruitment firm to search for compatible candidates.
Recruitment firm charges for searching and after recruiting too. Exclusive requirement models work on fixed timelines assigned for specific hiring tasks. There is also an RPO model, where the entire recruitment process is outsourced to another company. During the recession, a company will pay recruitment consultants to help a few of its existing employees find new employers-this recruitment model is very rare and is called an outplacement model. Executive search is where a client hires potential headhunters to pursue and fill open top-level executive positions.
Why is master vendor solutions better than the other models?
A master vendor solution will work exclusively for a client. Each client will have a senior partner associated with them. The recruitment firm will study their internal process and recommend candidates that fulfill all their demands. With only one supplier to manage your recruitment demands, hiring will be faster and more personalized to suit the client. A master vendor recruitment model is more suitable for niche-based roles too. The master vendor solutions have proven to display more ownership and transparency than other recruitment model-based services.
A good master vendor will be equipped with a dedicated recruitment process, data analytic tools, communication strategy, and various hiring process optimization methods. Managing costs will be easier and more accountability can be expected from the master vendor. On the other hand, neutral vendor models do not have a dedicated process for different clients. They run a generalized recruitment framework for all their clients.
There is zero accountability with neutral vendor solutions. A good master vendor solution is more aware of the internal process and in-house hierarchy than neutral vendor solutions. The time taken for the hiring process is more in neutral vendor solutions as there is no dedicated team working for the client. Moreover, you need to pay more to additional recruitment firms in neutral vendor solutions. A client will have to invest more resources to brief every recruitment firm with their job descriptions. Also, master vendor services are more flexible than those offered by neutral vendors.
Irrespective of the open position status, a retained search model will charge you hefty sums to look for potential candidates. A master vendor will allow you the option to source recruitment to other sister companies if they cannot fulfill your requirements. An exclusive search model also does not offer any assurance about the assigned placement task. Most master vendors also source headhunters to help you in executive searches. Right from entry-level job positions to top-level executives, a master vendor and their sister companies will take care of all your needs and ensure you get the manpower resources you need within the timeframes specified.
Why Choose Master Vendor Solutions?
Greater scalability and custom staffing solutions
Master vendor solutions offer extreme flexibility in comparison to neutral vendor services. The service offerings can be tweaked and modified as per the client’s changing demands. Moreover, as master vendors know the internal process of their clients, they can design a unique recruitment framework that works for the client. Most times, a master vendor will provide each client with a senior executive. The senior executive recruitment will be the prime point of contact with the client. The senior executive will lead the expert hiring team to design a customized process that not only saves money, time, and resources but also helps clients achieve various targets related to their talent acquisition plans.
If a client is looking to set up a business unit in a new geography or launch a new branch or scaling up operations in a big way, the services of a master vendor are preferred over any other vendors. This is because the master vendor has more knowledge and insights into client company recruitment needs and can strategize accordingly to fulfill requirements perfectly right.
A master vendor solution will offer every client the right to accommodate multiple open positions. Based on your changing demands, the master vendor will help you find the right fit across different job positions and roles. Be it human resource, finance, marketing, operations, or technical departments, a master vendor can source suitable candidates for different departments.
Ability to control and optimize operations costs
A master vendor solution will save you more money and time as you are associated with only one point of contact. Every client hiring a master vendor will sign a contract based on which the recruitment service charges are applied. A client does not need to pay the master vendor for individual hiring tasks.
The master vendor is responsible for the service charges levied by the sister companies. All the job description preparations, screening charges, background checking charges, and onboarding charges will be included in a single service bill.
The chances of hidden service charges are also eliminated with master vendors. The return of investment is more with master vendor solutions, and the monetary benefit is also immediate. A master vendor solution relinquishes recruitment control to each client. The client can provide their time-to-time guidelines, and a master vendor will change their process accordingly.
Increased vendor accountability
A contract governs the guidelines and services between a master vendor and their clients. The client can mention all their demands and guidelines in the contract. The master vendor will have to keep the client informed about the progress of each hiring task. The shortlisted candidate list will be sent to each client for approval. If a client chooses a master vendor, they cannot hire another recruitment firm without approaching the master vendor first. This increases the ownership and accountability of the master vendor.
A master vendor is aware that they will lose business to other firms if they fail to perform as per the contract. In their efforts to provide quality service, the master vendor strives to deliver guaranteed results in a short duration. As the master vendor will be associated with the client for all the hiring demands, they will try to minimize hiring flaws. The master vendor will have to run the entire hiring operation again if the sourced candidate does not perform according to expectations. If they continue to source incompatible candidates, they are prone to lose their business and client trust forever.
Access to more talent resources
The master vendor is associated with other recruitment firms. Due to this reason, they have access to a variety of talent pipelines. If they are not equipped to source a candidate, they will approach firms to help them out. Moreover, the client does not need to go through the process of finding and establishing connections with other firms.
Right from the temporary workforce to the permanent workforce, the master vendor can source all your needs. A good master vendor will be connected with experts, clients, brands, academia, and other sources that can provide them, compatible candidates. A master vendor will have a plethora of pre-screened candidates for guaranteed and quick solutions.
Get administrative, supervisory, and payroll management support
The master vendor will cut down on data duplication, contract misplacements, administrative resource hiring, and the flaws that arise during recruitments. Increased efficiency can be gained with master vendor solutions. The onboarding process is quicker in the master vendor approach. Ultimately, this increases the overall productivity of the company.
The master vendor recruitment model will take complete responsibility for managing the payroll and privileges of contract employees. They will prepare comprehensive analytics and report every delegated hiring demand. Managing the entire hiring process is easier due to a single vendor dependency. The master vendor will supervise temporary candidates and provide replacements if required.
More than ninety percent of companies that choose a master vendor find it easier to fill vacancies across divisions while finding fast replacements. The client does not need to worry about the meager recruitment process. They can eliminate the time and money spent on managing an in-house hiring team. The master vendor will take care of screening, background verifications, assessments, and every recruitment aspect. A master vendor will also have supervisory control over their temporary employees. They are equipped with the latest technology and an able team that knows their internal process.
However, choosing the right master vendor solution is crucial to gain complete benefits.
Find An Established Master Vendor Recruitment Solutions Provider
Alliance Recruitment Agency has helped worldwide clients to find compatible candidates across different job roles and positions. We are associated with many more recruitment resources, both locally and globally.
A master vendor recruitment service provider, our success has been defined by our track record of filling positions at a faster rate than most of our competitors. With more than 12,500 recruitment projects completed in ten years, which includes thousands of recruitments in sectors as diverse as IT, ITeS, engineering, healthcare, retail, and financial services, we are an agency trusted by more than 8,000 clients.
We also provide administrative support for all our contract employee sourcing. Associate with us to reap the benefits of our dedicated master vendor recruitment services.