Benefits of choosing a master vendor model And Study the different advantages of hiring the right master vendor model
There are multiple recruitment models available in the market today. This blog helps you analyse the benefits of hiring the right master vendor model. The monetary and time benefits from the master vendor model can be analyzed from the below points.The master vendor model also provides multiple administrative advantages for the client. A comparative study of other recruitment models is also discussed in this blog.
- Hire Quickly
- Find Experts and Professionals with niche-skills easily
- Scale-up projects or operations quickly
- Increase staffing services efficiency and vendor accountability
- Gain greater control over recruitment outcomes
- Control operations costs
- Allows management and HR more time to focus on core functions
Numerous companies source their hiring processes to recruitment agencies to tap into a wider talent pool and find brilliant professionals to lead teams, projects, and various other roles. The hiring needs can be for multiple job positions, job roles, permanent or temporary employment, outsourcing, contractual, or any other demands. There are various ways in which these recruitment activities are managed, for example, through neutral vendors, master vendors, etc.
A neutral vendor solution is where an employer approaches different hiring companies with a specific demand. On the other hand, a master vendor solution overlooks hiring for all open positions arising in a firm. The master vendor can release the recruitment activity to a 2nd or 3rd tier recruitment firm if they consider that beneficial to fulfill a specific demand.
There is a retained recruitment model, which involves employing a single recruitment firm for specific tasks or open positions only. A retained search charges separately for searching a candidate and after hiring them too. Clients usually pay dual service charges for one open position, which has made the retained recruitment model an infeasible option for meeting general staffing needs. On the other hand, employers get to approach the master vendor for every open position they want filled. A master vendor can source you the most compatible candidates right from entry-level clerical positions to top-level executive positions. A single master vendor can source a client firm for open positions in the HR, finance, marketing, technical, and many other departments.
Busting top recruitment challenges with the master vendor model
Understanding the client’s internal process is of utmost importance to source compatible candidates. Hiring operations require financial investment to prepare a job description, post it on different networks, find multiple recruitment firms, conduct assessments, onboarding, and initial orientations. All this money goes in vain if you choose multiple recruitment agencies with no accountability or loyalty towards you. Managing different recruitment firms takes up the time of the in-house team. A lot more time and resources are required to monitor and manage the multiple firms.
There are thousands of recruitment firms available online. In such situations, it becomes inconvenient if you tie-up with a neutral or retained search provider that does not have the resources to fulfill most of your diverse hiring needs. For companies in many sectors, hiring is a continuous process, especially when it comes to temporary placements based on projects and seasonal rise in productions.
A master vendor is one that can fulfill the majority of your permanent and temporary staffing needs on time and within budget. A master vendor solution can solve your hiring challenges. The master vendor recruitment model always studies your internal process to source the right candidates. As they are associated with your business for a long time, they know what your business needs. The hassles of managing different service charges and contracts can be avoided with the master vendor model.
A master vendor has connections with other recruitment firms. Hence, all the efforts to look for additional firms are eliminated with a master vendor approach. A master vendor will source the recruitment demand for other companies if they are not able to help a client. This saves the client a lot of time, money, and resources invested in screening thousands of online recruitment firms. Master vendor recruitment is the fastest and the most guaranteed way to find a high-quality workforce.
Advantages of the master vendor model
1 . Hire Quickly
The hiring process is faster with the master vendor model. The master vendor is associated with multiple recruitment firms. This association and access help them find reliable and compatible candidates quickly. The recruitment firms know your business process very well. They will find qualified professionals that will suit your in-house processes. Their access to a plethora of pre-screened employees is a reason for their quick service. The long-time association and accountability factor encourage the master vendor to help you find the right people as soon as possible.
Experience and familiarity with an employer’s hiring processes across divisions make a master vendor more capable of handling the manpower needs that occur from time to time. Also, the master vendor can source employees across different job roles. They are well equipped to help with open positions in multiple departments.
2 . Find Experts and Professionals with niche-skills easily
A master vendor studies the internal processes for each client. They accordingly prepare custom hiring strategies and action plans that incorporate organizational needs, preferring hiring trends, and all the specifications that an employer wants implemented with regards to recruiting across functions at the enterprise roles and specific positions.
The niche skill hiring becomes simple due to association with other firms too. The master vendor usually delegates a specific senior executive to each client. These senior executives are people with professional experience in the client’s sector. This experience and their widespread network will help you find the right candidates even for roles requiring a rare or complex combination of skill sets, competencies and functional expertise.
3 . Scale-up projects or operations quickly
A client can maintain extreme flexibility with a master vendor. The master vendor will have complete ownership over every recruitment demand. They make sure that the client is comfortable to put forth all their demands. The master vendor recruitment firm will allow the client to change the approach or skill set required for a specific task or to prioritize a new recruitment demand over an existing one.
The master vendor is in a position to offer a highly customized recruitment framework for each client. The recruitment framework will be further modified to suit a specific job description. Therefore, whenever an employer needs to hire a large number of professionals within a very short timeframe, a master vendor recruitment firm with a great network of talent pools can address this demand with increased efficiency. Also, scaling up or down operations as per an increase or decrease in customer demands becomes easier to manage as the master vendor recruitment firm is already prepped up to meet temporary workforce needs.
4 . Increase staffing services efficiency and vendor accountability
The hiring efficiency is more with the master vendor model. This is mostly due to their responsibility to build a reputation and trust factor with each client. As the master vendor knows everything about your business, they can help you find the most qualified, certified, and experienced professionals. Their access to a potential talent pipeline is what helps them contribute to a client’s success. A good master vendor solution will have multiple senior executives and experts that are well updated about new developments and trends in a specific sector. This capability helps them find the right candidates for each client.
5 . Gain greater control over recruitment outcomes
The employer will have more control over all the recruitment processes. Initially, the master recruitment firm will inform the client about their planned approach. The employer can intervene and provide their inputs to tweak the process. It is not possible to approach random recruitment firms to display the same level of transparency.
Neutral vendors will not have any specific hiring process for every client. In such cases, they will not share the recruitment details with the client. On the other hand, the master vendor will try to increase client involvement in the process. However, they also make sure that the client does not need to invest more time, money, or resources in the process.
6 . Control operations costs
Hiring through an in-house team involves putting in a lot of investment into building talent pools, establishing connections with diverse talent sourcing resources, networking, and visits to establishments and activities to maintain a talent pipeline, etc. And despite all the initiatives, it is many times not possible to identify and find the best-fit candidates for various roles. The recruitment costs make a huge impact on operations costs and profitability per division.
A good master vendor solution can source you candidates, without you having to invest so much. They leverage their talent networks to source the manpower resources you need. The struggles of collecting and maintaining the financial details of multiple service firms can also be avoided with this approach. Recruitment bills become easier to manage and monitor.
7 . Allows management and HR more time to focus on core functions
Outsourcing your entire recruitment operation to a single vendor can save your inhouse team a lot of time to perform their day to day activities. Most master vendors will also take care of the payroll management and administrative activities for the temporary workforce. Barring the initial efforts to find the right master vendor, no other intervention is required from the in-house team. Right from preparing the job description to the onboarding process, a master vendor will take care of every minor step related to open position recruitments.
Enrich Staffing and Executive Search Outcomes
A master vendor solution will enrich recruitment outcomes one notch higher by displaying more accountability towards the client. More than ninety percent of clients that opt for master vendor solutions are satisfied with the outcome of the service. The level of flexibility is higher, along with a cost-friendly approach.
Employers hiring master vendors have shown better productivity after being associated with a staffing agency that knows their internal process well. The master vendor solution has shown a higher rate of return on investment in a shorter time span. Unlike other recruitment models, they show increasing financial returns with every hiring demand.
Alliance Recruitment Agency
Alliance Recruitment Agency has been a master vendor for more than ten years now. We are well equipped with the latest technology resources and a global network of talent sourcing and executive search teams. Moreover, we have built an extensive network that accommodates hiring firms, clients, brands, candidates, experts, and academia from all over the world.
We prepare a unique recruitment framework for each client. The transparency and ownership we maintain towards each client are extremely high. We do not have any hidden service charges and strive to provide hiring solutions in a short time span.
You can connect with Alliance Recruitment Agency to know more about master vendor solutions.