Breakthrough from Silos Using An Automated VMS

The seamlessness that hiring workflows provide is apparent in the name. No matter how rapid or demanding tasks get, there is a sequential order that workflows enable which leads to simplified processes and better outcomes.

However, siloed technologies put a stop to the seamless flow.  

Technology silos occur when applications are isolated in their functions and do not allow free-moving data transfer between the various modules. The siloed mentality can be useful when harnessing and reinforcing specialized knowledge and domain expertise, but that’s not the case with contingent hiring.           

From adding and managing vendors to creating talent pools and tracking applicants, the objective of every stage of hiring is to achieve optimum outcomes. Having a separate tool for each of them might be enough to get the bare minimum done, but without synergy, the best results are far from reach.  

How do Siloed Technologies Cause a Challenge?

1. They widen the divide between business stakeholders

Hiring is the joint endeavour of various stakeholders like HR, procurement, talent acquisition, hiring managers, contingent workforce teams, staffing suppliers, and candidates. All of these users are equally important to the hiring process.  

Yet, when provided with separate technology, hiring teams have blinkers on and are focused on their task at hand without visibility or insight into related hiring functions. Rather than working in tandem, the reality is that collaboration is limited or virtually non-existent. And without collaboration, accomplishing common goals and staying true to the company’s vision can be difficult.

2. They are ineffective data resources

Data is one such asset that makes business activities purposeful and relevant. Being contained within siloed technologies makes data counterproductive in many ways.

For one, the same data could be stored in several locations, which turns out to be tedious and time consuming for people to access quickly when they need it. Secondly, when data lives in multiple places, manual processes are required to combine the data and make sense of it. Having to manually update data in multiple places deteriorates its quality and credibility. Moreover, the data could be out of sync, meaning one copy is old and stale while another is up to date, making it difficult to discern which is the best version of data to use.

Last but not least, many organizations are striving to become data-driven, so they can make more intelligent decisions based on access to accurate and up-to-date information. When data is distributed or disparate, being data driven is nearly impossible.

3. They hamper productive decision-making

With technology silos limiting teams’ outlook of the bigger picture, their ability to draw value from data and put it to good use across the board is curbed. It means that organizations do not have visibility, intelligence or insight into information that could be crucial in making decisions. Being forced to take calls at the department level and not holistically can be detrimental to long-term growth and success.

How an Automated Vendor Management System Can Enhance Your Business

A modern VMS supports the entire hiring workflow, abolishing the silo mentality and its downsides. Automation takes the convenience of a VMS a step further by streamlining recurring aspects of the hiring process. Deploying an Automated VMS means you can:

1. Attain higher data accuracy and team efficiency

The intelligence of an Automated VMS guarantees that redundancies and errors in data collection and upkeep are significantly reduced. All data exists within a single system, making it easily accessible, eradicating any uncertainty, and minimizing mistakes caused by manual inputs. Data is always up-to-date and enables the extraction of real-time analytics, which can deliver constructive insights on areas that need attention and help make better decisions.  

This coherence allows teams to thrive and live up to their true capacity to fill more open positions within days rather than weeks. The ability to utilize unified communication between teams using email, notifications, notes, chat messages, and document management also facilitates and encourages greater collaboration.

2. Make your business rapidly scalable

60% of a recruiter’s day can be eaten up by manual sourcing and under 20% of their time remains devoted to the activities that will have a greater impact, i.e., connecting and conversing with candidates. The personal touch that candidates encounter during the interactions can make the difference between fruitful and failed hires. This is also true for building and maintaining relationships with talent suppliers and other partners.

No business can sustain having recruiters spend much of their day on menial tasks that leave very little time to carry out successful hiring campaigns. Automation flips the switch to free up more hours for candidate and supplier interactions, allowing recruiters to shine and show where their true capabilities lie.    

3. Enrich stakeholders’ experience

In addition to facilitating unfettered interactions, automating other practices concerning suppliers and candidates can ensure they are engaged from the get-go. 

By automating supplier onboarding, the collection of supplier details and finalizing contracts can be completed in a matter of minutes. Once onboarded, suppliers can be provided with training and AI-fueled job matching that gives them the ability to begin adding value quickly and effectively.  

When it comes to candidates, the Automated VMS empowers them with visibility and control of their entire hiring journey, from being up-to-date on open roles and their interview line-up, to handpicking the suppliers who represent them.   

4. Enjoy greater functionality in a single system

unified_VMS

Prosperix’s Crowdstaffing VMS champions the convergence of various functions that include but are not limited to direct sourcing from actively curated talent pools, pre-screening assessments through smart forms, talent pipelining capabilities, a workforce module that expedites onboarding and offboarding, and flexible hiring workflows that support applicant tracking.   

All these functionalities being housed within a single system gives you the ability to not only draw the most meaningful insights from your data but also to access multiple capabilities as and when required.  

From our perspective, these are the foundational competencies of a smart and unified vendor management system. If you are excited to explore the endless possibilities of an Automated VMS, schedule a demo with us to discover what our Crowdstaffing VMS can do for you. 

Increase Hiring Efficiency With Real-time Analytics

While the availability of data is plentiful, the ability to deliver insights in real-time as opposed to historical data analysis is a key differentiator between traditional and modern staffing vendor management systems.

HR expert Tim Sackett explains: 

“We don’t truly listen to what all the data is telling us. We gather all of the information. We get assessment scores, we get personality and cognitive measures, we do in-depth background screening, we perform behavioral-based interviews, we check the candidates’ professional references, we stalk their Facebook page, we check informal references the candidate doesn’t know about, we do just about anything to get as much knowledge as we can on a candidate. And then what happens? We make a decision based on a gut feel.”

Traditional recruitment techniques involve decisions rooted in emotions rather than data, often resulting in slow and cumbersome processes, excessive costs, and bad hires. Identifying these downsides, more businesses are moving towards evidence-based hiring where decisions are data-backed, not prediction-backed. The emergence of Big Data and its corresponding technologies within the staffing industry has vastly improved the accessibility and availability of data. Big Data provides businesses a warehouse of data to analyze along with wide analytic options. But, there’s still a lag in how that data is processed and put to use. Many companies that consider themselves to be data-driven too often are looking at historical data to prove a hypothesis rather than analyzing current data to uncover ongoing realities.

As Michael Skapinker observed in the Financial Times, “It is not just our biases that get in the way but that past performance cannot predict results.”

Real-Time Data-Driven Insights to Boost Contingent Program Success

The frequent market shifts and the extreme volatilities in the staffing industry make staffing suppliers susceptible to constant change. Consequently, this impacts their staffing capabilities, thereby affecting performance. Relying on historical data to drive your contingent program decisions not only risks you engaging with poorly performing suppliers, but also can lead to losses in time, money, and valuable resources. This is why real-time analytics and scorecards are key. They provide contingent workforce programs illumination rather than (just) support by helping businesses make timely data-backed decisions in addition to ensuring overall program health. 

Here are some benefits of real-time analytics for contingent workforce programs.

1. Optimize Hiring and Control Costs

Every business strives to make cost-optimized decisions wherever possible and businesses that utilize data effectively can realize cost savings more effectively. 

Using real-time data to compare market rates ensures the bill rates for your program are equitable for specific roles in specified locations. Having access to this information also ensures you don’t miss out on great talent by underpaying or go over budget due to excessive rates.

Additionally, real-time notifications for submittals above pay/bill rates help businesses promptly identify suppliers that are outside the rate guidelines, giving them more visibility and control over program spend.

The benefits don’t end here — real-time metrics also aid businesses in improving targeted hiring. By identifying the best sources of candidate inflow, businesses can optimize investments in the right channels to attract the best candidates.

2. Regulate Process Efficiencies

A real-time data-driven approach can proactively identify bottlenecks that are slowing down hiring and inform businesses on the right actions to take to fix them. For example, metrics like pipeline speed indicate the average time each candidate spends at every hiring stage. By actively monitoring this metric, businesses can avoid candidate stagnation occurring due to burdensome processes, sluggish review times, or recruiter inefficiencies.

3. Forecast Hiring

Accurate forecasting enables businesses to reduce costs, improve planning efforts and maximize efficiencies while ensuring they have the necessary resources to meet demands. Intending to realize this, businesses are starting to incorporate Data Science into their talent acquisition strategies. Real-time metrics act as enablers of predictive hiring, allowing businesses to make estimates on the hiring demand for specific job roles, especially high frequency or high volume roles. This requires a combination of a real-time and historical data view on your pipeline velocity, including metrics that reveal the average time it takes to generate a successful candidate at each hiring stage. Not only do these metrics help businesses in benchmarking their hiring, but also in improving visibility into their strategic workforce planning initiatives.

4. Improve Candidate Quality

Aiming to truly assess hiring quality calls for businesses to look beyond the speed and cost of making hires. Instead, businesses should consider tracking other essential attributes that measure a candidate’s level of interest throughout the hiring process. 

Real-time candidate dashboards give businesses a comprehensive view on candidate-centric information including candidate quality, acceptance rates, interview rates, and disqualification reasons. These data points help businesses understand candidate preferences and priorities in addition to evaluating candidate engagement and the overall interest in the business brand. By incorporating this information, businesses can improve their talent attraction and engagement efforts, leading to a healthier pipeline of candidates to hire.

Data-driven hiring hasn’t always been an easy concept to implement – disparate data sources, metrics, and reporting timelines all contribute to lag, confusion, and barriers to making intelligence-based decisions. Prosperix’s end-to-end workforce solutions (Vendor Management System, Hiring Marketplace, Direct Sourcing, and On-Demand Talent Pools) all incorporate real-time analytics and provide data-driven intelligence and insights. Real-time data is also foundational for our AI/ML algorithms which distribute, manage and automate capabilities in our solutions, giving you extraordinary ability to build and manage a thriving contingent workforce program.

Schedule a demo with us today to power your hiring efforts using real-time data!


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Contingent Hiring Marketplaces – The Solution to Overcoming Hiring Hurdles

The word “marketplace” instantly brings to mind throngs of business people vying for the attention of customers. Much like any physical marketplace, a hiring marketplace aggregates the vital components of staffing, i.e., hiring teams, job seekers, and recruiters in the digital realm.    

Along the same lines, the advantages of a traditional marketplace translate to a hiring marketplace. Hiring marketplaces act as an additional channel to connect with candidates. They are not limited by territories or time, allow you to connect directly with job seekers, and give you the opportunity to establish new supplier partnerships. However, with unique benefits come unique issues, and it’s imperative to understand the challenges faced by hiring managers, recruiters, and talent acquisition teams.  

Prevalent Challenges of Contingent Hiring

1. Finding capable candidates

Whether your approach to finding candidates is fueled by the mindset of “there’s plenty of fish in the sea” or veers to the other end of likening it to “finding a needle in a haystack”, one aspect remains common between both schools of thought – that hiring is portrayed as a numbers game.   

Typically, an online job posting is viewed by a 1000 candidates, of which 200 start the application procedure, 100 finish applying, 75 get screened out, 25 are evaluated by a hiring manager, only 4-6 are invited to interview, and a single candidate secures the job at the end of the day.    

The effort involved in whittling down 1000 to 1 can dilute the quality of the outcome, which beats the purpose of hunting for the perfect candidate. Quality is just as crucial as quantity, but recruiters often lack that guarantee. 

2. Levelling the playing field

It’s impossible to achieve optimum contingent hiring without staffing vendors but involving them is easier said than done. The intricacy and challenges of managing staffing vendors is proportional to their volume; as the latter escalates, the former follows suit.

In seeking to fulfill staffing requisitions through a wide web of vendors small and big, the negotiating power seldom lands in your court. Individual vendors facilitate different facets of the requisition process. Without healthy competition and grounds for price comparison, vendor markups can peak.

3. Gleaning spend visibility

Companies often expect that their contingent labor spend is fully and efficiently utilized towards hiring and managing the workforce.  The reality is that nearly a quarter of the approved or pre-negotiated spend is eaten up by rogue spend.

Given the increasing demand for contingent workers and decreasing turnaround times, hiring managers are pushed to make decisions on the fly without the input of other internal teams, causing a rift between the spending intent and end result. Consequently, the dearth of direction in overarching budget strategies of the contingent labor program renders its potential unrealized.  

4. Minimizing bottlenecks in hiring stages

An average of 42 days – that’s how long it takes to hire for each opening. Depending on the particular industry or nature of the role, the period can range between 14 and 63 days. This scenario in a landscape where 64% of American organizations want to replace or retrain a fourth of their workforce by 2023.

Factors like multiple rounds of manual review, miscommunication, disorganization, budget constraints, and other business concerns are culprits of dragging out the hiring flow. Only the extremely ambitious and resourceful are able to shove aside these roadblocks, and with difficulty at that.

Achieve Congruence with the Crowdstaffing Hiring Marketplace

Without assistance, overcoming the challenges of contingent hiring can seem daunting. Though, armed with an online platform like the Crowdstaffing Hiring Marketplace, you can be well on your way to combat these common staffing hurdles. You’ll gain: 

1. The ability to hire at scale

Nothing like being able to access an endless supplier network that includes but is not limited to national and international suppliers, boutique and niche suppliers, independent recruiters, and RPOs. The diversity of the network doesn’t stop at location (spanning across North America and overseas); it also applies to suppliers’ ability to identify talent pools of varied skillsets. Sourcing local and remote candidates – check. Exemplarily competent suppliers and talent – check. Recruiting at scale like never before – check.

2. Greater reach to available talent pools

Candidates on the Crowdstaffing Hiring Marketplace are represented by suppliers, consolidated by intuitive technology, sourced directly from internal talent pools as well as externally, and reviewed and approved by you. Our marketplace is adept at handling all this for multiple job postings simultaneously, lifting the burden of finding and evaluating fresh candidate sources off your shoulders.  

3. Automated supplier management

It’s not enough to establish in words that suppliers are integral to your successful contingent hiring plans; our hiring marketplace embodies and facilitates every supplier’s seamless functioning. With the aid of automation, suppliers can self-register, easily provide business information and complete onboarding, utilize in-app training to increase efficiency, be matched to jobs by high-performing algorithms, and obtain real-time scorecards to be aware of and improve their performance. 

4. Active curation of quality candidates

Remember how discovering quality candidates is one of the biggest thorns in the sides of hiring managers and talent acquisition teams? Our Talent Advisors proactively curate candidates for each posting on the marketplace, ensure they meet the criteria on predefined screening requirements, assess candidate-job fit, and coordinate communication between all parties involved – thereby increasing candidate quality without soaking up valuable time in the process. Further, once a candidate has been zeroed in on, our Advisors also take care of the follow-up and onboarding procedures.

5. Higher cost transparency and lower hiring spend

Safeguarding your right to know and pay fair market rates matters to us. The Crowdstaffing Hiring Marketplace promotes transparency and competitiveness amongst suppliers, and denotes the appropriate rates based on data from earlier hires. Ergo, you only have the best talent secured at the best rates on your hands. 

6. Faster time-to-hire by leveraging AI

The Crowdstaffing Hiring Marketplace uses AI algorithms such as the Multi-direction Matching Algorithm, Job Distribution Algorithm & Job Attention Algorithm, to match jobs, candidates, and suppliers, making connections in all directions in real-time. Suppliers can therefore be aligned with the candidates and jobs that are the most suitable to them based on their skills, location, and prior success.

7. Payroll and EOR services

For all hires made through our hiring marketplace, Prosperix looks after the EOR and compliance responsibilities that accompany them. This consists of managing payroll procedures, employment taxes and withholdings, verification and administration of W-4, I-9, and W-2 information, ACA compliance, enrollment, and maintenance, ongoing employee relations, and more.

8. Tools to manage the complete hiring process

Utilizing the Crowdstaffing Hiring Marketplace will help support not one, not two, but all six stages of the hiring process, i.e., Sourcing, Assessment, Hiring, and Onboarding, Offboarding, and Redeployment. The marketplace has been designed with key innovations to enable you to customize your hiring workflows through the Applicant Tracking System, engage candidates with the help of the Talent CRM, assess talent using customizable Smart Forms, store and manage audit and compliance-related documentation, and collaborate via unified communication channels.  

If you’ve made it this far, you’re quite likely ready and eager to reap the benefits of a hiring marketplace. Get started by posting your next opening on the Crowdstaffing Hiring Marketplace.