When it comes to staffing suppliers, more is more – the bigger your supply base, the better your access to quality talent. Achieve an exponential ability to hire using a hiring marketplace powered with the latest technology to facilitate the end-to-end management of your contingent workforce program.
Despite the benefits, having a large staffing vendor list isn’t always the preferred choice for hiring businesses. Usually, businesses try to manage their supplier relationships by ‘optimizing’ (i.e., cutting down on) their supply base and partnering with a few ‘trusted’ suppliers. But often this strategy is backed by perception rather than factual data. Here are some things to consider when thinking about your supplier list:
Are there any consequences to my supply base’s shifting capabilities?
Just as concentrating your investment portfolio subjects you to more risk and volatility, depending on a few suppliers to fulfill your contingent hiring needs can jeopardize the success of your external workforce program.
Changes in supplier capabilities are increasingly common because the staffing industry is extremely volatile and suffers from a high turnover rate. Just like a concentrated investment portfolio can expose you to downside risk, operating with a restricted vendor list can increase the likelihood of facing hiring delays or compromises in candidate quality if one or more of your vendors is experiencing turnover or volatility.
The solution here, in both investments and contingent hiring, is diversification. A diversified ‘portfolio’ of suppliers minimizes volatility, decreasing the likelihood of a dip in performance across the whole based on changes in a few vendors, and ensures a smooth-running contingent program supplied with quality talent.
Are my talent suppliers delivering consistent high performance?
Knowing the current price of a stock is imperative for investors looking to buy or sell. In a rapidly rising or falling market, relying on delayed stock quotes is virtually useless since the stock could have moved by a significant percentage in that time frame.
In the same way, depending on quarterly performance data to evaluate your talent suppliers doesn’t shield your business from the dynamic nature of staffing organizations, increasing your risk of engaging with poorly performing suppliers. This can lead to a continuous cycle of onboarding and offboarding suppliers.
In short, backward-looking data governing supplier performance does not give you a continuous performance guarantee and can lead to losses in time, money, and valuable resources.
Can my supplier pool effectively and efficiently support hiring at scale?
Having a limited supply base limits your reach across niches, geographies, and talent pools.
In situations of rapid growth where you need to meet unanticipated hiring demands, a lean vendor list may not be able to deliver at pace or meet the desired quality. When you fill these gaps by sourcing, vetting, and onboarding new staffing firms, you consume time and delay your ability to utilize talent from your contingent workforce program.
The Power of the Network Effect over Traditional Hiring:
The internet has made it easier to bring crowds together, leading to groundbreaking innovations over the past decade. Businesses see crowds as innovation partners and humans are increasingly depending on the wisdom of crowds — whether it’s deciding the next Netflix binge or obtaining live traffic updates.
Likewise, the ‘human cloud’ is shaping the future of staffing by providing businesses with new and innovative ways to automate their connection to talent. Human cloud platforms serve as an attractive and inexpensive means of accessing contingent workers, as businesses prioritize resilience and efficiency during these uncertain times.
These modern hiring platforms are built on crowd-based networks of independent and international recruiters, boutique, national, and regional firms, along with the respective talent pools they represent. As opposed to traditional hiring solutions, human cloud platforms can span across cultures, geographies, business sectors, and ideologies, amplifying businesses’ reach over skilled talent at reduced costs.
Human cloud platforms are becoming sought-after ‘talent suppliers’ in today’s technology-fueled gig economy. During 2019, these platforms reportedly grew by ~15% and are expected to continue rising in demand as workers laid off due to the COVID-19 pandemic pursue new opportunities.
Secure Your Future by Taking a Marketplace Approach to Hiring:
From retail to transportation to entertainment, the marketplace model has profoundly altered almost every industry. Consider how Amazon’s retail revolution is changing the way we shop or how Netflix is transforming our entertainment purchase and consumption.
In the same way, hiring marketplaces are re-shaping the future of staffing. How?
Disruption through centralization:
Just like Amazon acts as a centralized hub for third-party vendors with similar offerings, hiring marketplaces unify the fragmented staffing world by bringing businesses, staffing agencies, independent recruiters, and candidates together on a common digital platform. Unlike traditional hiring models, businesses needn’t navigate through disjointed sources, including multiple staffing suppliers, social media, job boards, and internal talent pools, to find the right candidates.
Another reason for the success of marketplaces is personalization. Netflix has perfected the secret formula to customer-experience using smart AI algorithms to interpret data. Similarly, intelligent hiring marketplaces are highly cognizant of business’s talent needs. They automatically match jobs to the most qualified candidates and vendors within the ecosystem and facilitate better user and candidate experience in addition to boosting overall hiring outcomes.
As the pandemic is accelerating the trend towards contingent hiring, early adopters of these hiring ecosystems end up gaining a competitive advantage. How? By shifting their investments from performing routine and repetitive work to encouraging their internal talent acquisition teams towards strategic thinking and decision making.
What Makes The Crowdstaffing Hiring Marketplace Different?
The Crowdstaffing Hiring Marketplace combines machine, network, and human intelligence to deliver businesses the best hiring outcomes. Our hiring marketplace consists of a vetted and diverse list of talent suppliers, guaranteeing you access to the best talent in the market.
Real-time performance metrics constantly monitor suppliers on our platform and our smart algorithms automatically match your job descriptions to the best-performing vendors with the most qualified talent.
Forget lengthy implementations and extensive onboarding timelines; suppliers can join our platform by completing a simple registration form and start recruiting in 30 minutes. We also ensure 100% compliance by serving as the Employer of Record, offloading most of the employee management complexities from suppliers.
To top it all, our cost-neutral plug-and-play hiring solution comes with absolutely no initiation costs.
Sound interesting? Post a job on our hiring marketplace now!