Master Vendor
The master vendor approach to recruitment has typically been considered the domain of larger corporate firms, who have systems in place to oversee the recruitment needs of the business. However, the savings that can be achieved through a structured in-house recruitment process, working in conjunction with a carefully selected external supplier are simply too great to be ignored by small, medium or regional firms.Recruitment is often a difficult cost to bear for most companies. As a rule, the talented individuals we attract to our business are the very best asset we have, yet it is often hard to manage and understand how those individuals came to be a part of the business and at what cost it took to bring them there in the first place. Many a senior manager has looked back in wonder at the time and money that’s been spent in the recruitment process.
A managed account is very often the best course of action to ensure that top talent finds your business by the most cost effective means possible.
At its heart, a master vendor agreement is used to create a structured recruitment system, allowing the client to hand over the candidate attraction process to a third party in its entirety. The third party (master vendor) agrees revised terms with all existing freelance and permanent recruitment suppliers and creates a single point of contact for all recruitment requirements.
The time saved in doing this is huge. Pause for a moment to think about how much time each of your managers spends talking to and engaging with recruitment consultants. Each of those managers may well be agreeing placement rates without first understanding what has been agreed with other recruitment agencies. The time and cost losses incurred by your business could be substantial.
Before opting for a master vendor agreement we would ask you to consider the following:
- How much am I spending on permanent recruitment?
- How many freelance (or contract) employees do I have in my business?
- Do I know who supplies staff to my business?
- Do I have a flat fee and refund period agreed with each recruitment consultant I deal with?
- Do I engage with recruitment suppliers in the same way I would with other product/system material suppliers in my business?
- Is the current recruitment process effective, efficient and successful?
- Is there a better way of doing this?
Master vendor agreements have been shown to add great benefit and are specifically tailored to each organisations needs and end goals. To discuss whether this approach to recruitment is right for your business call 01932 580626.
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