According to Bersin by Deloitte's Talent Acquisition Factbook, organizations spend over $125 billion a year on recruiting services and technology. We estimate that over $85 billion of that is spent on recruiting services ranging from recruiting agencies, job board posting, candidates assessments, background checks, drug testing, tax credit verification, and more to help find better candidates faster.
Given the spending across multiple categories, multiple vendors, and multiple integrations, having a thriving vendor network is a key part of an effective talent generation strategy. Sometimes we describe talent generation as an ecosystem -- a group of different networks that work together to produce the job candidates you’re looking for. Your vendor network is an important part of that ecosystem, and making sure it works efficiently for you will help bring you success in your recruiting efforts.
There are several challenges that companies deal with when they’re trying to harness their vendors and make them more effective:
There are simply too many of them. Specialized vendors may help you find candidates in niche areas or markets, but the fragmented approach means you’ve got to manage a wide variety of vendors doing their own things on their own schedules with their own approaches. Keeping track of them gets unwieldy.
It’s difficult to manage costs. When you’re dealing with all these vendors, it’s a challenge to identify which are providing the best return on your investment. There’s no standardized approach to cost.
There’s no integration. Working on multiple platforms all but ensures that information will get dropped or duplicated, and keeping track of login information is a hassle. Transferring candidate data from one platform to another is inefficient and increases the chance of errors.
So while having a wide vendor network is important to finding the candidates you need, it can be a messy process. Talent management software from Talemetry makes it easy to manage a thriving vendor network. Here’s how.
One platform. Bringing your vendors under one management platform makes it easy to keep track of their efforts, see what kind of candidates they’re offering, and manage your interaction with them. In addition, standardizing your approach makes it easier for them to understand what you’re looking for and how they can help you, increasing satisfaction for both sides.
Cost management. This standardization also makes it possible to manage costs more easily. By seeing which vendors are most efficient for what you need, you’re able to redeploy your resources quickly and easily as your recruitment needs change and as your vendors supply what you’re looking for. Talent management software makes it possible to adapt to get the most out of your vendor relationships.
ATS integration. By integrating your vendor network with your ATS, you can improve candidate experience and compliance with recruiting regulations. It can eliminate duplicate applications and compile all of your candidate information in one place, on one platform, increasing efficiency.
Managing your vendors efficiently is a big part of what you can achieve with talent generation software -- and, ultimately, recruitment success. Take a look at what Talemetry can do for this important part of your talent generation ecosystem.
Talemetry delivers all the tools recruiters need to find, attract, and engage the talent they need today – and tomorrow – in a single, simple and social cloud-based solution. As the leading provider of talent generation solutions, the Talemetry software-as-a-service (SaaS) suite includes talent sourcing & CRM, job broadcasting, career sites and candidate application solutions. Schedule a demo today to learn how Talemetry can help you find better talent faster.