In this fast-paced business world, there are several ways to streamline processes using modern business information technology.
One of these includes companies utilizing a vendor management system (VMS), especially in the staffing industry.
Staffing and recruitment agencies widely use a VMS platform since it offers great advantages for recruitment and general business processes.
In this article, we’ll explain what a VMS recruiting platform is, its function in staffing firms, and its key benefits to businesses.
What is VMS in recruiting?
Simply put, a vendor management system is software that facilitates the acquisition of staffing services between employers and suppliers.
VMS platforms allow recruiters and their clients to exchange data and information and transact online.
Some companies procuring employees through staffing solutions often use vendor management systems.
How does a VMS recruiting platform help staffing firms?
Compared to when VMS platform was not yet developed, staffing companies are more prone to errors, delays, and incoherent processes. A VMS recruiting platform has paved the way for organizations to have an efficient recruitment process.
In fact, almost 50-60% of Fortune 500 companies are now using vendor management systems in their business processes. It allows them to reduce operational costs and increase efficiency, and helps them stay in the market.
Firms significantly rely in today’s modern technology for effective business acquisition and communication.
A VMS platform includes the following features:
- Dissemination of temporary requirements
- Collection of talent submissions
- Interview schedules
- Job offers
- Timesheet management
Through a VMS recruiting platform, recruiters can view, sign, and manage their clients’ job openings, including the submission of potential candidates. Clients, meanwhile, can review the talents.
That said, a vendor management system helps staffing firms increase their profitability. It also allows scaling up business operations.
Major benefits of a VMS recruiting platform
It is worth noting that a vendor management system (VMS) offers a number of advantages for both staffing firms and businesses. It makes their operations more efficient and effective.
Let’s take a closer look at some of the benefits of a VMS recruiting platform.
Automated business processes
More companies pivot to automation since it allows operational efficiency and it can eliminate menial and repetitive tasks.
An automated hiring process allows staffing firms to assess talents and ensure that they are the best candidates for a given role.
A VMS lets recruiters schedule interviews, streamline the staffing process, and accelerate onboarding procedures.
Improved vendor onboarding processes
A VMS platform automates workflow and workforce processes. It helps businesses to improve efficiency in sourcing, invoicing, project management, onboarding, and off-boarding.
Vendor management systems facilitate and allow staffing companies to view details essential for onboarding processes.
It could look into factors such as job skills, qualifications, experience, salary, and nature of employment. Therefore, VMS significantly saves a lot of time for the recruiter.
It is important to note that VMS simplifies the planning processes, talent strategy initiation, and selection of candidates suitable for the positions.
Moreover, it provides better access across staffing vendors and businesses.
Provides a pool of talent within the demanded time
Another key benefit of VMS recruiting is that it provides an essential pool of candidates within the demanded time.
In some cases, clients require talents within a specific time frame, staffing agencies make it possible through a VMS platform.
A VMS recruitment platform helps staffing agencies find the right talent for their client through a collection of resumes stored in its system.
VMS enables transparency as it allows everyone to track and manage all the activities and results in the entire recruitment process.
VMS recruiting is the best solution for suppliers who seek to understand their KPIs using the available data.
Having an overview of these data also helps staffing firms to improve their strategies and processes and generate more quality talent.
Increased business opportunity
VMS recruiting unlocks business opportunities for vendors to expand their client base.
With a managed service provider, staffing suppliers can cultivate good relations with their business partners. This ultimately ensures that both parties provide for each other’s business needs.
VMS helps vendors to have improved communication with clients, and it makes it easier to give feedback as well as updates.
Tips for setting up VMS recruiting
Setting up VMS recruiting in a company can be complex, time-consuming, and might be difficult to start.
However, having a successful VMS recruiting system in place provides more efficiency in managing the hiring process.
Here are some tips to help you to start implementing a VMS recruiting system:
Define your requirements
Before implementing VMS, it is important to define first the specific requirements for the system. This includes the types of tasks the system will be responsible for, jobs, skills required, the number of recruiters, and the timeline for a certain project.
Moreover, it is essential to know the kind of software is needed. This will help you decide what server, storage space, and bandwidth are needed to run the system smoothly.
Consider a managed service provider and what they offer. Look into their pricing and their reputations. Make sure to read customer reviews and ask for references from previous clients.
Set up your database
The database is where all the candidate information is stored, including video submissions, candidate notes, and others.
With a good VMS recruiting system in place, you can organize and track candidates efficiently. This serves as the backbone of the entire system.
It’s important to have a good handle on what you need before you start building your database.
Train your recruiters
Recruiters should be trained on how to use the software, what data they can access, and how they maximize their efficiency.
Training will ensure that all recruiters are knowledgeable and comfortable with all the features of the VMS software. They can easily search and filter candidates, insert information into profiles, and take conversation notes.
Lastly, it is important to measure the results of the VMS recruiting system. This can be done by tracking the number of hires and the time it takes to fill positions.
Knowing the relevant metrics will help determine whether or not the system is effectively working for your company.
By using these tips, you can ensure your VMS recruiting system is set up correctly and meets your business needs.
With a successful system in place, you can save valuable time and money and improve the efficiency of your recruitment process.
VMS recruiting in a nutshell
VMS offers several benefits to businesses, from automation of business processes to increased business opportunities.
A VMS recruiting platform has reinvented the recruitment process. Businesses relying on a contingent workforce to help with their day-to-day operations can take full advantage of a staffing vendor.
It helps staffing vendors increase their overall efficiency and augment their recruitment processes.