5 Signs you need a master vendor program

Are you looking for ways to simplify your talent acquisition process and make it more efficient? It might be time to consider a master vendor program. Master vendor programs let employers consolidate their vendor management processes under one entity, reducing complexity while freeing up resources that can be invested elsewhere. So what are the 5 signs that your organization would benefit from a master vendor program?

What is a master vendor program?

A master vendor program is a contract-based relationship between an organization and a talent vendor. When businesses have multiple contracts with many vendors, establishing a master vendor or single source supplier agreement allows everything to be managed more efficiently, as all talent requests go through one centralized system. Not only does this save time, it also often saves money in the form of lower vendor costs. Master vendor programs essentially offer businesses the opportunity to streamline their talent acquisition processes significantly. When you choose the right talent vendor, you can also skyrocket your talent search and retention efforts.

5 clear signs that you need a master vendor program

1. You're hiring for a lot of different roles

Today’s talent market is increasingly competitive and complex. It’s now commonplace for hiring managers to be juggling several hiring processes for a range of roles, all at the same time. This can slow down hiring and may even cost you top candidates. Candidates who ghost recruiters can be disruptive to your hiring efforts and can cost you money. A master vendor has the manpower to dedicate the right time and effort to each candidate, ensuring that top talent doesn’t get away.

2. You're growing into new regions and markets

As your company grows, you’ll likely be expanding into uncharted territory. New markets and regions offer great opportunities but can also present significant hurdles to hiring managers. If you’re struggling to find specialized talent or have been unsuccessful in filling key roles in certain cities, then you’re unlikely to see sustainable growth in the long term. A master vendor program gives you access to highly experienced recruiters who have years of experience with hard-to-fill roles!

3. You have no insights into your staffing

Staffing and data go hand-in-hand these days, but accurate analysis of your workforce can be next to impossible when you’re dealing with several vendors across multiple departments. Pushing all your vendors to provide timely data presented in a way that your leaders understand is a mammoth task. Getting data from one master vendor is much easier and quicker, as data is dealt with in a centralized system that can be adapted to your needs!

4. Your workforce isn’t aligned with your business goals

To reach your business goals and expand your organization, you need the right talent. It can be tricky to identify the key profiles you need to do this, and it’s even harder to successfully hire and retain high-impact talent. If your hiring managers are struggling to recruit the right people for your needs and goals, then it’s time to consider a master vendor program. A master vendor can carry out an extensive analysis of your current workforce to determine what’s working and what needs to change. This makes it much easier for you to align the way you work with your long-term company objectives.

5. You need a dedicated team to manage your staffing

Your HR department is likely already dealing with a long list of critical tasks, so having them spend enough time on hiring top talent may be easier said than done. If your company is serious about effective talent sourcing, you need a dedicated team of recruiters whose sole objective is to find you candidates who will make an impact on your business. The right master vendor can customize their program to your organization, providing a united team of recruiters that will prioritize your staffing needs.

Adecco can transform your approach to staffing

Adecco sets the gold standard for master vendor programs in the staffing industry. Our experienced team handles complex client needs every day, and we deliver stellar results that set us apart from other talent firms.

We recently helped a US organization that was having a negative experience with multiple small vendors. They regularly received 0 applications for open positions, offered below-market-rate compensation, and had poor talent retention. After partnering with Adecco, they’ve seen applications more than double, are in the 75^th percentile for pay rates in their market, and experience less than 5% staff turnover.

To learn more about how we can help you positively transform your workforce with a tailor-made staffing program, contact us today!