A vendor management system (VMS) is a cloud-based platform that provides external support for recruitment. This platform allows staffing agencies to submit talent to clients for review in a streamlined fashion, reducing errors and delays.
Here are five ways a VMS can elevate your hiring process
1) Centralized hub of data
With a VMS, you can store all candidate and vendor data, and share documents like contracts and resumes from within the portal. A VMS also helps you manage contract terms and conditions, and generate invoices so that vendors are paid on time. This reduces errors and time spent on administrative tasks.
2) Improved communication with vendors
A VMS provides a centralized platform for staffing agencies and clients to interact, exchange feedback, and provide updates. This cultivates stronger relationships between business partners and enables them to support one another's business needs.
3) Measure effectiveness
Consolidating all vendor data and communications makes it easier to measure the outcomes of your hiring process. This can help you understand which vendor best suits your needs and gives you the most return on your investment.
4) Accelerated time to hire
Direct sourcing and automated sourcing solutions take significantly less time than traditional sourcing methods. Moreover, since all stakeholders have access to the essential talent pool details, decision-making is more streamlined.
5) Legal compliance is taken care of
VMS software makes it easy to maintain legal compliance throughout the hiring process and eases challenges that might otherwise arise with different geographies and labor laws.
Make vendors an integral part of your hiring process
Vendors can be a great addition to your existing hiring ecosystem, as they provide you with an essential pool of talent within a stipulated period. Some companies onboard boutique firms as vendors, and this helps them acquire talent in a more cost-efficient manner. A vendor management system can streamline this process end to end and ensure that you get the most out of your partnership.
Integrating a VMS with your applicant tracking system can help you make better hiring decisions, as the combination provides a more holistic view of your workforce and sourcing streams. Zoho Recruit makes this straightforward with its built-in Vendor Management Portal, enabling you to collaborate with vendors seamlessly and make high-quality hires.