Traditionally, organisations which make regular use of recruitment agencies often establish a Preferred Supplier Agreement (PSA’s) to simplify the recruitment process. These PSAs typically last for several years and tie the client and the panel members to a set of business terms which establish rates, payment terms, replacement guarantees SLAs and other business variables.
The process for setting up a PSA can be time consuming and expensive and in a fluid job market with a shortage of skilled job seekers, the terms of business in a PSA can quickly become outdated, leaving your talent acquisition team with a commercial arrangement that has not kept pace with the changing market.
iMaven Prime is a service for larger companies with multiple recruitment requirements where we function as your prime recruitment agency. Your iMaven Account Executive will be the central point of contact for all recruitment activities that you put through the marketplace.
Challenging the Industry Norms
Companies with a wide range of job categories either establish a PSA with generalist recruitment agencies, or they set up several PSAs populated with specialist recruitment agencies to service specific job categories. Both options are complex to manage and can deliver less than optimal outcomes. The problems these organisations often face include:
PSA Becomes Outdated
PSA's Can Be Compromised
This can jeopardise an organisation’s credibility and the ability to attract only the best employees which may have a direct impact on an organisation’s bottom line.
Suppliers Become Complacent
Suppliers become complacent and often the panel agreement was made with very low margins, so instead of fulﬁlling their obligations to the panel, recruiters prefer to work on higher margin roles for other employers. The organisation then resorts to looking outside the PSA to engage unvetted suppliers to supplement their recruitment requirements, often at much higher rates.
Recruiters Become Demotivated
The complexity of roles can differ. When recruiters form part of a panel agreement with a ﬁxed rate, they can feel that they do a lot of work for very little reward due to jobs being released to too many recruiters and ﬂat rate fees. These reasons make it less likely for the best recruiters to respond to panel jobs if they feel the reward is not worth the effort.
The Best Solution is iMaven Prime
iMaven is the only marketplace in Australia designed by both recruiters and employers who understand the intricacies of recruitment. iMaven offers organisations the opportunity to consolidate all their recruitment on a single platform which operates in a contestable environment with specialist recruiters who are assessed as individuals, and not agencies.
Why limit yourself to a set of specific agencies?
Shouldn’t you be able to rely on individual recruiters, each a specialist with the experience and networks you need to attract excellent talent, irrespective of who they work for?
And why should your agreements last for years?
Shouldn’t your agreements have a lifetime equal to the time it takes to fill a role? Why do we assume that a panel that is appropriate for one specific role will also be appropriate for all future roles and job categories?
Your Own Panel of Recruiters within iMaven Prime
If you have complex legal or other requirements for your recruitment processes, iMaven helps you create your own panel of recruiters who you select and jobs will only be made available to them for recruitment.
The rest of iMaven’s processes still applies such as the bidding and managing your recruitment through the platform which still provides you with a competitive advantage through a contestability process.
The iMaven Prime Process
With iMaven Prime, your Account Executive will work with you to establish a checklist of requirements that meet your business needs, including:
- The rates you are willing to consider.
- Payment terms.
- Replacement guarantees.
- The recruitment process you want followed, including onboarding processes and candidate care activities, candidate soft skills assessments and security checks.
Since your commercial arrangement is with iMaven, you will have a consistent set of business terms, regardless of which recruiter fills your role. This gives you access to specialist recruiters who are best able to service your hiring needs without having to comply with the terms of business of the recruiter’s employer.
This simplifies the commercial relationship and allows you to work with several recruiters under one set of business terms. The iMaven Prime terms of business include attractive options such as:
- monthly invoicing,
- 30-day payment terms with flexible payment options and
- a negotiable replacement guarantee for each permanent placement.
Introduce Governance to your Recruitment Process
The iMaven Prime dashboard gives you the visibility you need to oversee, manage and report on how your organisation engages with recruiters. Executives and board members now have visibility and control of each commercial engagement, including;
- Ensuring hiring managers engage under one set of business terms that have been approved by your business,
- Verifying that every time you engage a recruiter, you have applied a level of contestability to the rates that are being offered,
- Confirming that your hiring managers use only recruiters who have been vetted by iMaven and have the required insurances and licenses, and
- Being able to view the cost of your talent acquisition activities.
Business Like Terms
Reduce financial risk through predefined terms of business.
Reduced Time to Hire
Professional emplyers and recruiters with a common goal.
All of your job recruiting activites in a single place.
iMaven Prime – Contingent Labour
iMaven Prime provides a flexible contingent labour hire solution for contracting, temp and labour hire to companies and recruiters. This allows boutique agencies to compete for business the same as large agencies.
Depending on your company’s business model, you can select how to manage your contingent workforce.
iMaven provides the resources to support all contractor services, from the comprehensive on-boarding process to online time sheeting, dedicated payroll services and legal support.
We have invested in technology and partnerships to enhance the level of service offered to employers and recruiters. Our dedicated teams provide companies and recruiters with options on how to fund their contingent workforce payroll. The options to choose from are as follows:
- The organisation payrolls the contingent worker.
- iMaven payrolls the contingent worker.
- iMaven provides a payrolling service to employers who do not payroll their own contractors at a reduced rate. This includes blue collar and white collar contractors as well as temps. Reduce complexity by having all your payrolled employees through one provide.
Value add provided through our combined solution:
|Employer payrolls the contractor/temp|
|Employer manages the timesheets & gives visibility to iMaven for invoicing|
|Employer pays iMaven|
|iMaven pays the recruiters|
|iMaven payrolls the contractor/temp|
|iMaven manages the timesheets & employer approves timesheets for invoicing|
|iMaven invoices client for all contractors|
|Employer pays iMaven & iMaven pays the recruiters|
iMaven provides payroll services for existing contractors / temps to employers at a a very low percentage cost
Our timesheet app – TiMaven interprets awards per contractor and ensures mitigated risks to employers.
Enquire about your iMaven Prime needs
iMaven Prime Pricing
There are no costs to join iMaven. When a job is filled as per normal the employer is invoiced by iMaven on the start date of the employee and the employer has 30 days to pay.
iMaven charges the recruiter a fee as a percentage of the fee they charge the employer. By registering to be part of iMaven, recruiters experience the value of engaging with sought after employers who have active roles to resource. There is no cost to the employer for the iMaven or iMaven Prime service or for the use of the iMaven Marketplace.
iMaven Prime Invoicing
iMaven reduces complexity and risk by providing a single invoice to employers. If you fill multiple roles through different recruiters, you will receive one invoice from iMaven itemizing each individual recruitment fee.
This ensures your accounts team only have one set of terms and conditions to follow and one supplier contract to manage, greatly simplifying the administration and management of your legacy recruitment contracts. iMaven provides employers with a comprehensive dashboard that allows them to track the state of all invoicing and payments through the platform.
For contracting and contingent roles, an employer can decide if they want to be invoiced per cycle or per month. Where an employer engages multiple contractors, multi-line single invoices can be provided with cost codes and copies of approved timesheets to make reconciliation easy.
iMaven Prime Contracts
There are no lock in contracts or minimum requirements. Understanding the recruitment process as well we do, we know how important cost savings are. We are confident you will see the benefits of iMaven, especially for those urgent and difficult to fill roles.