Vendor Management Systems
Combined recruitment marketplace & Vendor management system (VMS)
New marketplaces such as Uber and Amazon have changed the way we buy, commute and weigh up our decision making. Thanks to IMaven we now have an Innovative marketplace in recruitment.
By using iMaven, employers can now save an average of 30 percent in recruitment fees, plus bring the time to hire down from the average 68 days to 21 days through time-bound activities and streamlined processes.
iMaven’s recruitment marketplace is a platform that enables employers to connect with adept recruiters, resulting In faster, more accurate and more cost-effective recruitment placements for all permanent and contingent roles.
The Business Case
The business case for HR and large organisations to use a marketplace includes factors such as:
Working With The Best Recruiters, Every Time
Partnering with “large” agencies instead of specific recruiters based on their size and brand does not provide companies with the best recruiter for a specific role. Instead, through a marketplace, performance metrics are tracked on a job by job basis for each individual recruiter to allow for up to date decision making when engaging recruiters.
PSA's Don't Always Work
Based on a study by the independent broad-based anti-corruption commission in Victoria (ibac), the use of panel agreements to select recruiters or agencies to provide services can be unduly influenced by relationship with hiring managers. And often the process undertaken so that the recruiter they want, can be selected via the panel process.
When recruiting through a marketplace, recruiters are selected via machine algorithms based on current performance, availability and reputation to fill the requested job. This mitigates favouritism which can lead to increased costs and reduced outcomes.
All Roles Are Not Created Equal!
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.
Through a marketplace, recruiters who are selected through machine algorithms, have the choice to bid a fee rate which they know is competitive in the current market and for which they have the capability to supply the best candidates.
Fixed PSA Rates Are Not Necessarily Conducive To Cost Savings
Market conditions change all the time and candidate availability changes with it, so flexible rates make more sense to get cost efficiencies and better engagement from top recruiters.
Through traditional PSA’s it is difficult to continually measure accountability and performance of recruiters.
Through iMaven’s marketplace, recruiters are rated by employers after every job completion on quality of candidates, response rates and professionalism. This type of “community policing” ensures recruiters provide the best service every time. If a recruiter’s ratings drop, the algorithms preclude them from being selected for similar jobs in future.
Multiple PSA's Required For Diverse Needs
When large organisations need to recruit across diverse industries and differentiate between permanent and contingent recruitment, they may feel the need to create multiple PSA’s to accommodate all their requirements.
With iMaven, we segregate the industries and vet recruiters according to their specialism, geography and their ability to provide permanent or contingent workers. When a role is released, based on the requirements, it is only released to recruiters who have the right capability to provide excellent service for that type of role.
Reduced Time To Fill
Procrastination is one of the biggest problems facing companies who have different managers who are involved in the hiring process. 73% of top-rated candidates lose interest and look at other opportunities if the hiring process takes too long.
By having a platform with inbuilt timed processes and automated reminders, the process is kept within realistic timeframes and candidate expectations can be managed by recruiters to keep them engaged.
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Reporting
A huge part of HR’s recruitment mandate is to monitor, manage and report on hiring spend. This can be very hard to manage and HR often uses multiple sources to gain insight. iMaven provides customisable reports on measuring:
- Candidate application rate
- Interviews per hire
- Cost per hire
- Fill rate
- Quality of hire
- Retention rates
- Time to hire
- Turnover rate
Security and Compliancy
We understand the importance of protecting you and your contractors from unauthorised access to data, its loss, alteration or misuse. That’s why our secure systems are integrated with industry recognised security safeguards to help protect every worker’s personal data – from bank account details through to their date of birth, home address, pay rate and more. Importantly, the master files of your records will be securely maintained for ongoing compliance.
Being an Australian owned and operated business, our backend payroll solutions is compliant with all Australian Awards systems for contractor and temporary workers and we provide all the necessary insurances for all industries.
Compliancy with industry certification and regulations are regularly updated and we can manage employee compliancy against all industries to ensure your company is not at risk of non-compliance.
Value add provided through our combined solution:
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Simplified end to end recruitment process |
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Simplified supplier management |
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Cost effectiveness |
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Optimisation of supplier base |
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Consolidated invoicing for permanent and contingent workers |
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Visibility and cost control over maverick spend |
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Availability of supplier performance metrics |
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10-20% reduction in contingent labour spend |
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Vendor Neutrality |
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HOW DO WE COMBINE OUR MARKETPLACE WITH A VENDOR MANAGEMENT SYSTEM FOR CONTINGENT WORKFORCE?
Nowadays, more companies are employing contractors to help drive their business growth and success. The economic climate is accelerating this shift at an enormous rate. It is important to find the right mix of talent to consistently create and keep your competitive advantage, whilst retaining visibility and manageability over the entire workforce.
iMaven can automate the entire process from procurement to management to offboarding of contractors. Engage, Manage, Track and Report on your contingent workforce all in one place.
iMaven is the only recruitment marketplace, who also provides a vendor management system (VMS) totally focused on technology. The iMaven contractor module offers an end to end solution from the moment you post a job, through to onboarding, managing and offboarding of your contingent workforce.
The flexible solution supports 3 solutions:
inhouse management of contractors, where your company manages the contingent process from onboarding, management to offboarding.
supplier managed contracting services where the recruiters with the financial capability and background manages the contractors on your behalf
and a third option, which is management of contractors through iMaven. We provide auditable and enforced service level agreements (SLA’s), full transparency regardless of which option you select and a single, multi-line invoicing capability.
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