There are innumerable challenges for companies that look to build their success by tapping into the power of a multi-channeled global workforce. A Vendor Management System (VMS) is designed to reduce complexities through reporting and automated processes.
Procurement and HR leaders use Vendor Management Software to oversee contract or contingent labor and service providers all on one platform.
When choosing vendor management systems for your company, HR professionals, recruiters, and managers need to consider optimizing their onboarding process, including management and approval of contracts, updating employee records, and generating reports that can help improve the hiring process.
The right vendor management software solution will create a portal that operates as another employee, helping keep each assignment, candidate search, and placement going.
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A Vendor Management System creates a bridge between third-party recruiters and the corporate staffing professionals they source candidates for. This connectivity between both parties helps streamline and automate the procurement of talent whether for contingent labor, temp-to-hire, or direct placement.
With this software solution in place, users can manage every step of the candidate sourcing, management, and payment process. This allows recruiters and their clients to manage their independent talent pool of temporary and contract-to-hire employees.
Vendor management systems serve as an efficient way to optimize the productivity and retention of their temporary workforce, and with the right software solution in place, it can lead to greater business growth.
Vendor Management Systems are designed to streamline and optimize how employers outsource their recruitment efforts to third-party recruiting firms. Because of this, HR professionals can experience increased efficiency, cost savings, and better candidate quality by implementing Vendor Management Software into their hiring process.
By utilizing a VMS portal, corporate recruiters can automate various tasks, such as job posting, vendor selection, candidate screening, and interview scheduling. This digital automation saves time and improves overall efficiency, allowing recruiters to focus on more strategic aspects of their work.
A VMS also allows companies to work with multiple recruitment firms at once. This capability ensures that corporate recruiters can engage with different recruitment firms that specialize in sourcing the right talent the company needs.
How Does Vendor Management Software Help Recruiting Firms?
Recruiters must consistently consider the needs of the companies they source talent for and the candidates they place in these positions. Vendor Management Software helps to recruit professionals to keep an open line of communication with all members of their customer’s hiring team.
With enhanced reporting and task automation features, the right VMS ensures that recruiters are keeping their customers up to date at every step of the recruitment process.
But the key benefit for recruiting professionals who implement a Vendor Management System is that they can effectively manage administrative tasks so that they can work to build relationships. From bulk onboarding to automated task notifications, a VMS is essential for the growth of a successful recruiting firm.
SmartSearch is an easy-to-use platform for recruiting and hiring professionals looking to combine their ATS, CRM, & VMS in one system.
How to Choose the Right Vendor Management System
Choosing the right VMS is all about setting up a way to streamline every step of your process for sourcing and placing temporary and contract employees. From sourcing and acquiring new candidates for your talent pool to managing and paying on-demand workers, the best VMS systems are built with the following benefits:
Recruiting professionals deal with a large amount of confidential information, which is why the chosen VMS software needs to provide several security capabilities and services to increase privacy and control network access.
From the data points associated with the ideal candidate to a client’s business information, the right VMS solution efficiently collects all information and allows users to build visualizations to improve business practices.
Firms that manage contingent workforces need to control the hiring process, with each recruiter providing the same experience to both candidates and clients. Automating these steps ensures everyone receives the same experience, and no task is ever left undone.
Automated reminders are essential not just for recruiters but also for new hires, clients, and internal team members. Optimal vendor management tracks your entire process with easy deadline management and automated notifications.
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While modern Vendor Management Software optimizes the way you handle the sourcing of talent, they are only as good as the systems they integrate with. Without the right integrations, the optimizations from one system may cause issues for another.
To avoid these downfalls, professionals should consider integrations with the following systems:
Applicant Tracking Systems:
An Applicant Tracking System (ATS) is a software solution built to assist with human resources, recruitment, and hiring needs. Combining the capabilities of an ATS with your VMS software allows recruiters to build easily accessible documents and seek out the data they need.
CRM & Marketing Automation:
A Customer Relationship Management System is a software solution that manages all the interactions and communications between your company and your customers, potential customers, vendors, partners, and employees. These systems are designed to help develop, track and automate all communications to nurture relationships properly, which is why the data from these interactions work well with your Vendor Management System.
Payroll Software automates the process of managing employee wages and tax deductions. It is also used for tracking time off and benefits, creating an accessible portal for employees to manage their information. Integrating payroll software with your VMS optimizes the process.
Accounting software is one of the primary pillars of any business’s tech stack, tracking cash flow, purchase orders, budgets, and other financial statements. Integrating these systems with your VMS helps automate financial management by properly storing all information and documents in one singular platform.
Learning Management Systems (LMS) are designed to support the learning and development of different skills and subjects. Integrating LMS and VMS helps reduce the time and training required to place new assignments.
E-Signature & Document Management:
Digital Signature Software or E-Signature Software provides a secure portal for capturing signatures through cryptography, helping verify signatures throughout the document-signing process. Building this integration with Vendor Management System helps store and process data effectively.
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What Are the Top 5 Vendor Management Systems for Recruiting?
SmartSearch is a complete, agile software solution that brings powerful candidate sourcing and collaboration tools to your talent acquisition efforts. For over 35 years, SmartSearch has been a global leader in ATS solutions for corporate and independent recruiting professionals combining ATS, CRM, Data Management, VMS, E-Signature, and Onboarding solutions into one platform.
Airbase is the #1 and only comprehensive spend management platform that scales with companies from startup to IPO and beyond. It combines three products — accounts payable, an advanced corporate card program, and employee expense reimbursements — into one system. Implemented individually, each product has all the core functionality you expect from a best-of-breed solution.
Venminder is an industry-recognized leader in third-party risk management solutions. Dedicated to third-party risk, the company is the go-to partner for software, high-quality assessments on vendor controls, certified subject-matter expertise, and education. Venminder’s platform provides a centralized location to execute a third-party risk management program. It enables users to store documentation, onboard a vendor, track contracts, manage SLAs, send and manage questionnaires, manage due diligence and oversight, complete risk assessments, create workflows, run reporting and more.
With over twenty years of experience and a 99% customer retention rate, SAP Fieldglass has the in-depth experience and insight of an industry leader, scaled for your business. Here are just a few reasons why the SAP Fieldglass VMS is the best choice for your business.
PRM360 is the smartest solution to your overall Procure-to-Pay requirement incorporating all these individual processes under one umbrella. With Requirements posted Online, Automatic Quotations received from vendors, and their timely Validation by our smart systems make PRM360 one of the best in the business. With Automatic Reminders to the vendor for Invoice Submission, and by seeking Online Approvals for Clearances, PRM360 cuts down on any possible delays in the payment schedule drastically.
Automate Your Talent Procurement Process with SmartSearch’s VMS
The SmartSearch® Vendor Management extension is a modern feature of our all-in-one talent acquisition platform designed to streamline the procure-to-pay process.
In addition to intuitive functionality, safety, and invoicing protocols ensure that recruiters can create the best experience for their customers and candidates.
If you’d like to learn more about how the SmartSearch Platform can create and improve how you source candidates, CLICK THE BUTTON BELOW.