OPTIMIZE YOUR CONTINGENT LABOR BILL RATE
Workforce Dash helps organizations to launch direct sourcing in contingent workforce programs without disrupting their existing ecosystem.
STEPS TO IMPLEMENT A DIRECT SOURCING CONTINGENT WORKFORCE
1. Assess
There are multiple models for direct sourcing. You will need to answer several questions to choose an ideal model which fits your needs based on current program model and maturity level.
For example:
• Do you need to implement this for the whole program or only a particular job category?
• Based on whether you are a MSP driven or self managed program, who would curate the talent, how to curate the talent? Is there a need to co-ordinate with your HR Team, why? And how?
• Do you need a RFP?
• What vendors and partners are more suitable for your program to make this initiative successful?
Workforce Dash can help customers through this journey of assessment to identify the relevant model to customize and launch.
2. Build
Identifying the right model and all the relevant attributes, get you ready to launch. Identifying your MVP (Minimal Viable Product) to launch and measure is crucial. While building an RPF/RFI or market research to identify your direct sourcing provider(s), you build out your total strategy.
• Internal Buy-in
• Employer Branding Strategy
• Talent Attraction Modelling
• Talent Pool Approach
• Talent Curation Process & Owners
• Talent Engagement Models
• Onboarding & EOR/Payroll Services
• Accomodating for cost of acquisition cost
3. Measure
The value of your Talent Pool as good as your curation. Implementing a curation model that is applicable to your program with modern day self assessment tools and automation. Establish KPI’s which will enable to track your program success.
• Recruitment Budget Spend
• Spend by Source
• Total Applicants by Source
• Organic VS. Paid
• Cost per Applicant
• Time to Hire
• Total Members in TalentPool (Growth by Week)
• Total Referrals & Cost of Referral
• Jobs Filled through Direct Sourcing Vs. Supplier Sourced
• Supplier Bill Rate Vs. Direct Sourcing Bill Rate Comparison
4. Optimize
Through the initial build and measure, you will learn ton of lessons and start looking to optimzing to eliminate unnecessary steps in the proces to ensure better talent experience and improving the key metrics. In order to prepare for scale you need to ensure the right mix of tech and process is in place. Drive your sourcing as a marketing function setting up the right engagement triggers driven by machine learning/ AI. This can include building self-assessment, faster curation models, ninche talent traffic generators, increasing applicant conversion rate and impacting time-to-hire metrics.
5. Scale
The goal of direct sourcing in contingent workforce program is to reduce cost and supplier dependency. Reaching 100% direct sourcing model is a target and it is a step-by-step journey to get there by increasing your program share. Setting up everything on Autopilot and keep growing your talent pool while taking your program to best maturity level.
