Sourcing is a key aspect of the recruitment process as it influences numerous factors including cost, production and employee turnover. The direct sourcing model provides a streamlined solution to connect with global talent that is suited to the needs of the organisation and the role. Direct sourcing presents a cost- and time-efficient method for discovering, engaging and retaining quality contractor talent.
The CXC talent team helps organisations access skilled professionals through direct sourcing to reduce the cost and time per hire. CXC’s direct sourcing solution creates a more competitive, comprehensive and flexible talent environment. Here is why direct sourcing should be at the centre of your contingent talent management strategy.
Engaging contingent talent through resources such as crowdsourcing platforms can reduce expenses associated with full-time employees by hiring temporary or seasonal workers as the need arises. By cutting out third-party recruitment firms, organisations are able to reduce costs during the contingent workforce hiring and management process by as much as 40%. The standardisation of the contingent sourcing process as managed by the direct sourcing partner can further cut back on HR costs in the long run.
Fast-tracked onboarding process
Thanks to the rise of remote work and digital opportunities, organisations have access to a global talent pool that can be reached instantly. By bypassing the extended head hunting stage, direct sourcing presents a valuable opportunity to shorten the onboarding process and utilise time more efficiently. Direct sourcing can fast-track the recruitment process by up to 20% by simplifying the compliance vetting process, preparing for new recruits in advance, and providing continuous support for changing workforce requirements.
Lower employee turnovers
The direct sourcing model enables lower employee turnovers by engaging with top-quality, reliable and ideally suited candidates to avoid timely and costly repetitions of the hiring and onboarding process. Enlisting a professional direct sourcing partner will establish a clear understanding of the workplace culture, skills and functions that are relevant to your organisation. This dynamic will enable your strategic direct sourcing partner to help increase your ROI and maximise your productivity by engaging the top contingent talent in the global marketplace.
Quick response to market changes
Developing technologies, increased mobility, corporate culture changes and the growth of the global economy have been driving the evolution of the recruitment industry in recent years. In the modern workplace landscape, the ability to engage contingent talent is key to responding swiftly to market changes by hiring according to the current needs of your organisation or company. The direct sourcing model allows workforce flexibility through a diverse contingent talent pool from both internal and external resources within freelance and vendor management systems.
The automation of the contingent engagement process streamlines the administrative labour that is associated with compliance and contract management, which in turn saves both time and money that would otherwise be allocated to HR. Various technology tools have been developed as an innovative solution to the ever-expanding global contingent workforce market. Digital sourcing channels include crowdsourcing technologies in the gig economy, freelance management systems, and vendor management systems.
CXC’s direct sourcing solution helps companies engage contractor workforces through a top global vendor management system, an internal/known talent pool, and an external/unknown talent pool. Internal or known resources generally refer to interns, seasonal workers, current staff, former employees and employee referrals while external or unknown resources may include staffing suppliers, talent marketplaces and freelance management systems. This wide-reaching sourcing solution encompasses a central reference point for all contingent workforce concerns; a single system for supplier and direct recruitment, onboarding, invoicing and payroll; and a consistent candidate engagement campaign to promote clients’ employer records.
What about risks?
As a response to the agile nature of the modern corporate workforce, a contingent talent strategy can add major value to an organisation’s professional processes. However, alongside the benefits of direct sourcing as outlined above, this sourcing model is associated with various potential risks that could be hazardous to the financial state and global reputation of companies who do not engage contingent workers compliantly. Partnering with a professional contingent workforce manager can alleviate these risks and help corporations and individuals consultants adapt to the present-day high-performance work environment.