The Benefits to a Master Vendor Solution
For many HR, TA, and indirect procurement professionals, managing the day-to-day operations of a robust contingent labor program can be quite a chore. While many companies spend hundreds of hours sourcing and recruiting premier talent, temporary labor programs are also responsible for completing onboarding/offboarding tasks, maintaining compliance, and ensuring invoicing accuracy, among other assignments.
Overseeing these contingent initiatives can prove to be an incredibly time-consuming and exhausting process. If your team is overwhelmed by these growing workforce responsibilities and looking to devote more time to other areas of your organization, it’s time to consider obtaining a master vendor partner.
According to Law Insider, organizations can hire a master vendor partner to source temporary workers from their own labor pools while managing the entire contingent labor supply chain. But rather than maintaining individual relationships and adhering to specific contract terms with each supplier, organizations will only need to keep in contact with their master vendor provider.
In addition to providing greater consolidation and simplification of an organization’s contingent workforce, here are the other benefits that a master vendor solution can bring to your company:
- Fully scalable programs
Not only will a master vendor program be customized to align with your organization’s specific workforce objectives, but we can also scale the size of our team to support your hiring needs. If you’re faced with a dramatic uptick in staffing requisitions, we’ll bring on more recruiters to aid this spike in demand. Our team will ensure that we’re well-equipped to support any and all talent challenges that come your way. To top things off, Acara can account for all client-specific skill testing or onboarding procedures—including drug and background screenings.
Related: Creating a Master Vendor Solution for a High-Tech Semiconductor Client
- Greater cost savings
The utilization of contingent labor is almost always more cost-effective than resorting to a workforce chock-full of salaried employees. In a master vendor program, your organization will gain access to a comprehensive view of all contingent labor spend. Acara’s commitment to our ISO 9001:2015 quality management certification will play an integral role in the examination of supplier pay rates. If we identify that suppliers are using inaccurate rates, we’ll put an end to this costly rogue spend to generate significant savings in the process. Centralizing all contingent labor through a master vendor program will also drive aggressive pricing due to a high volume of spend, resulting in immediate savings to your bottom line.
- A single point of contact
As previously stated, master vendor programs will manage all supplier interactions on your behalf. Acara provides our clients with a single point of contact for all master vendor engagements to streamline and simplify operations throughout all stages of the recruitment process. No longer will you have to fret over tracking down a pesky supplier or two—we’ll take those problems off your hands.
Related: Master Vendor Solution: Streamlines Contingent Labor Needs and Enhances Diversity Recruiting Strategy
- One consolidated invoice
Rather than receiving dozens of invoices from suppliers across the country, a master vendor provider will consolidate all invoices into one. Your organization will no longer be responsible for paying each supplier individually, which will preserve valuable time and resources.
- A commitment to reporting and analytics
Because all program metrics run through the master vendor provider, data can be more easily tracked, and performance more effectively measured. With greater transparency around all aspects of the contingent labor program, it’ll enable your organization to operate more efficiently.
A master vendor program can provide the ultimate solution to enhance the quality and overall performance of your contingent labor program. The main objectives of a master vendor program are to centralize all spend and management of your temporary staff, maximize cost savings, and give your talent acquisition team more time to focus on their job duties. The proper deployment of a master vendor program can lead to a more effective workforce and greater execution of your temporary labor goals and objectives. With a single point of contact and a dedicated program team, we’ll streamline your contingent workforce while customizing your solution to align with your unique program needs. Acara’s Program Management Team provides all contractor care and manages the new job intake process.
Acara’s master vendor program presents the perfect answer to address the pain points associated with the management and oversight of your temporary workforce. Have a question about our master vendor solution? Contact us today.