Integrating VMS and Hiring Marketplace Technologies: The Collective Impact – Prosperix | Workforce Innovation Solutions

Contingent workforce management has benefitted from the introduction of the VMS, which has facilitated so many well-managed processes that reduce duplication of tasks, save money and time, and support better outcomes.

Now, after years of incremental change with regard to this workforce management technology, a seismic shift is taking place. Modern VMS platforms don’t just cover the operational aspects of managing contingent workforce but are equipped with cutting-edge functionality supported by technologies like artificial intelligence and machine learning. And they live in the cloud which increases accessibility and streamlines the entire process.

Hiring marketplaces, a much more recent phenomenon, are shaping the future of staffing by automating the talent-sourcing process. These modern hiring platforms are built on crowd-based networks, incorporating recruiters of all sorts – international, national, regional, independent, boutique, and traditional firms – and are home to the respective talent pools they represent. Hiring marketplaces are single-handedly helping to minimize the volatilities of the staffing industry by providing businesses with continual access to qualified talent, making hiring easier. 

By facilitating automatic talent matching, hiring marketplaces help businesses quickly identify the best candidates in the market to fill their open positions. Hiring marketplaces leverage the competitiveness of suppliers to receive higher-quality submissions, enabling businesses to achieve better hiring outcomes with reduced time-to-hire.

Unlike traditional hiring models, a hiring marketplace integrated into a VMS solution unifies the hiring ecosystem. It simplifies access to talent across skillsets, geographies, cultures, and diversities without the need to navigate through disjointed talent sources like external supplier pools, internal pools, social media, and multiple job boards. It also eliminates the need for recruiters to manually source and submit candidates through various applications.

With an integrated VMS and hiring marketplace solution, businesses can manage their incumbent suppliers (and easily add new ones) in the VMS while accessing a diverse candidate list through the hiring marketplace. And now that all the hiring data is in a single location, businesses can easily track KPIs like time-to-hire, cost-per-hire, total recruiting spend, and staffing vendor performance. Program managers are more efficient because navigating through various systems to effectively manage their supplier relationships is no longer required. 

Candidates benefit, too. They are inserted right into the VMS pipeline so all of the shortlisting, assessments, interviews and other requests are managed efficiently, with full visibility and transparency. They can even update their own profiles directly, which enables better decision making, faster hires, and superior outcomes – for everyone involved. 

A crucial benefit of having an integrated hiring solution is the ability to secure all contingent hiring-related data in one place. A unified, ecosystem-based solution to govern contingent hiring facilitates easy access to current data and reporting that ensures better decisions because of reduced guesswork, smoother workflows, better budget management, and better performance.