Many companies have a PSL for the simple reason that it’s always been there, rather than because it’s the most effective sourcing method for them.
How many recruiters have you shot down mid-pitch who could potentially have delivered a candidate with a 360 fit for your company for highly skilled roles?
Think about why you use a PSL. Why is it so important? What do you want to get out of your PSL? Is the PSL meeting your objectives?
At the end of the day, a PSL should improve your recruitment process, not obstruct it. Without reviewing your own process as well as your suppliers, you won’t have a clear idea of whether or not you’re maximising your opportunities to reach the best talent in your market and subsequently meet your business goals.
Here are some simple tips you can put in place today to ensure you’re getting the most out of your PSL.
- Measure your suppliers’ value. This should include key KPIs such as CV submission to Interview ratios, CV submission to placement ratios, number of openings sourced versus placements, and whatever other objectives are important to you. Review these KPIs regularly and compare to one another as well as external options.
- Think about why each supplier is on the list. You probably have long-standing relationships with suppliers which are hard to reproduce – they already know your process; you’ve developed a way of working together and there are agreements in place.
Consider working with niche recruitment companies for those hard to fill roles. Whilst taking on a new agency might create some extra paperwork in the short-term, it could pay off big time in terms of long-term results:
- Define the situations in which you are willing to go outside of your PSL. Whilst your PSL might be effective in sourcing the majority of your positions, are there some positions which they can’t cater for? It’s worth considering specialist recruiters outside of your PSL for specialist hires with niche skill sets, or in tricky locations, or for high level hires.
- Next time a niche recruitment company outside of your PSL offer their services, agree to see CVs from them. Agree that if the candidates are worth interviewing, you will agree terms of business for a working relationship.
Take a punt! You’ve nothing to lose by giving a niche agency the chance to prove their worth. If you’re really against a new long-term agreement, consider each candidate on a case-by-case basis!