It’s obvious why Vendor Management Systems (VMS) have proliferated and are the foundation for hiring in the modern enterprise. Necessary for any company hiring at scale, they provide a common platform to manage the process, supply consistent workflows, and deliver standard metrics for monitoring overall hiring performance. VMS proponents highlight accelerated time to value and reduced hiring costs as the core value of a VMS platform. However, in today’s candidate-driven environment, VMS driven hiring processes leave candidates feeling isolated and commoditized, and put organizations dependent upon VMS systems at a disadvantage.
A VMS notionally commoditizes the candidate and the hiring process at a time when candidates are looking at the hiring process and the interaction with the company as a point of differentiation. The VMS is designed to enable communication between the hiring manager and the internal recruiter, often leaving the candidate (and third-party recruiters) out of the loop and unclear regarding status and next steps.
Thousands of articles published monthly cite the challenges of the current technology hiring landscape (ok, well, all sectors really) and the talent shortfall that should extend for some time. Specifically, the Society for Human Resource Management highlighted Gartner’s 2021-2023 Emerging Technology Roadmap for Large Enterprises statistic that “64 percent of IT executives cite talent shortages as the most significant barrier to the adoption of emerging technology, compared with only 4 percent in 2020.”
If the numbers tell even part of the story, why tether your company to an approach that leaves the candidate feeling undervalued and commoditized? In a market where time-to-hire is critical and top mid- and senior-level candidates are on the market such a short time, the back and forth through the systems and processes to schedule interviews and provide feedback work against you.
We’re not advocating gutting or eliminating VMS’s; they are a necessity for large enterprises. But, for companies to adapt to the current market and hire competitively, they must reduce their dependence on the VMS and create a compelling hiring process. They must focus on:
1. Time-to-Hire: Hiring managers need definitive roles on the hiring team; a clearly defined interview loop and feedback timeline; a compelling narrative about the company, the team and the work the candidate will be doing; and pre-booked interview times measured in days, not weeks.
2. Putting People First: Selling candidates on the work they will be doing and the people they will be doing it with. Make sure the entire hiring team is on the same page about these talking points.
3. Growth: Ensuring candidates understand what growth opportunities exist and how the business will partner with the candidate to elevate their career.
Several of Elevate Digital’s enterprise clients are making these adjustments in real-time as they recognize the need and have been open to adapting. These are household brands that know their competitive advantage in the future will rely on the talent they hire today.
Adapt NOW or risk losing candidates to companies who have.