Are you an HR or a recruiting leader? If yes, you must know and face the challenges of finding and hiring the best candidates for the business. In fact, this pandemic has made it a high-level challenge to work out for all the recruiters.

However, new things come with new measures. Following this, the HR teams of this time should think like the ad agencies of those high-level tourism marketing campaigns. This way, your company can become one of the destinations. This is an approach that is said to be recruitment marketing. And it is a must-pack for all the HR leaders and their talent acquisition and the recruiting team.

Here are the keys to deciding the point to begin from to make your recruitment marketing strategy work out for you.

1.    Showcase Your Company as a Talent Destination:

You need to consider the analogy of tourism marketing tactics and expect your campaign to attract the people to you as the tourism marketing strategies attract visitors to Bali. In regard to this, you need to show everyone what makes your culture. Companies need a way to differentiate them from potential team members that are not cliché and mentions thing directly to the candidate perfect for the job.

2.    Get Into Social Media Mix:

Your social media recruiting strategy is focused on Facebook, Twitter, and LinkedIn yet? If yes, then you really need to step up your work. There are certain things alternative to social media, and that is more potential and niche-oriented. In place of Twitter, you can go for the sites like Mastodon and Gam and Dailymotion for the place of YouTube. These are quite smaller platforms but niche-oriented and offer quite less competition, and this gives you the chance of getting and become the big and major recruiter of the channel.

3.    Manage your Talent Pool:

It requires a lot of tools for the management of a talent pool, and it seems like being an applicant tracking system. Get into candidate’s records that are a part of your database. To get connected with people, use those present in your database and other candidate’s files as a starting point. And to develop marker intelligence, you can also ask for referrals. Moreover, make sure to collaborate with your marketing team to create a compelling web page for a career that should align with your company’s branding, including promotion and brand awareness.

4.    Employee Referral Program:

An employee referral program is a great help for two things, recruitment, and retention. Referral candidates are a good choice for an organization, and they are experienced and reliable to work; this makes the ROI program get on the increasing point. Apart from this, these referral programs are also helpful to check on employee satisfaction as it helps with employee retention efforts.

5.    Using Job Listing is Still Great:

Even though it is a candidate-driven market, job listings are an essential thing for recruitment marketing efforts. Before joining, candidates can check Glassdoor to know what your employees say about your company. Check on social media for feeds to know what it says about the culture. And they can also turn to LinkedIn connections. So always use job listing to make candidates find you professional and proper.

Recruitment marketing should always be strategic to help you find the best employees possible. Apart from this, an R&D tax claim can help you with the financial things you get into while recruiting new employees.

What is Strategic Sourcing?

Strategic sourcing is a method used for supply chain management. It formalizes how information is accumulated and utilized to make smart purchases and intelligent decisions. Moreover, it helps an organization determine its purchasing power to benefit from possible paramount values in the marketplace and design its purchasing strategy accordingly.

Why Does an Organization Need Strategic Sourcing Software?

Strategic sourcing software helps an organization to bring all the expenditure under control and ensures compliance. The purpose of strategic sourcing is to;

• Save costs,
• Analyzing and limiting risks,
• Generate more business value,
• And to ensure seamless supplier performance.

Manual strategic sourcing management is inefficient and disjointed, so it becomes vital to spend on efficient strategic sourcing software to make the process transparent and uniform. Moreover, strategic sourcing solutions help the supply chain officials to supervise procurement issues and make well-informed decisions.

6 Components of Strategic Sourcing Process

Here are 6 most common components of strategic sourcing software.

• Expenditure Analysis

The first thing that spending analysis will do to a system is initiating an expenditure analysis. The purpose is to identify the areas in which capital can be reduced via the new sourcing projects.

• Filtering Suppliers

The software starts collecting necessary data and filtering results hence aids in saving time and resources of buyers on suppliers.

• Initiating Auction

Upon creating the list of credible sources, the software can initiate a reverse auction to let the competitors compete on bids. Hence, the strategic sourcing software will manage all the incoming requests to precede the PO process.

• SBM (Supply Base Management)

The software will further enable the sourcing professionals to gather and manage supplier, performance, and risk information. The software digs into the audit record and gathers internal data of the supplier to analyze statistics. The supply management base incorporates external tools to collect data from the RSS feed, financial information, and web services.

Managing Contracts

Strategic sourcing software assists the sourcing professional to track sourcing agreements in the blink of an eye and document them. The variety of services depends on the solution package the client has opted for.

The basic packages usually include managing supplier details, contract beginning, expiry date, and contract value. Whereas advanced solutions include the approval flow, negotiation regarding the contract, and also tracks post-execution activities.

• Electronic Request (eRFX)

The sourcing software makes it easy for managers to send an electronic request for tenders, proposals, quotes, or any other information, eliminating the suppliers that do not fulfill the organization’s needs, ending up shortlisting the most competent ones. Also, it becomes easier for the managers to list and analyze the most compatible quotes or bids.

How to Evaluate Strategic Sourcing Software?

Understanding the importance of strategic sourcing software makes it difficult for you to choose the most compatible software. Well, we are making the decision easier for you by listing some considerations that will assist you in selecting the most efficient software for you as per your requirement.

Ask the Seller;

• What information does your strategic sourcing software have to offer?
• How often does the software update its supplier database?
• Is the software a complete sourcing solution or will it target a specific area?
• Will the software self operate, in collaboration with procurement software, or via the inclusive supply chain management system.

Our Top Pick; Medius Speed Management

While concluding, it is significant to mention that medius speed management is a one-stop solution for managing your expenditure. They have solutions for supplier management, sourcing, contract management, procurement, AP automation, and payment automation.

The software is cloud-based and provides the most easy-to-use spend management solution.  Click here to book a demo.

Final Verdict

Strategic sourcing software is the need of the hour. It will save you time and will assist you in making well-informed decisions. Medius speed management is one of the most efficient sourcing solutions. We recommend you level up your strategic sourcing game and buy software to make your organization documentation process smooth and transparent. Good Luck.

Faqs

What additional features to look for in strategic sourcing software?

The efficient strategic sourcing software should have;

• A cloud-based software
• It should be compatible with androids
• It should engage the best stakeholders

What are the benefits of Strategic Sourcing Software?

The strategic sourcing software should:

• Analyze trends and BI (Business intelligence) Tools
• Have a transparent sourcing process aiding in better assistance to managers
• Have an efficient optimization process.

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