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How to Modernise Your PSA for More Flexibility

Renewing Your PSA

Traditionally, when organisations reach a certain size, they decide to set up preferred supplier agreements (PSAs) with a number of recruitment agencies. Before the rise of HR tech and vendor management platforms, this was to ensure that when a position couldn’t be filled internally, they had pre-agreed rates and terms in place with agencies that can assist in that certain job type.

For a long time, Preferred Supplier Agreements (PSAs) have been a staple for enterprises to manage their outsourced recruitment partners. Despite this, trends show that PSAs are no longer enjoying the popularity they once had. Many organisations are choosing to move away from PSAs by using TalentVine as an elastic panel to find and manage recruitment agencies. 

Is it Time to Update Your PSA?

The simple answer is that with the rise of HR tech and vendor management platforms, employers no longer have to rely on a PSA to have pre-agreed terms and rates. In fact, many TA leaders have reported that PSAs are too restrictive, and do not cover an adequate range of industries or job roles that they need to hire. 

PSAs are often built upon past hiring needs. In a dynamic recruitment market, it can be a slow process to add new agencies to the panel when a specialist or niche hire is required. A recruitment marketplace can circumvent this by allowing agency access on a per-role basis. 

Why TalentVine?

Studies have shown that for hiring managers, the biggest factors that affect their decision to work with an agency are their depth of market knowledge, cost, ability to provide specialist hires, and access to candidates. All of these decisions can be better informed with a recruitment marketplace platform such as TalentVine.

In our PSA Report, we highlighted some of the major issues that organisations have with their Preferred Supplier Agreements. The most commonly cited troubles are listed below, as are the ways TalentVine addresses these. 

The Issue

The Solution

The time taken to manage agencies

View, organise, manage and contact all of your agencies through one platform. Automatically share briefing documents or videos to all panel recruiters, reducing duplicated effort.

Hiring managers using non-preferred agencies

Add all hiring managers to your company’s team page, allowing you to monitor their roles and progress. We also ensure all agencies are compliant with your terms before submitting a bid, so you can focus on choosing the best agents.

The number of agencies

Contact agencies on a per-role basis, without needing to add them to your panel. Use our marketplace to identify the right specialist every time.

Identifying agency performance

Your Panel dashboard tracks and displays statistics for all of your agencies. Compare performance, fees, hire rates, and more.

TalentVine is a recruitment marketplace that provides solutions to all these issues, making an effective replacement or addition to any PSA. The flexibility afforded by the ability to access an entire network of agents on a per-role basis means that you can compare and connect with new specialist recruiters without jumping through hoops. 

What if my company already has a PSA?

You can use TalentVine to:

  • Manage your existing panel
  • Use the ‘Elastic PSA’
  • Use the marketplace’ in place of your panel, or
  • Have the marketplace on standby as your ‘tier 2 panel’

Alternatively, when a PSA comes up for review, your business can start with a clean slate and use TalentVine as your PSA. Simply notify the recruiters you know and trust with you and get access to Australia’s best recruitment agencies through TalentVine’s existing recruitment network.

What's Next?

Get ready to create a recruitment panel that’s built with the flexibility and support needed for the businesses of tomorrow.

TalentVine PSA Report 2022
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