With the contingent workforce and consulting marketplace becoming more saturated, the need to hire specialized expertise is becoming like finding a needle in a haystack. Large financial institutions are increasingly relying on VMS systems to help manage and secure a flexible external workforce. A vendor management system (VMS), often Beeline or Fieldglass, helps organizations to secure and manage staffing services on a temporary, permanent, or contractual basis. However, finding and managing talent with the right mix of expertise and experience can be challenging when using the VMS software (read more about that here)

FINDING THE PERFECT CONSULTANT

Resumes are a great starting point for hiring managers, informing them of a candidate’s experiences and skills. However, the problem lies in VMS processes using a ranking system that may be based on education or credentials coupled with fixed rate cards. Although there is a perfect person for the job, if their resume is reviewed and ranked lower or they fall outside of the rate card, it will often not be shared with the hiring manager and increases bias potential among candidate selection.

Hiring should not be a one-person fits all approach; each candidate has different strengths, weaknesses, and offerings that may be better or worse for clients. Not being able to find niche qualities and hiring the wrong candidate increases costs and inefficiency, resulting in hiring managers ultimately having to search through their own network. It also creates an uneven playing field for many independent consultants.

With Indie Tech, the barriers to access make it easier for hiring managers to take back control of resume filtering to be able to find the right consultant. This removes the layers between the hiring manager and consultants and helps hiring managers ensure a more strategic ecosystem of expertise at their fingertips.

TRANSPARENT MARGINS

Independent consultants are often at the mercy of the staffing firm’s margins, purposely often kept secret in order to ensure the highest profit possible for the broker in between. While the VMS has fixed rates, the goal of the staffing firm is to take the highest margin possible by exploiting the consultant at their mercy. However, this can not only harm consultants' bottom line but lead to companies incurring additional costs or overtime and exaggerated rates for unfit candidates.

Indie Tech gives the freedom of rates back to the market, budgets, and negotiation with a flat transparent margin split between the consulting firm managing the engagement and the technology that facilitates the process. It provides insights to both independent consultants and hiring managers over the different service types and associated rates to make better and more efficient decisions.

The qualities of what a company is looking for can be achieved by reducing the level of relationship between hiring managers and consultants in the marketplace. With Indie Tech, we focus on providing this direct access and flattening the layers of a typical engagement process by emphasizing transparency and the right fit.