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6 Ways to Grow Business by Having an SOW and a Direct Sourcing Strategy

6 Ways to Grow Business by Having an SOW and a Direct Sourcing Strategy

With the changes in the work culture, the hiring methods and management of the workforce have become different. Businesses are on the hunt for stable top talents, whereas talents look forward to having flexibility rather than stability. This mode of work has made firms change their recruitment style completely. Hence, companies are relying on external support to find the best talent. But this support could bring some limitations and restrictions when it comes to achieving goals.

In such situations, the workforce management team should have an SOW and Direct Sourcing Strategy. What benefits can you get out of having such a strategy? Well, let me answer that for you in minimal five points.

Cost-Effective Contingent Staff

Being connected with a recruitment agency adds to your expenses by a great margin. These expenses keep growing over time. On the other hand, savings after onboarding a direct source can be enormous. Having talent pools to choose from helps to give a boost to top talents. These talents can be hired on an hourly, weekly, monthly, and project basis. Having an SOW agreement allows you to control the cost as they work on a project basis and must be paid once the client fully accepts the assignment.

Easier and Faster Hiring

Creating an engaged talent pool allows you to hire the staff that is interested in joining your team. The hiring procedures can become faster than usual and more accessible as the talents present in the candidate pool are the ones who have gone through the candidate assessments and have settled down under the most relatable skills. These talents are ready to join your project on an immediate basis. Hence, this saves your time and your recruiter’s time. Similarly, hiring an SOW contract becomes more straightforward as the person is ready to start working on the assignment immediately, making your hiring process smoother and faster.

Expenses within the Budget

Since most companies do not have a centralized process for hiring, procurement teams are held responsible for the management of costs related to their contingent staff. Often, prices are overlooked, and budgets go haywire as there is no or low visibility of expenses. Adopting a centralized policy can lead to a positive financial impact, further leading to the consistent quality of candidates. You can track expenses, generate automated invoices on a cloud-based VMS Platform like FlentisPRO.

Stronger Bond with Top Talents

It is vital to building a solid relationship with your staff. It is just like the saying, “Small things go a long way.” If the candidate relationship management is done well, several uncertainties and complications like finding the best talents will be eliminated. With strong bonds, the talents themselves will be ready to work with your company again for a different project. The performances of the candidates can be rated and identified on the VMS Platform. This will also help in encouraging the contingent workers to come on board for future projects.

Better Deliverables which Lead to Faster Growth

Statement of Work Contracts mainly focuses on the deliverable they provide to their clients. What matters most to these contracts is the acceptance of their work. This is so because their payment entirely depends on their deliveries. Similarly, contracts from direct sourcing focus on their performance as their performances are tracked and valued along with their deliverables. Having an SOW or a Direct Sourcing Contract means that you have hired the best talent from the talent pool, and they are bound to give you flawless deliverables. Better deliverables lead to faster growth in business.

Benefitting the Work Culture

In order to achieve optimum performance, your contingent workforce management software USA or permanent staff must be invested in what they work on. Work culture has been critical for several years, and instilling the same with your crew can lead to successful business growth. Therefore, you must invest in a solid and impactful Vendor Management Solution. This medium will help you quickly build and manage the culture of your organization around the employees. Doing this secures the future growth of your firm.

With the points mentioned above, it is apparent that it is essential to have a strong SOW and Direct Sourcing hiring strategy in order to have successful business growth. With the ever-changing and upgrading digital times, it is better to have more external employees. Such workforces are focused on delivering their best, which means your clients get the best work done, leading to positive bonds and getting more projects from the same in the future. This results in your clients trusting you and developing a stronger bond with you.

To know more about direct sourcing and SOW agreements, or to invest in the best Vendor Management System with the top features, you can email us at info@flentis.com by dropping us a message saying, “Hi, Flentis!” and we will reach out to you to give a demonstration at the earliest.

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