When Should You Review Your Preferred Supplier List (PSL)?
A Preferred Supplier List (PSL) is essential for businesses with ongoing recruitment needs. It serves as a curated list of trusted recruitment partners who support your talent acquisition efforts. But how often should you reassess your PSL, and what factors should guide this review?
Regularly Reviewing Your Preferred Supplier List (PSL)
Your PSL shouldn’t be a static document that is only revisited annually. While setting a formal renewal date makes sense, it’s equally important to review it dynamically—aligned with your business’s changing needs. This ensures that you’re maximizing the value of your partnerships.
Scaling Up Recruitment
If your business experiences growth, wins a new contract, or faces an unexpected surge in hiring demand, it’s the ideal time to review your PSL and broader recruitment strategy. When working with multiple agencies, ask yourself:
- How many candidates are they submitting?
- How well do those candidates match your requirements?
- What is the ratio of accepted versus declined job offers?
- What is the conversion rate of their submitted candidates into hires?
These questions help assess whether your current suppliers are keeping pace with your evolving recruitment needs.
Filling Niche Roles
If you’ve created a new role or have a position that’s consistently hard to fill, it might be time to explore other agencies that specialise in that particular field. An agency with expertise in niche sectors may already have access to the talent pool you need.
Changes in Your Suppliers
Sometimes, it’s external factors that drive the need for a review. If one of your current agencies undergoes significant changes such as ceasing operations, shifting industries, or experiencing personnel changes that disrupt your working relationship – it could prompt a reassessment of your PSL. These shifts can impact service quality, so it’s important to stay proactive.
What to Look for in a Recruitment Agency
If you’re considering adding new recruiters to your PSL, here are some key criteria to evaluate:
Industry Expertise: Does the agency specialise in your sector? An agency familiar with your industry will likely have a ready pool of candidates with relevant skills and experience.
Candidate Care: How does the agency treat its candidates? Look for agencies that showcase a clear code of conduct and highlight candidate feedback. A good candidate experience often translates into better client satisfaction.
Recruitment Process: How aligned is their recruitment process with your internal workflows? Ideally, the agency should handle some pre-screening to save you time by ensuring candidates are a good fit before they reach your team.
Compatibility: Effective communication is crucial. Even if an agency meets all other criteria, if you find it difficult to communicate with them or there’s a mismatch in working style, it may not be the right fit.
Next Steps
If you can’t recall the last time you reviewed your PSL, now is the perfect time to reassess using the tips in this guide.
And if you’re looking for new recruitment partners, feel free to reach out to us. We’d be happy to explore how we can support your hiring needs.